The crypto market reflected a sentiment of optimistic caution, as assets logged small profits on Tuesday, September 9. Bitcoin registered a price hike of slightly over one percent in the last 24 hours to claim the price point of $111,956 on Tuesday. This is the first time in at least seven days that BTC has come close to hitting the mark of $112,000. Market analysts said the asset could grow in price if it manages to break the resistance near the $113,000 mark.
“While BTC showed signs of momentum, bulls could not sustain the buying pressure, leading to a consolidation. All eyes are now on the BLS inflation revision, which could influence the Fed’s rate cut decision. A softer revision of inflation could trigger a short relief rally, pushing BTC above the $113,000 resistance, with a strong support at the $110,400 mark,” Edul Patel, CEO of Mudrex told CoinHeadlines.
Ether price rose by under one percent in the last 24 hours. At the time of writing, ETH was trading at $4,310, data by CoinMarketCap showed. Market analysts have said that the absence of clear macro triggers or sustained momentum could keep Ether’s movement range bound in the future.
Data by CoinMarketCap showed a majority of altcoins trading in profits on Tuesday. These include Binance Coin, Solana, Dogecoin, Cardano, Chainlink, Stellar, and Avalanche among others. Tron, Bitcoin Cash, Leo, and Cronos — meanwhile — registered losses ranging from two percent to six percent in the last 24 hours.
For a change, the World Liberty Financial token (WLFI) showed gains since being listed on centralized exchanges including Binance last week. On Tuesday, the WLFI token was trading at $0.21, having clocked a small profit of three percent. The altcoin’s overall market cap stands at $5.25 billion.
The overall crypto market cap rose by one percent in the last 24 hours. The valuation of the sector presently stands at 3.87 trillion.
“Bitcoin’s current holding pattern near the $112,000 mark, following last week’s aggressive push toward $113,400 and the subsequent pullback, underscores the market’s cautious sentiment heading into what is historically a bearish September,” Avinash Shekhar, Co-Founder and CEO of Pi42 told CoinHeadlines.
The current score on the Fear and Greed Index stands at 44 — which indicates that the market is cautious and investors are hesitant to tap into risky decisions.