Weak start to the week for Bitcoin, Ethereum, Solana, XRP, and others.

Weak Start to the Week for Bitcoin, Ethereum, Solana, XRP, and Others

On Monday morning, the leading cryptocurrencies such as Bitcoin and Ethereum, as well as Solana and XRP, are recording price losses. For Bitcoin, the chart technical viewpoint does not improve significantly even beyond the weekend.

Bitcoin is currently struggling to hold on to the level of $27,000. This repeating theme continues on Monday morning and the price thermometer for Bitcoin stands at about $27,200. In the past seven days, Bitcoin has lost about 3% of its value. In an overall dull environment, Bitcoin fails to take positive impulses and rises are usually sold quickly.

At second-largest market cap, Ethereum also shows a similar development with a weekly loss of 2%. Ripple and Solana present an even weaker overall picture with minus 5% and minus 6% for the past seven days respectively. Other altcoins also begin the week with negative trends.

Chart technical perspective on Bitcoin in October

With a 24-hour low of $26,748, Bitcoin does not suggest any new enthusiasm in the beginning of October. From a chart technical perspective, the levels around $27,300 and $27,800 are said to hold initial importance. But the current course of events shows that Bitcoin will continue to grapple with its resistance area at $28,500. If this level is captured, Bitcoin approaches the psychologically significant milestone of $30,000. Conversely, if the $27,000 to $26,800 area, which has previously acted as support, breaks, fresh yearly lows cannot be ruled out.

Analysts often point out how markets and traders are currently acting cautiously. The sluggish economic situation, as well as geopolitical tensions in Eastern Europe and Taiwan, contribute to keeping funds predominantly on the sidelines. However, a known dynamic of the Bitcoin market is that a potential rise in the price can cause missing in the fear of missing out (FOMO) sentiment.

Future outlook for the crypto market

For now, watchers of Bitcoin and the entire crypto market must hope for a return in market dynamics for hedging a trend. The trading volumes remain low and a spark for volatility is missing. Nonetheless, unidentified yet simultaneously looming signs accumulate, making the crypto market interesting for price gains again.

For instance, there’s a buzz about a central bank digital currency (CBDC) in Europe. The Central Bank of Europe is said to be making significant advancements in this direction. Meanwhile, Wall Street giant BlackRock is reportedly optimistic about approval of the Bitcoin spot ETF before year-end. Such developments could bring significant new capital into the crypto ecosystem.