The cryptocurrency market is currently experiencing a tight trading range, with significant assets stabilizing amid ongoing deleveraging pressures and a cautious macroeconomic backdrop. The market’s flagship assets are largely range-bound, limiting momentum across other altcoins, which continue to hover below significant resistance levels. Experts suggest that unexpectedly robust US GDP data could rekindle interest in riskier assets and potentially push prices higher.
Earlier in the session, Bitcoin saw a short decline to a three-week low before staging a slight rebound. In the latest update, Bitcoin is priced at 111,799, reflecting a decline of 0.75 percent in the last 24 hours. Data reveals that the cryptocurrency fluctuated between $111,607 and $113,986, emphasizing the tightness of the current range. Daily trading volume surged to $50 billion, while market capitalisation held steady at $2.22 trillion, highlighting Bitcoin’s dominance in the digital asset space. The sideways movement, as highlighted by Edul Patel, reflects a cautious sentiment among investors as they await macroeconomic catalysts. “Positive GDP numbers could encourage a risk-on sentiment among traders, potentially driving BTC above the key resistance at $115,500,” stated Patel.
From a technical perspective, Bitcoin has shown remarkable strength, consistently bouncing back from the $111,000–$112,000 support area. “As long as this support holds, the short-term outlook remains neutral to slightly optimistic,” stated Riya Sehgal. She pointed out that 113,914 serves as the key resistance level to keep an eye on. Ethereum has shown signs of weakness following its drop below the $4,000–$4,200 consolidation range, indicating a bearish continuation and a more pronounced downside bias, according to Sehgal. This divergence is clearly highlighted in fund flows. On September 24, Bitcoin funds attracted $241 million in inflows, highlighting persistent institutional interest, while Ethereum funds saw $79.4 million in outflows, suggesting that investors are being cautious about ETH in the current market environment. At last check, the asset was trading at $4,009.20, down 3.96 percent, with intraday price fluctuations between $3,978.69 and $4,206.90. Trading volume has surged significantly.
Currently trading above the $4,000 level, analysts believe that a sustained move above $4,200 could trigger fresh upward momentum. In the altcoin arena, OG and Story emerged as the leading laggards, experiencing declines of 24 percent and 19 percent, respectively. Other notable losers for the day, logging intraday losses of up to 10%, included Mantle, Pump.fun, Avalanche, Cronos, Aerodrome Finance, Quant, Sky, Pi, Tezos, Astar, Uniswap, Optimism, Arbitrum, DeXe, Hyperliquid, SPX6900, and Hedera, which fell up to 10 percent. On the flip side, Zcash, Flare, Immutable, Kaia, ether.fi, Bitget Token, Aethir, and UNUS SED LEO emerged as the leading gainers, experiencing increases of up to 10 per cent.