Bitcoin’s failure to hold $62,000 may trigger another selloff and pull altcoin prices lower.
Bitcoin (BTC) is trying to find support at $62,000, but rallies to this level are not sustaining. This suggests that demand dries up at higher levels. CryptoQuant data shows the Coinbase premium has mostly been negative in October, indicating low demand from Coinbase traders.
When the price fails to break above resistance, several short-term traders who are in profit tend to close their positions. Additionally, aggressive bears establish short positions as they have a clear stop-loss point above the resistance. These activities put pressure on the asset in the near term and could pull the price toward the next support.
Crypto market data daily view. Source: Coin360
