Bitcoin, Ethereum, Dogecoin Drop Amid Risk Rally: Analyst Says ‘There’s Unfinished Business’ Below $19,000 For Apex Coin

Major coins traded lower on Tuesday evening as the global cryptocurrency market cap declined 1.1% to $928 billion at 9:14 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC/USD -1.65% 1% $19,272.04 Ethereum ETH/USD -2.5% 1.5% $1,304.16 Dogecoin DOGE/USD -0.8% -1.3% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Aave (AAVE) +3.7% $82.05 Uniswap (UNI) +2.2% $6.54 Monero (XMR) +1.8% ??$146.10

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Why It Matters: Major cryptocurrencies broke away from stocks to trade in the red on Tuesday evening. At the time of writing U.S. stock futures were seen trading higher with Nasdaq futures up 1.3% and S&P 500 futures higher by 0.8%.

Stocks rose on the back of strong earnings and mixed economic data that signaled a slowing of the economy, noted OANDA Senior Market Analyst Edward Moya.

This is an impressive bear-market rally that will likely get faded as the Fed is nowhere near ready to downshift their tightening pace.

On Bitcoin, Moya said, Bitcoin almost made a run towards $20,000 but most investors remained skeptical that this week's risk rally was going to be short-lived.

Crypto is locked into consolidation mode and that will continue until investors are convinced of the risks of the Fed over tightening and sending the economy into a severe recession are gone, said Moya in a note, seen by Benzinga.

Michal van de Poppe noted the choppy markets on Tuesday and said on Twitter, The chopperino is back. Everything that's gained yesterday, lost today.

And the chopperino is back. Everything that's gained yesterday, lost today. Michal van de Poppe (@CryptoMichNL) October 18, 2022

The cryptocurrency trader said in a separate tweet that the economy is getting weaker. He pointed to slowing production by corporates and Apple cutting iPhone 14 Plus production as support for his assertion.

Economy is getting weaker.

Corporates are slowing down production.

1. NY Empire Manufacturing Index way worse than expected.

2. $AAPL cutting iPhone 14 Plus production two weeks after it got announced. Michal van de Poppe (@CryptoMichNL) October 18, 2022

Justin Bennett pointed out in a tweet that Bitcoin is struggling to stay above the $19,370 support level and looks relatively weak.

Most will try to bid $19k, but I think we go a bit lower. Seems there's unfinished business sub $19k. Let's see, said the cryptocurrency trader.

$BTC is struggling to stay above $19,370 support and looks relatively weak here. Wouldn't be surprised to see longs get taken out below this area.

Most will try to bid $19k, but I think we go a bit lower. Seems there's unfinished business sub $19k. Let's see.#Bitcoin pic.twitter.com/x5mleUxm2G Justin Bennett (@JustinBennettFX) October 18, 2022

A CryptoQuant analyst said in a note that there is a possibility of a last crash in the bear market pointing to the current descending triangle pattern on the Bitcoin Spent Output Age Bands chart. The pattern was described as similar to the last crash in the bear market in 2018 by the analyst on the community-driven platform.

Bitcoin: Spent Output Age Banks: Courtesy CryptoQuant

The analyst noted that the movement of long-term hold BTC has decreased and the price volatility is very low.

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