07/10/2023 Crypto Market Analysis & Trend: Neutral
Based on the provided data, we observe a neutral trend in the cryptocurrency market in the next 8 hours. Specifically, the ‘Fear and Greed Indicators’ reveals a mix of fear and greed sentiment across different sources, indicating a degree of market uncertainty. While Alternative.me and BitDegree.org present a borderline neutral-fearful sentiment, BtcTools.io shows a greedy stance.
Furthermore, the ‘Bitcoin Address Indicators’ suggest a steady fluctuation in active Bitcoin addresses, implying constant trading activity. On the ‘Exchanges’ and ‘Mining’ fronts, minor variations don’t offer a clear trend direction.
However, the ‘Prices’ table shows something noteworthy. The slight price drop for Bitcoin and Ethereum on 06/10/2023 could be a typical market correction. The subsequent price increase on 07/10/2023, however, might signal the beginning of a bullish cycle, though more data would be required to confirm this.
What is important
Key observations include the borderline fear-greed sentiment in the market, steady Bitcoin trading activity, and minor price fluctuations among leading cryptocurrencies. However, Ethereum and Bitcoin’s price increase on 07/10/2023 might indicate a potential reverse trend, despite the recent drop.
Latest Crypto News – Top 5
- BitMEX Co-Founder Arthur Hayes Predicts the Bitcoin Price Will Hit $70,000 as Whales Also Back This New BTC Clone– BitMEX co-founder Arthur Hayes predicts Bitcoin price will hit $70,000 as whales back new BTC clone
- Analyst Nicholas Merten Issues Bitcoin Alert, Says BTC Headed for a ´Really Difficult Time´– Analyst Nicholas Merten warns of a challenging period for Bitcoin.
- Bitcoin And Crypto Under The Lens As Bond Market Recalls 2008 Crash– The article discusses the impact of the bond market on the cryptocurrency market and recalls the 2008 crash.
- Bitcoin bulls keep pressure on $28K while calls for BTC price dip grow– Bitcoin bulls pressure, BTC price dip
- Bitcoin Hodler Growth Comparable to 2017 Cycle, Will BTC 10x in Next Bull Run?– Bitcoin hodler growth comparable 2017 cycle, BTC 10x bull run
Factors Driving the Growth – Market Sentiment
Assessing the ‘Positive Keywords’ and ‘Negative Keywords,’ trends lean slightly toward the negative. Frequent mentions of ‘bitcoin’ in both positive and negative contexts imply uncertainty around this cryptocurrency. Additionally, the ‘binance,’ ‘ftx,’ and ‘ledger’ in the negative keywords signify distinct investor concern about these platforms.
Positive Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 8 | cryptocurrency market |
| 5 | bitcoin |
| 4 | ripple |
| 3 | btc |
| 2 | chainlink |
| 2 | co-founder |
| 2 | crypto regulation |
| 2 | ethereum |
| 2 | ftx |
| 2 | predict |
Negative Terms – Sentiment Analysis
| Occurrences | Keyword |
|---|---|
| 10 | bitcoin |
| 7 | cryptocurrency market |
| 7 | ledger |
| 6 | ftx |
| 3 | binance |
| 3 | btc |
| 3 | crypto |
| 3 | crypto wallet |
| 3 | elon musk |
| 3 | eth |
Crypto Fear & Greed Index
The ‘Fear and Greed Indicators’ table shows mixed sentiments at different sources. Binance and BitDegree.org suggest a fear sentiment, while BtcTools.io leans toward greed. This divergence points to an overall neutral sentiment with slight skew toward fear.
