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

Bitcoin price is dropping along with stocks today as buying demand falls. Short-term gains over the past two days have been limited as BTC eventually dropped below $ 46,000, although the charts show the rebound could be stable at the $ 46,000 support level or when it comes to buyers. At the time of writing, BTC has changed hands at $ 45,864.

BTC / USD 4-hour chart | Source: TradingView

The bitcoin price has dropped slightly over the past week, compared to the 38% gain in AVAX.

Bitcoin sellers remain positive on the chart despite signs of near-term support. The main cryptocurrency is trading around its 200-day moving average, which is currently $ 46,000 and has remained largely unchanged over the past week. The uptrend appears to be capped by solid resistance in the $ 50,000 to $ 55,000 range.

Bitcoin saw 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 what happened in late September.

However, the loss of bullish momentum on the weekly chart is worrying. Several unsuccessful attempts to hit all-time highs around $ 69,000 suggest the broader uptrend is undergoing. BTC is at a tipping point and remains vulnerable to a further 20% decline if buyers fail to maintain current support levels.

BTC has remained virtually unchanged over the past week, compared to Ethereum (ETH), which is down 4%, SOL, which is up 5%, and AVAX, which is up 38% over the same period. AVAX, which was $ 10-11 six months ago, is now $ 110. And with a 38% price increase this week and an 11% increase in the last 24 hours, it becomes the ninth largest cryptocurrency by market cap.

Source: CoinMarketCap

The wide divergence in cryptocurrency yields this week suggests that investor risk appetite remains strong. Usually, the entire cryptocurrency market starts to grow when altcoins outperform Bitcoin.

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

A source: mood