Bitcoin (BTC) briefly touched the $58,000 mark early in today’s trading session, but intense selling pressure quickly pushed the price back below $57,000. As the world’s largest cryptocurrency, BTC continues to encounter significant resistance at higher levels, causing bullish momentum to falter.

Market analysts are concerned that Bitcoin and the broader cryptocurrency market may be entering a bearish phase due to their inability to reclaim the $60,000 level and align with the 200-day Simple Moving Average (SMA). This skepticism has overshadowed BTC’s recent gains. Additionally, an uptick in exchange inflows suggests increased profit-taking activities. Historically, Bitcoin has underperformed in September, contributing to the market’s anxiety.

September Blues For BTC

The market sentiment remains decidedly bearish, as evidenced by the Bitcoin Fear and Greed Index, which currently stands at 33. This low figure indicates that investors are preparing for potential price declines in September. A report by NYDIG highlighted that BTC and the crypto market might experience a “seasonal slog” over the next month. The report noted,

“On average, Bitcoin has fallen 5.9% in September, and the median return is -6.0%. This offers little comfort considering that September has just begun.”

Analysts suggest that the bearish sentiment could reverse by the end of the month, potentially setting BTC up for three consecutive months of gains in the last quarter of the year. Another indicator of the bearish trend is a peak in exchange inflows. Data from CryptoQuant shows that spot exchanges saw a surge to 18,193 BTC on September 9, a sharp increase from 2,535 BTC the previous day. This surge coincided with a brief recovery in BTC’s price, implying profit-taking and indicating that investors are bracing for a bearish outlook and are looking to mitigate losses. Consequently, buying activity has remained subdued.

Exchange Volumes Reflect Reduced Trading Appetite

Data from Glassnode also reveals a noticeable decline in trading activity over the last quarter, with traders remaining skeptical about short-term prospects. According to a Glassnode report, investor interactions with centralized exchanges have decreased as volumes contract across the board. The report emphasized that centralized exchanges play a crucial role in speculative activity and price discovery in the crypto market by evaluating on-chain volumes across these exchanges.

“This underscores a decline in investor demand and less trading by speculators within the current price range,” said Glassnode.

Altcoins Remain Strong Despite BTC Downturn

Interestingly, altcoins have shown resilience despite Bitcoin’s recent struggles. Analysts interpret this as investors seeking to diversify their portfolios and protect their capital during uncertain market conditions. Bitfinex analysts observed,

“The shift hints at a potential regime change where investors are exploring value in altcoins, diverging from the typical pattern of flocking to Bitcoin during downturns. Altcoin markets have shown resilience.”

Alongside BTC’s price decline, its market share also dropped by 1.3%. However, the market capitalization of cryptocurrencies outside the top ten increased by 4.4%. Open interest (OI) for altcoins also fell by 55% from its all-time high, which Bitfinex analysts interpret as a signal of speculative apathy and potential exhaustion among sellers.

“The strength altcoins have shown in the latest correction and their bounce with relatively low Open Interest pump is a sign of sustained strength. It’s highly likely that select altcoins will continue to outperform Bitcoin both on the downside and upside moving forward. The parabolic altcoin phase of the cycle is close—very close.”

Can Upcoming CPI Data Flip Momentum?

Traders are now turning their attention to the upcoming US Consumer Price Index (CPI) data set for release on Wednesday. Expectations are that the August CPI print will come in at 26%, down from 29% in the previous month. Positive inflation data could bolster the Federal Reserve’s case for easing interest rates next week. US Treasury Secretary Janet Yellen highlighted the importance of rate cuts, stating that the economy is healthy and on track for recovery.

Bitcoin (BTC) Price Analysis

Bitcoin ETFs continued to see outflows as BTC dipped below $57,000 after briefly touching $58,000 during early trading. Although BTC has shown signs of recovery, traders are selling during rallies, with few catalysts available to spark a significant uptick. While September appears bleak, October has historically delivered positive returns in nine of the past eleven years, averaging gains of just under 23%. The broader crypto market experienced a brief bounce early in trading but has since dipped back into negative territory, registering drops between 1% and 2%.

BTC faces formidable resistance at $58,000—a level it has struggled to reclaim since early September. On September 1, BTC fell below $58,000 following a nearly 3% drop, bringing its price to $57,398. Since then, buyers have attempted to consolidate above $58,000 and push towards $60,000 but have been thwarted by intense selling pressure. Bearish sentiment deepened last week as BTC lost the $55,000 level on Friday and hit a day low of $52,622, spotlighting the $52,000 support level. However, demand at lower levels allowed buyers to stage a modest recovery and push BTC back above $54,000. BTC ended Friday at $54,205, down by 3.54%.