| Date | Value | Variation | Source |
|---|---|---|---|
| 07/10/2023 00:00:00 | 49pt | -1pt | Alternative.me |
| 07/10/2023 00:00:00 | 50pt | 0pt | Alternative.me |
| 06/10/2023 00:00:00 | 48pt | 0pt | Alternative.me |
| 06/10/2023 00:00:00 | 50pt | 2pt | Alternative.me |
| 05/10/2023 00:00:00 | 48pt | -1pt | Alternative.me |
| 04/10/2023 15:00:00 | 49pt | 0pt | Alternative.me |
| 04/10/2023 01:00:00 | 49pt | 0pt | Alternative.me |
| 07/10/2023 00:00:00 | 50pt | 0pt | BitDegree.org |
| 06/10/2023 12:00:00 | 50pt | 2pt | BitDegree.org |
| 06/10/2023 00:00:00 | 48pt | 0pt | BitDegree.org |
| 05/10/2023 05:00:00 | 48pt | -1pt | BitDegree.org |
| 05/10/2023 00:00:00 | 49pt | 0pt | BitDegree.org |
| 04/10/2023 15:00:00 | 49pt | 0pt | BitDegree.org |
| 04/10/2023 11:00:00 | 49pt | 0pt | BitDegree.org |
| 07/10/2023 00:00:00 | 63pt | 1pt | BtcTools.io |
| 06/10/2023 16:00:00 | 62pt | -4pt | BtcTools.io |
| 06/10/2023 08:00:00 | 66pt | 1pt | BtcTools.io |
| 06/10/2023 00:00:00 | 65pt | -3pt | BtcTools.io |
| 06/10/2023 00:00:00 | 68pt | 0pt | BtcTools.io |
| 05/10/2023 16:00:00 | 68pt | 1pt | BtcTools.io |
| 05/10/2023 08:00:00 | 67pt | 2pt | BtcTools.io |
| 05/10/2023 00:00:00 | 65pt | 2pt | BtcTools.io |
| 04/10/2023 16:00:00 | 63pt | 1pt | BtcTools.io |
| 04/10/2023 15:00:00 | 62pt | 0pt | BtcTools.io |
| 07/10/2023 00:00:00 | 49pt | -1pt | Coinstats.app |
| 06/10/2023 00:00:00 | 48pt | 0pt | Coinstats.app |
| 06/10/2023 00:00:00 | 50pt | 2pt | Coinstats.app |
| 05/10/2023 00:00:00 | 48pt | -1pt | Coinstats.app |
| 04/10/2023 15:00:00 | 49pt | 0pt | Coinstats.app |
| 06/10/2023 00:00:00 | 50pt | 2pt | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 48pt | 0pt | LookIntoBitcoin.com |
| 07/10/2023 00:00:00 | 50pt | 0pt | Milkroad.com |
| 06/10/2023 00:00:00 | 48pt | 0pt | Milkroad.com |
| 06/10/2023 00:00:00 | 50pt | 2pt | Milkroad.com |
| 05/10/2023 00:00:00 | 48pt | -1pt | Milkroad.com |
| 05/10/2023 00:00:00 | 49pt | 0pt | Milkroad.com |
| 04/10/2023 15:00:00 | 49pt | 0pt | Milkroad.com |
| 04/10/2023 01:00:00 | 49pt | 0pt | Milkroad.com |
Bitcoin: Active Addresses
The ‘Bitcoin Address Indicators’ show a slight decrease in the active addresses and addresses over certain balance thresholds. While these may hint at less trading and holding activity, the variations remain within a narrow range, suggesting a stable market condition.
| Date | Value | Variation | Address | Source |
|---|---|---|---|---|
| 05/10/2023 00:00:00 | 995,080 | -1.21% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 1,007,103 | -2.72% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 1,034,524 | 0.82% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 1,026,008 | -1.02% | Bitcoin Active Addresses | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 12,373,277 | 0.07% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 12,365,182 | 0.01% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 12,364,299 | 0.02% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 12,361,304 | -0.03% | Addresses with Balance > 0.01 Bitcoin | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 4,494,876 | 0.04% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 4,493,214 | 0.02% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 4,492,139 | 0.02% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 4,491,379 | 0.01% | Addresses with Balance > 0.1 Bitcoin | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 1,021,783 | 0.00% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 1,021,810 | 0.02% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 1,021,597 | 0.01% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 1,021,445 | 0.00% | Addresses with Balance > 1 Bitcoin | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 157,300 | -0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 157,314 | -0.02% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 157,347 | 0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 157,334 | -0.01% | Addresses with Balance > 10 Bitcoin | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 15,861 | 0.05% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 15,853 | 0.13% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 15,833 | -0.04% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 15,840 | 0.08% | Addresses with Balance > 100 Bitcoin | LookIntoBitcoin.com |
| 05/10/2023 00:00:00 | 2,008 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 04/10/2023 00:00:00 | 2,008 | 0.00% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 03/10/2023 00:00:00 | 2,008 | -0.05% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
| 02/10/2023 00:00:00 | 2,009 | 0.25% | Addresses with Balance > 1000 Bitcoin | LookIntoBitcoin.com |
Economic events to move the cryptocurrency market
The ‘Economic Events’ table indicates events that may influence the crypto market. Key points include the US Unemployment Rate and Nonfarm Payrolls which may impact the USD and thus indirectly affect the cryptocurrency market dynamics.
