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Bitcoin wiped out most of its gains from last week as global macroeconomic events spooked traders on the last day of September, while only a handful of altcoins remained in the green, with meme coins accounting for two of the top three gainers.

BONK, BEAM and WIF turned out to be the daily favourites but only managed to post single-digit gains.

Coming back to Bitcoin, the market leader shed most of the value it accrued late last week after the US Federal Reserve’s 50 basis point rate cut, with China’s monetary and fiscal stimulus also adding to optimism.

The upward momentum came to a halt as Japan’s political landscape took centre stage in the downturn, with the ruling party selecting Shigeru Ishiba as its next prime minister over the weekend.

Notably, Ishiba is believed to favour a return to tighter monetary policies, which means there’s a higher chance of an interest rate hike under his leadership.

The Bank of Japan’s interest rate hike in July resulted in one of the biggest drops this year for the crypto market, and traders fear a similar scenario might unfold as a result of the change in power.

Despite these fears, Bitcoin remains on the path to buck its bearish September trend and move towards the generally bullish October, often referred to within the community as ‘uptober.’

Historically, whenever BTC has closed September in the green, it has often signalled a bullish October and, in several cases, a positive end to the year.

Since 2013, this pattern has occurred 6 out of 11 times, where a positive September led to an even stronger October.

On the technical front, several analysts brushed off the recent dip as just another routine correction.

Crypto analyst Ted pointed to the strong support level around $63,300, explaining that the pullback was a healthy way to shake out overleveraged positions, setting the stage for a potential bounce and rally.

Meanwhile, another well-known trader, Altcoin Sherpa, also zeroed in on the $63,000 support level.

He noted how significant trading activity in this zone, combined with Bitcoin hovering near key moving averages like the 50 and 200 EMAs, could trigger a bounce soon.

These moving averages often act as dynamic support levels in trending markets.

Bitcoin was trading at $63,552, down more than 3% at publication time.

Meanwhile, the altcoin market was buzzing with action, with top tokens constantly switching places, as the global cryptocurrency market cap dipped 4% to $2.35 trillion. Here are the top gainers of the day.

Bonk (BONK) saw the highest gains of the day, rising against a broader drop in the altcoin market. The meme coin was up 8%, exchanging hands at $0.00002457, while its market cap rose to $1.7 billion — a level not seen since the start of August.

Source: Coinmarketcap  

Bonk had also shown great performance over the last 30 days with 40.7% gains as traders largely favoured the dog-themed token which had experienced a 180% surge in daily trading volume, moving around $702 million.

On the 4-hour chart, BONK has formed a cup and handle pattern as observed by an analyst, a pattern often recognised for signalling bullish trends.

Community sentiment on CoinMarketCap aligns with the bullish outlook, with 78% of participants expecting a further price rise shortly.

Interestingly, the next altcoin on the list also turned out to be a memecoin on Solana, as Dogwifhat, another dog-themed memecoin, secured a spot largely in part due to community support.

Source: Coinmarketcap

Rising 5% over the past day, the memecoin pushed its market cap to an intraday high, surpassing $2.5 billion before losing some of its gains.

WIF’s daily trading volume saw a 160% jump compared to the previous day, showcasing the rising interest from memecoin enthusiasts.

On the daily chart, WIF broke above the upper Bollinger Band, and its Relative Strength Index rose above 76 — both indicators suggested that the token had reached overbought levels. 

However, the recent rally appears to be largely fueled by strong community support and hype, pushing the bullish momentum in the short term despite the technical warning signs.

Beam (BEAM) recorded gains of 4.9% over the previous day as its market cap surpassed the $1 billion mark once again.

The privacy-focused token also saw a 152% rise in its 24-hour trading volume over the previous day.

Source: Coinmarketcap

In terms of price, the altcoin had posted a 3-month high of $0.019 and was up roughly 30% in the past month alone.

Besides the optimism that fueled this rise over the past weeks, some recent partnerships and positive ecosystem developments have helped keep BEAM in the green today.

The biggest losers today include Shiba Inu (SHIB), which tumbled 8%, followed by GALA (GALA) down 7.2%, and Worldcoin (WLD) slipping 7%.

Despite today’s drop, all three altcoins still have positive gains this week.

The post BONK, BEAM, and WIF defy downtrend as Bitcoin sheds last week’s gains appeared first on Invezz

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