Bitcoin still unresolved. Quotations are still in consolidation. ETH defends the lows

bitcoin rate hasn't changed much recently, apart from a slight decline this week to around $26600. The decline may have been helped by yesterday's inflation reading from the US, which was at 3,7% in September, when the reading was expected to be 3,6%, while on a monthly basis the increase was 0,4 instead of the expected 0,3%. Such a reading could help strengthen the US dollar in relation to the main world currencies, but also in relation to Bitcoin and Ethereum.

BTC in consolidation, ETH at its lowest level since March

It is on ETH that the situation seems to be even more interesting than on BTC. While Bitcoin still has a relatively long way to go to its recent lows, ETH already tested them yesterday. At one point, the ETH/USD rate hit its lowest level since March 12, falling close to $1500. At the moment, ETH manages to defend the potential support, but if it was broken, the next one may be around USD 1400.

Potential key levels for Bitcoin

In turn, for bitcoin, the potential support zone is in the area of ​​USD 26000-25000 and it may maintain its price at the moment. If it is defeated, the next support may be around USD 20500-20000. In turn, the nearest potential resistance level may be at USD 30000. Further potential resistance is the area of ​​USD 38000.

Nasdaq 100 and correlation with bitcoin dominance

It is also worth noting that Bitcoin's dominance has risen again above 51% and is at its highest level since July 13. This means that Bitcoin's capitalization accounts for more than half of the entire cryptocurrency market capitalization. In this context, it is worth adding that the behavior of bitcoin's dominance seems to be about 20-30 days ahead of the index's performance. Nasdaq xnumx, such a correlation has been visible since the beginning of the year. When the dominance increases, the Nasdaq 100 index also seemed to go up after some time, and when it fell, the Nasdaq 100 index over time began to show a correction. Will this correlation continue to be maintained? This is not known, but the phenomenon currently seems interesting.