The market remains discouraged as the SEC extended the deadline to decide on spot Bitcoin ETFs following the court defeat against Grayscale.
The cryptocurrencies operate with slight slight increases of up to 2% led by TRON (TRX) and Bitcoin. The market remains discouraged because the SEC extended the deadline to decide on the Bitcoin ETF in cash after the defeat in court against Grayscale. But on the other hand, the bad data from the US also allows for slight increases in the last 24 hours.
While the price outlook for some coins and tokens hints at further decline, analysts are of the opinion that there could be a buying opportunity on the dips.
Bitcoin: risk or opportunity?
The price of most of the top 50 altcoins is negative in the weekly period, even as several signal a possible recovery in the short term. Although the rebounds may not cause buyers to recapture the local highs seen in August, on-chain data suggests that prices are hovering within a region called “the opportunity zone.”
According to Santimentthe overall market outlook suggests that most cryptocurrencies are largely underbought based on the divergence index of danger zone and MVRV opportunity.
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Since the altcoins are mostly undervalued after the recent sell-offs, traders are seeing an opportunity in tokens like DODO, GALA, MAGIC and MASK. It’s a prospect also seen in the pre-sale market, where Chancer is attracting fresh capital after a pause caused by the sharp declines that sent BTC at less than US$26 thousand dollars now ethereum below US$1.6 thousand dollars.
Source: Ambito
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