Bitcoin Price Stuck at $6.4K But Eyes Gains Against Altcoins

Further, BTC is still trapped in a narrow range of $6,360 and $6,480.

BTC could shine against ETH and other altcoins as the ETH/BTC pair - a risk barometer - is looking south, indicating risk aversion in the cryptocurrency market.

A risk-on period is characterized by an increased demand for perceived high-risk cryptocurrencies and BTC tends to depreciate against ETH in such a market.

Conversely, during risk aversion, money is rotated out of altcoins and into BTC, leading to a drop in the ETH/BTC exchange rate.

A bearish technical setup on ETH/BTC could be considered an advance indicator of impending risk aversion and an increased flow of money from altcoins to BTC. BTC/USD hourly chart.

As can be seen, the ETH/BTC pair fell below 0.031994 BTC on Oct. 11, adding credence to rising wedge breakdown witnessed on Sept. 25.

The pair has repeatedly failed to get back above the former support-turned-resistance of 0.031994 BTC in the last 10 days, bolstering the already bearish setup.

As a result, ETH will likely find acceptance below Oct. 18 low of 0.030924 BTC in the next day or two and slide toward the falling channel support of 0.029395 BTC. View The ETH/BTC pair risks falling below 0.03 BTC in the next few days, meaning risk aversion is likely to grip the altcoin markets.

The risk-off mood will likely worsen if BTC suffers a downside break of the $6,360-$6,480 range.

The risk appetite will likely improve if BTC sees an upside break of the trading range, in which case, prices may rise toward $6,800.