The crypto market witnessed a minor but notable rally over the weekend despite the charts indicating at volatility next to a majority altcoins. Bitcoin on Monday, September 15 saw a price hike of around one percent in the last 24 hours. At the time of writing, BTC was trading at $116,205. With this, BTC has attained a three-week high in terms of pricing.
Market analysts have pointed out that the crypto market is consolidating ahead of the Fed’s rate decision. For BTC, the $117,100 level remains a critical resistance, with strong support around $113,500.
“Once there is clarity on the Fed’s rate cut path, liquidity could act as a powerful tailwind, potentially unlocking the next leg higher across majors, reigniting broader participation in altcoins, and even putting Bitcoin back on track to challenge its all-time highs,” Avinash Shekhar, CEO, Pi42 told CoinHeadlines.
Ether followed Bitcoin’s market trajectory to see a price hike of around one percent over the last day. On Monday, the price of ETH also hit a two-week high of $4,635 after having traded at the $4,300 mark since the beginning of September.
“Traders are cautious as options activity points to volatility, but the resilience of majors highlights that conviction hasn’t faded. The crypto market is consolidating ahead of the Fed’s rate decision, with Ethereum steady above $4,600. While near-term swings are inevitable, the bigger picture remains intact,” Shekhar noted.
Data by CoinMarketCap showed majority altcoins trading sideways on Monday, indicating at market instability.
Ripple, Solana, Binance Coin, USDC, Dogecoin, Tron, and Cardano were reflecting losses at the time of writing. Avalanche, Stellar, Litecoin, Toncoin, Shiba Inu, and Cronos also showed price dips. The World Liberty Financial (WLFI) token dropped by 4.72 percent in the last 24 hours and is currently retailing at $0.2125.
Monero rose in price by 5.85 percent over the last day, presently trading at $304.54. Bitcoin Cash also roped-in a profit of 1.87 percent to trade at $600.
The overall crypto market cap clocked a minor rise of under one percent and its presently sitting atop the valuation of $4.05 trillion.
“While investors are confident of a 25bps rate cut, Fed Chair Powell’s commentary will be crucial in shaping the outlook. Any hint of future cuts could provide fresh upside for BTC. Solana remains in the spotlight after confirming a breakout at $242, with momentum pointing toward $261 if buying interest sustains,” Edul Patel, the CEO of Mudrex told CoinHeadlines.