Bitcoin, Hyperliquid, and Zcash Show Signs of Recovery After Market Sell-Off
Cryptocurrencies including Bitcoin, Hyperliquid (HYPE), and Zcash (ZEC) are exhibiting potential recovery signals following a significant market sell-off that reportedly wiped out $70 billion in value within a 10-hour period. Crypto analyst Ali Charts has identified new buy signals for all three assets, with their future price movements contingent on the resilience of key support levels.
Bitcoin experienced a 2.80% decline, retreating from its approach to $85,000 and moving back toward the $82,000 mark. The TD Sequential indicator has now issued a buy signal, suggesting that the recent correction may be nearing its conclusion.
At the latest reporting, BTC was trading near $82,800. Concurrently, U.S. spot Bitcoin ETFs saw net inflows of approximately $528 million on October 21, marking the third consecutive session of positive investor activity. Should Bitcoin maintain its position above $82,000, it could attempt to retest the $85,000 level. However, renewed selling pressure could impede any recovery efforts.
Hyperliquid’s HYPE Token Eyes Rebound
Hyperliquid’s HYPE token saw a 4.22% drop after reaching a local high near $82. Ali Charts has since detected a buy signal on the hourly chart for the asset. The analyst is closely monitoring $78 as a critical support level. A successful defense of this price by buyers could pave the way for HYPE to rebound toward $82 or higher. Conversely, a breach below $78 could diminish the prospects for a recovery.
Zcash Poised for Potential Upswing
Zcash declined by 6.44% after hitting a local peak around $1,350. Its TD Sequential indicator has now flashed a buy signal, indicating a potential for a price rebound. Ali Charts has identified $1,250 as the key support level to watch. If ZEC can sustain trading above this threshold, its price could climb back toward $1,350. A fall below this level, however, could expose the token to further downward pressure.
Economic Factors to Influence Crypto Market
Broader market sentiment for cryptocurrencies remains influenced by U.S. economic data and the Federal Reserve’s policy decision scheduled for October 28. Investors are also awaiting preliminary U.S. business activity data, due on October 23.
On October 21, Bitcoin and Ethereum spot ETFs recorded net inflows of approximately $528 million and $15 million, respectively. Continued institutional investment could bolster market demand. However, persistent inflation or escalating geopolitical tensions could potentially trigger additional selling pressure across the crypto market.
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