Key Takeaways

• Bitcoin’s price struggles to trade higher, with new market decline below $120k as altcoins suffer a fresh setback.

• Despite the price of BTC trading below previous all-time highs, optimism in the market remains bullish, favoring a rally this month.

• A breakout and close for BTC above $126k all-time high could see a strong price rally to $130k and beyond. 

The price of Bitcoin (BTC) crashed for the second time to a lower point after reaching a new all-time high, as seen during a peak of $124k and now a peak of $126, despite a strong market rally at the start of October.

October has always been a good month for the crypto market, as was seen with altcoins and BTC rallying in the first few days of the new month, however, the price of BTC hasn’t kept the speculation and market forecast regarding its price as the price slipped towards a low of $120k leaving crypto traders and experts divided in opinion on next price movement.

Despite trading toward $120k, which led to a market scare, traders and experts believe the price of BTC remains on track for potential new highs in the coming weeks, despite a minor slip-up. This retracement has affected altcoins, which have been trying to build a strong bullish price action in the past few weeks. 

Bitcoin Dips as Crypto Market Struggles

Source – Bitcoin and the Crypto Market Heatmap from QuantifyCrypto

The price of BTC briefly dipped to a key low of $120k, then rebounded to a high of $124,100. However, it was rejected around this zone, forcing the price to trade below $120k, which impacted altcoins, recording over a 5% decline based on the heatmap from QuantifyCrypto.

While some altcoins have managed this recent dump well, others continue to struggle as the price of BTC must trade above its previous highs of $126k for sustained bullish price action. 

Following recent institutional interest in Bitcoin spot ETFs with large inflows, the price of BTC could see a key boost to the upside.

If the price of BTC trades above $126k, we could see it aim for new all-time highs in the region of $130k and above based on market speculation. 

However, if the price trades below the key zone of $119k to $117k, there is a high chance that the price will struggle to build momentum to the upside, and altcoins will also struggle.

October has always been a key trading month with an over 20% average rally; the market remains optimistic that Bitcoin and altcoins will rally in the next few weeks. 

FAQs

Why is the Bitcoin price falling today?

The price of BTC crashed from a high of $124k after a price rejection in this area, trading below $120k as bulls aim to push the price to a higher level. 

Why a sudden fall in BTC?

The price of the number one crypto asset faced market rejection, leading to a lower price zone, as the altcoin market was also affected. 

Is Bitcoin having problems today?

The price of the crypto asset faced a minor rejection to the downside as the price builds more momentum to the upside.

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