Bitcoin ($111,548.00)
Ethereum ($4,380.28)
XRP ($2.86)
Tether ($1.00)
BNB ($854.60)
Solana ($210.85)
USDC ($1.00)
Lido Staked Ether ($4,372.90)
Dogecoin ($0.22)
TRON ($0.34)
Radhika Parashar
- Bitcoin’s support level stands at $106,100
- Analysts predict if BTC manages to break above $110,200, it could re-launch into a bullish rally
- Most altcoins are volatile and traders are advised to tread cautiously
The overall crypto market stepped into September in a rather slow momentum. Bitcoin reflected a minor price hike of under one percent to trade at $107,897 on Monday, September 1. Last month, BTC clocked its latest all-time-high exceeding $124,000. Owing to macro economic fluctuations, however, the asset price gradually descended by 4.13 percent in the last seven days.
Speaking to CoinHeadlines, market analysts said if Bitcoin manages to break above $110,200, it could get back into a bullish momentum to hit $114,500. Meanwhile, the price point of $106,100 is presently acting as the immediate support for the world’s most expensive asset.
Ether joined Bitcoin in making a lackluster entry into September. After wrapping up a stellar August, Ether price dipped by nearly two percent on Monday to trade at $4,389 on Monday. Amid the ongoing market-wide consolidation, ETH has dipped by 6.64 percent in its price over the last seven days, shows data by CoinMarketCap.
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“Bitcoin is consolidating near $107,600, forming a healthy accumulation zone for long-term investors. Despite pressure from whale flows into Ethereum and higher-than-expected US PCE data, investor sentiment remains on the positive side, with rising ‘buy the dip’ activity across social channels,” Edul Patel, the CEO of Mudrex told CoinHeadlines, commenting on the market sentiment.
The crypto price charts reflected price dips next to most cryptocurrencies on Monday. These assets include Solana, Tron, Dogecoin, Stellar, Avalance, and Cronos among others. Toncoin, Shiba Inu, Polkadot, Uniswap, and Monero also failed to rope-in any gains over the weekend.
Himanshu Maradiya, the Founder and Chairman of the CIFDAQ exchange pointed out that the investors are waiting for the Fed’s direction before re-entering the category of risk and defensive assets with conviction.
“Nearly $2 billion exited Bitcoin ETFs in late August, alongside $449M from gold funds, reflecting how macro uncertainty and unclear Fed policy have sidelined investors across traditional and digital safe havens,” Maradia said, explaining the sluggish market sentiment.
The market cap of the crypto sector also tumbled by 1.32 percent in the last 24 hours. As of Monday, the valuation of the sector stands at $3.74 trillion.
