Cryptocurrencies are spiking on the first day of October, with Bitcoin reclaiming the $116,000 mark.
Notable Statistics:
- Coinglass data shows 173,290 traders were liquidated in the past 24 hours for $623.06 million.
- SoSoValue data shows net outflows of $429.96 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net inflows of $127.5 million.
Trader Notes: Daan Crypto Trades observes BTC testing the top of its bull flag/channel, aiming for a breakout. Holding the $112,000 support remains crucial. Daily closes above the channel would indicate readiness for new highs, though early-month volatility may persist.
Ted Pillows adds BTC reclaimed $113,500, with resistance at $117,500. A successful break could push to new all-time highs, while failing $113,500 risks further downside.
For Ethereum, Pillows notes rejection at $4,250 resistance, signaling short-term weakness. Key support sits at $4,050, with a break potentially leading to $3,800. Dips are still considered buying opportunities for the next leg up.
Crypto Bully closed a scalp trade for over $8,000, citing momentum stalling despite a setup that played out with Monday's low sweep and recovery. Risk management prompted an early exit.
CW highlights $0.25 as critical resistance. A break and hold above this level on strong volume could clear the sell wall; failure may result in pushbacks.
Mikybull Crypto points out XRP having closed the quarter above a key resistance for the first time since 2017, suggesting a potentially large bullish phase is beginning.
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