Bitcoin price drops below $ 46,000, Avalanche (AVAX) climbs into the top 10, while price rises 11%

Bitcoin price is trading lower today along with stocks as demand from buyers fades. Brief gains in the past two days have been limited as BTC eventually fell below $ 46,000, although the charts suggest a rebound could be stable at $ 46,000 support or when it comes to buyers. At the time of writing, BTC is changing hands at $ 45,864.

BTC / USD 4-hour chart | Source: TradingView

Bitcoin price is down slightly over the past week compared to AVAX’s 38% gain

Bitcoin sellers remain positive on the chart despite signs of near-term support. The top cryptocurrency trades around its 200-day moving average, which is currently at $ 46,000, and has been roughly unchanged over the past week. The uptrend appears limited with solid resistance in the $ 50,000- $ 55,000 range.

Bitcoin has seen a bearish exhaustion signal on the daily chart, suggesting bullish short-term upside potential. The Relative Strength Index (RSI) is also oversold, often ahead of a price rally similar to that which happened in late September.

However, the loss of bullish momentum on the weekly chart is worrying. Several unsuccessful attempts to hit an all-time high near $ 69,000 suggest that the broader uptrend is wearing off. BTC is at a critical point and remains vulnerable to a further 20% decline unless buyers are able to hold current support levels.

BTC was roughly unchanged over the past week, compared to Ether (ETH) decreasing 4%, SOL increasing 5%, and AVAX increasing 38% over the same period. AVAX, which was $ 10-11 six months ago, is now worth $ 110. And thanks to a 38% increase in price this week and an 11% increase in the past 24 hours, it becomes the ninth largest cryptocurrency by market cap.

Source: CoinMarketCap

The wide divergence in crypto returns this week suggests that investor risk appetite remains strong. Usually the entire crypto market starts to rise when altcoins outperform Bitcoin.

“Large and medium-sized DeFi assets such as AAVE, COMP, SNX and UNI are showing signs of decoupling from the Altcoin package at the end of the week. You can also follow lesser-known DeFi projects such as WGRT (+ 57%), MEME (+ 54%) and SCAP (+ 36%), ”said Santiment.

The source: mood

The total crypto market cap is $ 2.141 trillion and the bitcoin dominance is 40.5%.