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CryptoMarket Analysis: OCT 5

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Total MarketCap: $1.2T (+0.18%)
Fear & greed index: 48 (Neutral)
BTC dom: 45.04% (+0.46%)



BTC: $27,650)
ETH: $1,645
Solana: $23.35



__Overview:__

Crypto markets have been affected by recent macroeconomic volatility, with Bitcoin (BTC) at 27.6K and Ethereum (ETH) at 1650. One noteworthy headline is the low trading volume of Ethereum ETFs, which amounted to just $6.6 million on Monday. This is significantly lower than the $1 billion in volumes the first Bitcoin futures ETF recorded during its debut in October 2021, near the peak of the bull market. While the approval of Bitcoin spot ETFs is anticipated to have a positive impact, questions remain about the potential "what's next" scenario and whether these approvals could also result in sell-the-news events. In the altcoin space, MATIC has stood out with news of Google Cloud becoming a node validator on the Polygon network. Despite its underperformance this year, MATIC's recent development suggests it might regain momentum, especially with the rise of Layer 2 solutions.

#BTC/USDT Price Analysis: BTC is currently making a push to break through a significant horizontal resistance level, coinciding with the resistance posed by the MA 100. However, it's worth noting that the RSI has entered the overbought territory. For the bullish scenario to strengthen, it's imperative for the bulls to achieve a decisive breakout above this horizontal resistance. Failing to do so may necessitate a period of correction in the market.

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