Radhika Parashar
- Bitcoin is trading at $112,750 as of Tuesday, September 23
- Ether price has come to $4,187
- The overall crypto market cap has come to $3.90 trillion
The crypto market clocked losses ahead of Fed chair Jerome Powell’s speech slated for later in the day. Bitcoin on Tuesday, September 23 recorded a loss of 1.43 percent bringing its price of $112,750. Data by CoinMarketCap shows that Bitcoin’s price has dipped by 2.75 percent in the last seven days.
Market analysts estimate that bulls must defend $110,000 to prevent further losses, whereas, a rebound could push BTC back toward $117,000. Failure to hold this level, however, may risk a drop to the level of $107,000.
“Bitcoin recently faced a sharp rejection after sweeping liquidity above $117K, triggering a swift decline below the 100-day moving average near $113K. This selloff has pressured BTC into a crucial support zone between $108K–$110K, aligning with a key trendline and prior swing low. On the 4-hour chart, a broken ascending trendline confirms weakening momentum,” Sathvik Vishwanath, the co-founder and CEO of Unocoin told CoinHeadlines.
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Ether reflected a dip of 2.30 percent over the last day. With this, the price has come to $4,187. This is the lowest price that ETH has dipped to in at least the past three weeks. CoinMarketCap statistics show that on a weekly basis, ETH price has tumbled by 7.60 percent.
“Futures positioning around Ethereum has also turned cautious, with sentiment debating whether $4,000 could be the next test. The market is experiencing a broader pullback, every major coin has slipped into the red. The current tone reflects heightened uncertainty, sticky inflation risks and macro headwinds are adding weight to the downside narrative,” said Avinash Shekhar, co-Founder and CEO of the Pi42 exchange told CoinHeadlines.
Analysts have pointed out that September is living up to its red month reputation, with traders bracing for up to two more weeks of corrective pressure. The current market movement aligns with this outlook.
On Tuesday, a majority of altcoins showed losses. These include Ripple, Binance Coin, Solana, Dogecoin, Cardano, Chainlink, Hedera, and Litecoin among others — all of which clocked losses of under five percent. Toncoin, Uniswap, World Liberty Financial, Story, and OKB, meanwhile, logged price dips ranging between five percent to ten percent in the last 24 hours.
Avalanche outshone majority altcoins to rope-in profits of 9.75 percent in the last 24 hours to trade at $34.50. Mantle also saw gains of 13.12 percent to trade at $1.71.
The overall crypto market cap slipped by 1.63 percent over the last day bringing the sector’s valuation to $3.90 trillion, CoinMarketCap showed on Tuesday.
“Despite the short-term weakness, companies like Strategy and Metaplanet have accumulated over 6000 BTC, supporting BTC’s price at the lower levels. Additionally, crypto investment products recorded approximately $1.9 billion in inflows since the Fed rate cut, showing the growing institutional confidence. The focus today would remain on Jerome Powell’s speech discussing the economic outlook,” said Edul Patel, the CEO of Mudrex.
Along with Powell’s speech, this week the U.S. Purchasing Managers’ Index (PMI) data is slated for release — that would give insights into the health of the U.S. economy. A PMI reading above the 50 score would indicate economic expansion, a reading below 50 would signal a contraction, while a value of 50 would suggest stability.