| Date | Impact | Event |
|---|---|---|
| 06/10/2023 20:30:00 | Moderate | EUR – CFTC EUR speculative net positions |
| 06/10/2023 20:30:00 | Moderate | RUB – CFTC RUB speculative positions |
| 06/10/2023 20:30:00 | Moderate | JPY – CFTC JPY speculative net positions |
| 06/10/2023 20:30:00 | Moderate | BRL – CFTC BRL speculative net positions |
| 06/10/2023 20:30:00 | Moderate | AUD – CFTC AUD speculative net positions |
| 06/10/2023 20:30:00 | Moderate | USD – CFTC S&P 500 speculative net positions |
| 06/10/2023 20:30:00 | Moderate | USD – CFTC Nasdaq 100 speculative net positions |
| 06/10/2023 20:30:00 | Moderate | USD – CFTC Gold speculative net positions |
| 06/10/2023 20:30:00 | Moderate | USD – CFTC Crude Oil speculative net positions |
| 06/10/2023 20:30:00 | Moderate | GBP – CFTC GBP speculative net positions |
| 06/10/2023 17:00:00 | Moderate | USD – U.S. Baker Hughes Total Rig Count |
| 06/10/2023 17:00:00 | Moderate | USD – U.S. Baker Hughes Oil Rig Count |
| 06/10/2023 16:00:00 | Moderate | USD – Fed Waller Speaks |
| 06/10/2023 12:30:00 | Moderate | CAD – Employment Change (Sep) |
| 06/10/2023 12:30:00 | High | USD – Unemployment Rate (Sep) |
| 06/10/2023 12:30:00 | Moderate | USD – U6 Unemployment Rate (Sep) |
| 06/10/2023 12:30:00 | Moderate | USD – Private Nonfarm Payrolls (Sep) |
| 06/10/2023 12:30:00 | Moderate | USD – Participation Rate (Sep) |
| 06/10/2023 12:30:00 | High | USD – Nonfarm Payrolls (Sep) |
| 06/10/2023 12:30:00 | High | USD – Average Hourly Earnings (MoM) (Sep) |
| 06/10/2023 12:30:00 | Moderate | USD – Average Hourly Earnings (YoY) (YoY) (Sep) |
| 06/10/2023 12:30:00 | High | Employment Situation Average Hourly Earnings – M/M |
| 06/10/2023 12:30:00 | High | Employment Situation Average Workweek |
| 06/10/2023 12:30:00 | High | Employment Situation Private Payrolls – M/M |
| 06/10/2023 12:30:00 | High | Employment Situation Unemployment Rate |
| 06/10/2023 12:30:00 | High | Employment Situation Nonfarm Payrolls – M/M |
| 06/10/2023 12:30:00 | High | Employment Situation Average Hourly Earnings – Y/Y |
| 06/10/2023 12:30:00 | High | Employment Situation Participation Rate |
| 06/10/2023 12:30:00 | High | Employment Situation Manufacturing Payrolls – M/M |
| 06/10/2023 09:30:00 | Moderate | GBP – Mortgage Rate (GBP) (Sep) |
| 06/10/2023 06:00:00 | Moderate | EUR – German Factory Orders (MoM) (Aug) |
| 06/10/2023 06:00:00 | Moderate | GBP – Halifax House Price Index (MoM) (Sep) |
| 06/10/2023 06:00:00 | Moderate | GBP – Halifax House Price Index (YoY) (Sep) |
| 06/10/2023 04:30:00 | Moderate | INR – Interest Rate Decision |
| 06/10/2023 00:30:00 | Moderate | AUD – Retail Sales (MoM) |
| 06/10/2023 00:30:00 | Moderate | AUD – RBA Financial Stability Review |
Cryptocurrency Prices
Analysis of the ‘Prices’ table reveals minor price fluctuations among leading cryptocurrencies like Bitcoin, Ethereum, and Binance Coin. The slight increase in prices as of 07/10/2023 might signify a potential reversal of the downward trend seen on 06/10/2023.
