The crypto market is undergoing a slowed down period ahead key macroeconomic data, including the U.S. GDP data and weekly jobless claims. Bitcoin on Thursday, September 25 reflected a price drop of under one percent. With this, the asset has dropped to its three-weekly low of $111,848. For over the last one week, Bitcoin has consistently seen minor losses with its seven day average low reaching five percent, data by CoinMarketCap showed.
Market analysts believe that positive GDP numbers could fuel a risk-on sentiment among traders, that could push BTC above the resistance level of $115,500.
“Bitcoin have been caught between structural bullish momentum and macroeconomic uncertainty. The $110,000–$123,000 range acts as a battleground where conviction meets caution. Technically, a sustained close above resistance could ignite a breakout, while a breach below $108K risks cascading sell pressure. As we move through historically weak September patterns, price action may whipsaw traders who lack strategic patience,” Sathvik Vishwanath, the co-founder and CEO of the Unocoin exchange told CoinHeadlines.
Ether price slipped by 3.30 percent in the last 24 hours. At the time of writing, ETH was trading at $3,980 — marking its lowest price point in over a month. In the last seven days, the asset’s price has clocked a dip of 12.62 percent, CoinMarketCap showed.
“Ethereum shows signs of trend reversal as ETH’s supply on exchanges falls to 9-year lows. In just the past month, investors accumulated more than 2.7 million ETH, showing strong conviction in the asset. Currently trading above the $4,000 level, a sustained move above $4,200 could trigger fresh upward momentum in ETH,” said Edul Patel, the CEO of Mudrex, as commenting on the matter.
A majority of altcoins continue to see losses. As of Thursday, Ripple joined Binance Coin, Solana, Dogecoin, Tron, Cardano, Chainlink, and Avalanche in trading in losses. Stellar, Bitcoin Cash, Hedera, LEO, Toncoin, Shiba Inu, Cronos, and Polkadot also registered drops in the last 24 hours.
Meanwhile, altcoins like Aster, Ondo, KuCoin, Cosmos, and MYX Finance among a handful of other tokens, managed to rope-in gains.
The overall crypto market cap tumbled by 1.08 percent over the last day, bringing the sector’s valuation of $3.82 trillion.
“BNB has pulled back slightly after strong gains, while Dogecoin remains under watch as whales reportedly scooped up 2 billion DOGE. Meanwhile, XRP and Solana are gaining traction amid renewed ETF speculation. Overall, while Bitcoin’s path looks unclear in the short term, rotation into altcoins suggests traders are selectively positioning ahead of a potentially volatile close to the month,” Avinash Shekhar, the co-founder and CEO of Pi42 told CoinHeadlines.
Market analysts have strongly advised crypto traders to tread cautiously as the market is likely to remain volatile for the coming days.