The cryptocurrency market is currently facing heightened bearish sentiment as Bitcoin remains below $113,000 and major altcoins experience significant declines, exacerbating a sell-off that started earlier this week.
Summary
- The cryptocurrency market is seeing an increased downturn.
- Bitcoin and major altcoins such as Ethereum, Solana, and Ripple are down, with losses ranging from 4% to 10% this week.
- Some altcoins, including Aster, Mantle, and BNB, have registered gains, contradicting the overall market trend.
- Traders are looking to ‘Uptober’ for a potential rebound, a month historically associated with bullish activity.
The downturn in the crypto market has prolonged, compounding Monday’s steep decline that saw over $1.7 billion in positions liquidated. Despite a brief attempt to recover, Bitcoin and other major altcoins remain under pressure, marked by weak momentum and diminishing investor confidence.
Bitcoin Drops as Crypto Market Declines
According to market data from crypto.news, Bitcoin (BTC) is currently trading at $112,786, down 3.5% over the past week. After reaching a peak of over $118,000 last week, the leading cryptocurrency has struggled to regain its previous levels, even dipping briefly below $112,000.
Sellers continue to dominate the market alongside notable outflows from exchange-traded funds. This negative pressure affects prices, and if BTC does not move above $113,500, further declines toward $111,000 seem probable. A rise above $115,000 would signal the first indication of recovery.
Ethereum (ETH)
Ethereum (ETH) has also reflected Bitcoin’s price weakness amid the ongoing market downturn, falling from its recent peak near $4,700 to a low of $4,100. As of now, ETH trades around $4,174, hovering just above its support level. The RSI at 39.95 suggests it is nearing oversold territory, while the 9-day SMA at $4,401.65 acts as resistance.
If ETH cannot maintain the $4,100 level, a deeper correction toward $4,000 may occur. On the other hand, breaking above $4,250 could indicate a potential momentum shift.
Solana (SOL)
Solana (SOL), ranked sixth by market cap, has also experienced significant losses, falling nearly 10% over the week. The current price is around $211, after a notable drop from its recent rise above $250.
At present, Solana’s price remains below the 9-day SMA of $231.94, indicating bearish sentiment. Should the price break below $204, it may revisit the $195–$200 range.
Ripple (XRP)
Ripple (XRP) is also feeling the effects of the current market slump, trading at $2.87 and down 4.7% this week. Although it recorded a modest 1.65% gain on the latest daily candle, resistance around $2.90–$3.00 remains strong. Overall performance has been subdued, and if momentum does not improve, a drop below $2.85 could lead prices lower, possibly toward $2.75.
Despite the ongoing struggles, some altcoins are showing strength. Binance Coin (BNB) is up approximately 3% today, while Mantle, PUMP (PUMP), and CAKE (CAKE) have recorded gains of up to 5%. Aster (ASTER) is notably the day’s largest gainer, soaring 35% as it stands apart from the sluggish overall market.
Although the current sentiment is weak, there is optimism surrounding the upcoming “Uptober” period, traditionally associated with crypto rallies. However, without improvements in sentiment and a reduction in selling pressure, volatility is likely to continue.