| Date | Cryptocurrency | Price | Price Variation | 24h Variation | 24h Variation Difference | 24h Volatility | 24h Volatility Difference |
|---|---|---|---|---|---|---|---|
| 07/10/2023 00:00:00 | Bitcoin | 27,931.10 | 1.86% | 1.73 | 3.17% | 4.12 | 1.31% |
| 06/10/2023 00:00:00 | Bitcoin | 27,410.39 | -1.34% | -1.44 | -3.16% | 2.81 | 0.68% |
| 05/10/2023 00:00:00 | Bitcoin | 27,778.57 | 0.00% | 1.71 | 0.00% | 2.13 | 0.00% |
| 07/10/2023 00:00:00 | Ethereum | 1,645.03 | 2.02% | 1.72 | 4.06% | 3.12 | 0.36% |
| 06/10/2023 00:00:00 | Ethereum | 1,611.79 | -2.16% | -2.33 | -2.83% | 2.76 | 1.08% |
| 05/10/2023 00:00:00 | Ethereum | 1,646.58 | 0.00% | 0.50 | 0.00% | 1.68 | 0.00% |
| 07/10/2023 00:00:00 | Binance Coin | 213.40 | 1.31% | 0.99 | 2.35% | 2.14 | 0.57% |
| 06/10/2023 00:00:00 | Binance Coin | 210.60 | -1.33% | -1.36 | -2.07% | 1.57 | 0.15% |
| 05/10/2023 00:00:00 | Binance Coin | 213.40 | 0.00% | 0.71 | 0.00% | 1.42 | 0.00% |
Cryptocurrency Capitalization and Volume
The ‘Market Capitalizations and Volumes’ table shows a steady increase in capitalization and volume for Bitcoin and Ethereum, indicating a potentially bullish trend. However, ‘Binance Coin’ shows a slight drop in both parameters.
| Date | Cryptocurrency | Capitalization | Capitalization Variation | Volume | Volume Variation |
|---|---|---|---|---|---|
| 07/10/2023 00:00:00 | Binance Coin | 32,846,010,396 | 1.28% | 257,291,948 | -33.12% |
| 06/10/2023 00:00:00 | Binance Coin | 32,426,166,934 | -1.24% | 342,515,939 | -12.98% |
| 05/10/2023 00:00:00 | Binance Coin | 32,826,841,264 | -0.11% | 386,973,341 | 18.81% |
| 07/10/2023 00:00:00 | Bitcoin | 545,290,196,483 | 1.96% | 13,605,623,654 | 1.97% |
| 06/10/2023 00:00:00 | Bitcoin | 534,596,993,178 | -1.38% | 13,338,115,546 | 16.73% |
| 05/10/2023 00:00:00 | Bitcoin | 541,954,661,181 | 1.17% | 11,106,571,011 | 0.52% |
| 07/10/2023 00:00:00 | Ethereum | 197,934,484,951 | 2.04% | 6,683,250,675 | -32.97% |
| 06/10/2023 00:00:00 | Ethereum | 193,905,617,404 | -2.23% | 8,886,811,207 | 7.70% |
| 05/10/2023 00:00:00 | Ethereum | 198,232,748,756 | -0.57% | 8,202,531,938 | 10.19% |
| 07/10/2023 00:00:00 | Tether | 83,420,802,663 | 0.07% | 16,398,241,851 | 6.44% |
| 06/10/2023 00:00:00 | Tether | 83,359,091,468 | 0.00% | 15,341,938,262 | 21.09% |
| 05/10/2023 00:00:00 | Tether | 83,356,125,475 | 0.00% | 12,106,498,316 | -55.51% |
Cryptocurrency Exchanges Volume and Variation
The ‘Exchanges’ table shows a marginal increase in volume for Binance, indicating steady trading activity. Other exchanges like Bitfinex and Bybit show fluctuations, pointing to a dynamic market.
