The crypto market is under renewed bearish pressure as Bitcoin continues to struggle under $113,000 and major altcoins bleed, deepening a sell-off that commenced earlier in the week.
Summary
- The crypto market is witnessing more downturn.
- Bitcoin and altcoins like Ethereum, Solana, and Ripple are also down with losses of 4-10% on the week.
- Some altcoins like Aster, Mantle, and BNB have posted gains, defying the broader market trend.
- Traders are eyeing ‘Uptober’ for potential recovery, which has historically served as a bullish month.
The crypto market downturn that has further extended, compounding Monday’s sharp decline that saw over $1.7 billion positions liquidated from the market. Despite a brief recovery attempt, Bitcoin and several major altcoins remain under pressure, with weak momentum and fading investor confidence across the board.
Bitcoin slides as crypto market bleeds
Per market data from crypto.news, Bitcoin (BTC) trades at $112,786 at press time, down 3.5% over the past week. After peaking above $118,000 last week, the crypto king has struggled to reclaim lost ground, briefly dipping below $112,000.
Sellers continue to dominate, alongside strong outflows from exchange-tracked funds. The negative pressure continues to weigh on price, and unless BTC breaks above $113,500, further downside toward $111,000 appears likely. A move above $115,000 would be the first sign of recovery.
Ethereum (ETH)
Ethereum (ETH) has mirrored Bitcoin’s price weakness as the crypto market downturn continues, dropping from its recent high near the $4,700 range to a low of $4,100. At the time of writing, ETH is trading around $4,174, hovering just above support. The RSI at 39.95 suggests nearing oversold conditions, while the 9-day SMA at $4,401.65 looms as resistance.
If ETH fails to hold $4,100, a deeper correction toward $4,000 could follow. Conversely, a breakout above $4,250 would signal a potential shift in momentum.
Solana (SOL)
Solana (SOL), the sixth-largest cryptocurrency by market capitalization, has also seen steep losses. The asset is now down nearly 10% over the past seven days. SOL price is currently around $211, marking a sharp decline from its recent surge above $250.
For now, Solana’s price remains under the 9-day SMA at $231.94, confirming bearish sentiment. If $204 breaks, the asset could revisit the $195–$200 zone.
Ripple (XRP)
Also under pressure in the ongoing crypto market slide is Ripple (XRP), currently trading at $2.87, down 4.7% so far this week. Although it posted a modest 1.65% gain on the latest daily candle, resistance at $2.90–$3.00 remains strong. The asset’s broader performance has been muted, and if momentum fails to improve, a breakdown below $2.85 could push prices lower, potentially toward $2.75.
Still, some altcoins are showing resilience. Binance Coin (BNB) is up roughly 3% on the day, while Mantle, PUMP (PUMP), and CAKE (CAKE) have posted gains up to 5%. Aster (ASTER) stands out as the day’s largest gainer, surging 35% as it defies the broader market’s sluggish trend.
Despite the current weakness, optimism surrounds the upcoming “Uptober” period, historically known for crypto rallies. However, unless sentiment improves and selling pressure eases, volatility is expected to persist.
