Bitcoin (BTC) and altcoins have been volatile over the past week, with BTC falling due to short-term profit-taking and at one point falling below the $120,000 level.
However, inflows into US spot Bitcoin ETFs remained steady, maintaining medium-term optimism in the market, and BTC recovered to $121,000.
Along with Bitcoin, altcoins also fell, with Ethereum (ETH) dropping to $4,371, and altcoins such as Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Cardano (ADA) also falling significantly.
While Bitcoin is expected to continue its rally thanks to a historic October and hopes of a Fed rate cut, FxPro senior analyst Alex Kupczykevich told CoinDesk that Bitcoin could experience another significant decline before the Fed’s decision in October.
Bitcoin could see a correction in the $107,000 to $115,000 range ahead of the Federal Reserve’s interest rate decision at the end of October.
However, if the buying trend becomes strong in this range, there will be another attempt to break above $125,000. ”
On-chain analytics firm CryptoQuant said selling pressure in the derivatives market has eased compared to last month, adding: “If net inflows into ETFs continue, the short-term correction can be seen as a process of reaffirming buying demand.”
*This is not investment advice.
