Crypto Market Faces Renewed Bearish Pressure
The crypto market is experiencing more downturn. Bitcoin and major altcoins like Ethereum, Solana, and Ripple are down by 4-10% this week. However, some altcoins like aster, Mantle, and BNB are showing gains.
Traders are hoping for a recovery in ‘Uptober,’ a historically bullish month. The market downturn has extended since Monday,with over $1.7 billion in positions liquidated.
Bitcoin is trading at $112,786, down 3.5% this week.It briefly dipped below $112,000. Sellers dominate, and unless BTC breaks above $113,500, it may fall to $111,000. A move above $115,000 would signal recovery.
Ethereum has mirrored Bitcoin’s weakness, dropping from $4,700 to $4,100. It’s now at $4,174. If ETH fails to hold $4,100, it could fall to $4,000. A breakout above $4,250 would signal a shift in momentum.
Solana is down nearly 10% this week, trading at $211. If it breaks below $204, it could revisit the $195-$200 zone.
Ripple is trading at $2.87, down 4.7% this week. If it breaks below $2.85, it could fall to $2.75.
Some altcoins are showing resilience. Binance coin is up 3%, and Aster has surged 35%. Despite the current weakness, optimism surrounds ‘Uptober,’ but volatility is expected to persist.
