Proactive Investors - It has shaped up to be a volatile month for the benchmark cryptocurrency bitcoin (BTC).
Though September is historically a poor time for bitcoin, it made some serious headway in the first two thirds, but dollar strength has since weighed on the crypto markets as a whole.
Weekend trades chipped away at much of bitcoin’s September gains, with Sunday’s trading session sending the BTC/USDT pair 1.2% lower to close at $26,250.
Monday’s early trades offered a bit of added bearishness, sending the pair below $26,150.
The markets have been hanging on to forward guidance by the Federal Reserve and other central banks, with last week’s hawkish pause from Fed causing an adverse impact on risk-on trading sentiment.
But with less on the macroeconomic calendar this week, fewer catalysts could mean less volatility as the month comes to a close.
In terms of short-term price action, Binance’s order book suggests a support line at $25,000 and selling resistance at $27,500.
Bitcoin remains 4.2% lower over six months – Source: tradingview.com
The second-largest cryptocurrency Ethereum (ETH) stayed relatively flat on Saturday, but Sunday trades saw the ETH/USDT pair fall around 0.8% to $1.580.
Following an uneventful Monday morning, ether has stayed put at this price point.
Week on week, bitcoin is down 2%, while ether is down more than 3%.
In the broader altcoin space, Solana (SOL) pulled ahead of the pack, adding 1.75% over the past seven days.
Ripple (XRP) also remains in the green, adding around 0.8%.
On the downside, Binance’s BNB token, Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT) and Polygon (MATIC) have followed the benchmark’s lead by shedding low dingle digits to the respective market capitalisations.
Global cryptocurrency market cap currently stands at $1.04 trillion, with bitcoin dominance at 49.9%.
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