The cryptocurrency market is facing volatility, with various forecasts for key assets including Bitcoin and Ethereum.
Current Situation in Bitcoin Market
Bitcoin is attempting to rise above the $110,000 mark but faced resistance. Santiment reported a surge in mentions of 'buying the dip' on social media, indicating possible further declines. Statistics show that September has largely been negative for BTC, closing in the red on eight occasions over the past eight years, averaging a loss of 3.80%.
Forecasts for Ethereum and Other Altcoins
Ethereum is engaged in a tough battle between bulls and bears. Indicators suggest that unless Ethereum can show growth above the 20-day EMA ($4,378), it may indicate further declines to $4,094 and below. Altcoins also show signs of weakness despite institutional investors buying at a level of $2.48 billion last week.
Conclusion and Overall Trends
The situation in the cryptocurrency market remains uncertain. Bitcoin and other major cryptocurrencies are under pressure from bearish sentiment. It is crucial to monitor institutional investors as their purchases might provide some support in the market.
It is unclear how the situation will develop in the coming weeks, but it seems market players remain cautious. Monitoring support and resistance levels is essential for informed decisions.
