Over $500 million liquidated from the crypto market yesterday!

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📅 Today

🔍️ Market Outlook For The Week

• Overall Bias - Cautious 🙏 

• BTC dipped to it’s 200 Daily EMA at ~$60,000

• It is crucial that this EMA should hold as support

• This is a crucial price level. If BTC breaks here, further downside can be expected.

• However, historically, Q4 has been the best-performing quarter for BTC so that we can expect some bullish momentum due to seasonality.

• For the bulls, a clear breakout above $67,500 will take BTC to new all-time highs

• It is wise to not take any new leveraged positions till BTC closes above $67,500, and just DCA in spot instead.

Uptober off to a shaky start 🙏 

Bitcoin's typically strong performance this month is off to a rough start, as the total crypto market cap dropped by 3.29% to $2.16 trillion in the last 24 hours.

Bitcoin briefly fell below $61,000 before rebounding to around $61,800. Investors seem to be shifting from BTC to physical gold as global markets grow wary amid rising tensions in the Middle East.

The price dip triggered major liquidations, with reportedly over $525 million wiped out across major exchanges—$448 million from long positions.

Bitcoin led with $139 million in liquidations, followed by Ethereum at $109 million. In total, over 155,000 traders were liquidated

Bitwise files for Spot XRP ETF 😅 

On September 30th, Bitwise filed for an XRP exchange-traded fund (ETF) in Delaware. However, this does not guarantee an immediate application with the SEC.

The filing could be an early preparatory step, and a formal SEC submission might still be months away.

If approved, the XRP ETF would provide institutional investors a regulated way to gain exposure to the cryptocurrency, which could boost both liquidity and broader adoption of the token.

📕 Educational

A quick 2 minute infographic on Sei!

📊 Stat of the day

📈 Chart of the day

Rationale & Confluences

• 500 day accumulation zone

• Imminent box breakout

• RSI has plenty upside left

• Fundamentals of Sui are growing

• A weekly close above $2 can be a spot entry

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.