Bitcoin – The last bastion for altcoins

Following a colorful week, we return to our initial point with BTC. Has anything changed for Bitcoin? Is volatility expected? Let’s take a look.

Warning This article does not constitute investment advice or an invitation to invest. It is intended for information purposes only. You are the only one responsible for your trading and investment decisions.

Don’t forget too that when it comes to trading, it is essential to at least secure your winnings in a cold wallet. For an easy-to-use cold wallet, we refer you to D’Cent that we have already presented. We’d like to thank them for sponsoring this column.

1, 2, 3 half turn

Half-turn, indeed, that’s what Bitcoin offered us this week, with a false bullish exit and a return to square one.

BTCUSDTP 2023 09 04 11 56 48 - Coinpri
Bitcoin price and view of the past week.

However, it is interesting to note that these are mostly liquidation moves. So we’re still waiting to see what direction the market will really take. Even if, historically, September is rarely a green month.

What about ETH?

ETHUSDT 2023 09 04 11 49 45 - Coinpri
Ethereum (ETH) price since its low point. Strategic reload zone highlighted.

Stupidly following the king. The supports are not immediately present behind so it represents an even bigger danger for Ethereum (and many altcoins). Therefore a fall could drive the price much lower. More specifically about ETH, the green zone is the next buying zone. It extends from $1150 to $1350. That’s a fall of 20-30%. Fasten your seatbelts.

An inevitable fall for Bitcoin?

A reversal seems to have set in across the markets, following a summer surge, almost like every year. But this one seems different. Why is it different? Because the US crisis has very little to do with it at the moment. It’s delayed, but the harder the fall will be. The question that remains around this crisis: will it affect the cryptocurrency sector, including Bitcoin?

It was created precisely to combat this kind of crisis and counter the inflation managed by the current authorities. However, it has yet to prove this usefulness. It therefore does not seem mature enough to withstand the next bearish wave that will occur should a crisis arise.

However, the orderflow is quite astonishing. When you think that most people want to “buy the dip”, it’s surprising to see charts like this one:

Capture decran 2023 09 04 134914 - Coinpri
BTC/USD Average 6h with Aggregated Funding Rate Global

Not only are fundings eating into the negative as they did at the bottom (on altcoins only, excluding BTC & ETH), but open interests are flat and equivalent to the $19,000 level. So there are as many open positions now as there were before FTX’s BlackSwan.

So this is a big sign of general disinterest accompanied by a “the only ones left are sellers”.


So the fall doesn’t seem all that obvious. Even if the global consensus seems to be that we’re in for a big fall, it’s likely to come from investor sales, not liquidations. This therefore rarely implies strong downward movements. It could even turn out to be a way of liquidating sellers who are still present on the crypto market, particularly in altcoins.

When the market offers repeated dips like this and you believe in the future of the sector, then applying the DCA method remains the simplest and most logical, stress-free way forward. Don’t forget to turn to our partner D’Cent once your shopping is done. It will allow you to be a secure holder of your assets.

I wish you all a great week and a happy back-to-school! See you soon!