Altcoin prices crumbled as Bitcoin fell to $60,000, but charts suggest buyers could step in soon.
Rising Middle East tensions resulted in a sell-off in Bitcoin (BTC), which dropped near the psychological support of $60,000 on Oct. 1. A minor positive for the bulls is they have managed to push the price back above $62,000 on Oct. 2. The real test of the bulls will be to sustain the higher levels and build upon it.
The sentiment has turned cautious, and the institutional investors seem to be reducing risk from their portfolio. According to Farside Investors data, United States spot Bitcoin exchange-traded funds witnessed outflows of $242.6 million on Oct. 1.
Crypto market data daily view. Source: Coin360