| Date | Exchange | Volume | Variation |
|---|---|---|---|
| 07/10/2023 00:00:00 | Binance | 193,241 | 4.23% |
| 06/10/2023 00:00:00 | Binance | 185,075 | -0.53% |
| 05/10/2023 00:00:00 | Binance | 186,049 | -1.75% |
| 07/10/2023 00:00:00 | Binance US | 319 | 5.93% |
| 06/10/2023 00:00:00 | Binance US | 300 | -1.19% |
| 05/10/2023 00:00:00 | Binance US | 304 | -10.52% |
| 07/10/2023 00:00:00 | Bitfinex | 3,721 | 12.26% |
| 06/10/2023 00:00:00 | Bitfinex | 3,265 | 7.52% |
| 05/10/2023 00:00:00 | Bitfinex | 3,019 | 2.83% |
| 07/10/2023 00:00:00 | Bybit | 36,210 | -3.41% |
| 06/10/2023 00:00:00 | Bybit | 37,444 | 4.75% |
| 05/10/2023 00:00:00 | Bybit | 35,666 | 4.16% |
| 07/10/2023 00:00:00 | Coinbase | 29,357 | -11.00% |
| 06/10/2023 00:00:00 | Coinbase | 32,585 | 14.96% |
| 05/10/2023 00:00:00 | Coinbase | 27,712 | -17.21% |
| 07/10/2023 00:00:00 | Crypto.com | 13,387 | 11.20% |
| 06/10/2023 00:00:00 | Crypto.com | 11,888 | 17.06% |
| 05/10/2023 00:00:00 | Crypto.com | 9,860 | -46.14% |
| 07/10/2023 00:00:00 | Gate.io | 21,856 | 0.48% |
| 06/10/2023 00:00:00 | Gate.io | 21,751 | -2.92% |
| 05/10/2023 00:00:00 | Gate.io | 22,387 | 6.51% |
| 07/10/2023 00:00:00 | Kraken | 16,726 | -4.61% |
| 06/10/2023 00:00:00 | Kraken | 17,498 | -6.53% |
| 05/10/2023 00:00:00 | Kraken | 18,640 | -6.67% |
| 07/10/2023 00:00:00 | KuCoin | 8,740 | -10.25% |
| 06/10/2023 00:00:00 | KuCoin | 9,636 | -7.97% |
| 05/10/2023 00:00:00 | KuCoin | 10,404 | -0.98% |
| 07/10/2023 00:00:00 | OKX | 23,303 | 3.12% |
| 06/10/2023 00:00:00 | OKX | 22,577 | 5.35% |
| 05/10/2023 00:00:00 | OKX | 21,370 | -5.20% |
Mining – Blockchain Technology
The ‘Mining’ data suggests a relatively stable mining difficulty and rewards, implying a steady hashing rate in the network. Minor fluctuations in blocks mined also hint at constant network activity.
| Item | 07/10/2023 | 06/10/2023 | 05/10/2023 | 04/10/2023 | 03/10/2023 | 02/10/2023 | 01/10/2023 |
|---|---|---|---|---|---|---|---|
| Difficulty | 57.32T | 57.32T | 57.32T | 57.32T | 57.12T | 57.12T | 57.12T |
| Difficulty Variation | 0.00% | 0.00% | 0.00% | 0.35% | 0.00% | 0.00% | 0.00% |
| Blocks | 810.97K | 810.81K | 810.67K | 810.54K | 810.38K | 810.22K | 810.08K |
| Blocks Variation | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Reward BTC | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 |
| Reward BTC Variation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Hash Rate GB | 455.91B | 398.93B | 370.43B | 467.31B | 440.11B | 400.36B | 389.00B |
| Hash Rate GB Variation | 12.50% | 7.14% | -26.15% | 5.82% | 9.03% | 2.84% | -7.30% |
Conclusion
In conclusion, the cryptocurrency market appears to be in a neutral trend, showing signs of both fear and greed. Although the market faces uncertainties, the situation remains dynamic.
The price drops among leading cryptocurrencies may be system correction rather than indicative of a bearish trend, as subsequent price rise suggests potential bullish movement. Continuous monitoring of the exchange volume and mining activity is recommended for further trend confirmation.
So What
The practical implications of the current state are that traders and investors may need to adopt a cautious approach in their strategies. The price fluctuations of leading cryptocurrencies like Bitcoin and Ethereum suggest potential opportunities for both short and long term investments. However, uncertainties surrounding sentiment and trading volume call for careful market monitoring.
What next?
Looking ahead, we may anticipate continued neutral to slightly bullish trends in the market. The potential bullish cycle suggested by the recent price rise of Bitcoin and Ethereum needs to be confirmed with more data. It would also be crucial to keep an eye on upcoming ‘Economic Events,’ especially those related to the USD, and track developing news and sentiments around key cryptos and platforms.
Disclaimer – Informational Content, Not Investment Advice: Content provided herein is solely for informational purposes and should not be construed as a recommendation, endorsement, or suggestion to engage in any form of investment activity. The information presented in this post is not intended to serve as financial, legal, tax, or investment advice.
Author: CryptoTrends Team – With over five years of diving deep into cryptocurrencies and blockchain, we’ve cemented our position as experts in the digital currency realm. Our team has not only contributed to a multitude of pioneering blockchain projects but has also enlightened thousands with our incisive articles CryptoTrends. Always at the cutting edge of crypto trends, we proudly collaborate with CryptoBotStation, ensuring our readers stay one step ahead in this dynamic space.