The weekend saw renewed buyer interest as BTC posted marginal increases of 0.18% on Saturday and 1.25% on Sunday to end at $54,978. Positive sentiment continued into Monday as BTC reclaimed the $55,000 level after nearly a 4% increase to $57,079. Buyers attempted to breach $58,000 but were stymied by strong selling pressure. Tuesday saw BTC gain just over 1%, reaching $57,662 before falling back into negative territory during today’s session. BTC is currently down nearly 2%, trading at $56,573.

Sellers are attempting to push BTC below $55,000 again; however, buyers are expected to defend this level robustly to prevent further downside. Should this level fail to hold, BTC could slide to $52,000. Buyer demand at higher levels remains weak, explaining why attempts to surpass $58,000 have failed repeatedly. A successful push above $58,000 could set buyers’ sights on the $60,000 level but would require a significant catalyst for sustained upward momentum.

Ethereum (ETH) Price Analysis

Ethereum’s (ETH) attempt to reclaim $2,400 faltered during today’s session as sellers overwhelmed buyers near this resistance level. ETH has struggled recently and dipped below its 20-day SMA and $2,600 towards the end of August. Subsequent attempts to reclaim these levels have failed as sellers actively defended them while the 20-day SMA acted as dynamic resistance. Bearish sentiment deepened last week as ETH dropped below $2,200 on Friday to reach a low of $2,150 before a minor recovery allowed it to settle above $2,200.

ETH saw some recovery over the weekend as buyers entered at lower levels, posting gains of 2.21% on Saturday and 1% on Sunday to close at $2,298. It reclaimed the $2,300 level on Monday after a 2.71% increase pushed it to $2,360. Sellers tried to drive ETH back below $2,300 on Tuesday but were countered by buyers who managed a 1.24% increase to move ETH to $2,389. Hopes for a push above $2,400 were dashed today as sellers took control again; ETH is currently down over 2%, trading at $2,338.

ETH has support at $2,300; buyers will try to keep ETH above this level despite selling pressure. If this support breaks down, the next level lies at $2,100. Buyers will aim to consolidate above $2,300 and bide their time for another move above $2,400—a successful push here could open the door for a move towards $2,500.

Solana (SOL) Price Analysis

Solana (SOL) struggled to surpass the $140 mark during today’s session as buying momentum waned after breaching $135. SOL has faced significant bearish pressure recently and dropped to an intra-day low of $120 on Friday due to intense selling pressure before recovering slightly to close down by 3.38% at $125.

SOL rebounded over the weekend alongside broader markets with gains of 2.16% on Saturday and 1.84% on Sunday to reclaim $130. Bullish sentiment persisted into Monday as SOL rose nearly 4% to reach $135—a key resistance level—before experiencing significant volatility on Tuesday as buyers and sellers vied for control. Ultimately neither side prevailed significantly; SOL posted only marginal gains before falling into negative territory today with sellers pushing it down by 2.39%, trading around $132.

If SOL slips below $130 again it signals seller dominance; in such a scenario SOL could dip back towards $120 before rebounding possibly higher if it reclaims momentum above $135 towards challenging resistance at $140 again—with success here potentially paving way for testing $150 next.

Polkadot (DOT) Price Analysis

Polkadot (DOT) has continued its downward trajectory after its rally stalled at its 20-day SMA with buyers unable counteract selling pressure effectively enough lately; DOT traded in downward trend since August 25th falling below $4 last Friday reaching intra-day low point at around sub-$3 mark before recovering slightly closing around$3 .96 due demand picking up nearing multi-year support level$3 .62 enabling some recovery settling above$4 again subsequently rising further settling$4 .09 .

Sunday saw upward trajectory continue rising almost further again Monday settling around$4 .29 yet encountering significant resistance from20 day SMA causing loss momentum Tuesday dropping marginally around0 .93 remaining red throughout session again dropping almost3 currently trading$4 .13

Demand remains strong lower levels however dries upper causing buyers lose momentum need ensure does not dip below$4 rebound retest20 day SMA breaking potentially reaching$4 .50 .

Optimism (OP) Price Analysis

Optimism(OP) up nearly17 last week driven strong rebound after dipping low$1 .29 Friday struggling push above20 day SMA since late August changing recent sessions buyers returning market weekend allowing OP push crucial moving averages surpassing$1 .60

Friday ended bearishly OP registered significant jump Saturday rising$1 .41 Sunday saw buyers attempt push higher facing seller resistance eventually managing marginal increase

Positive sentiment picked Monday surging nearly8 surpassing moving averages settling$1 .53 Tuesday continued upward momentum reaching$1 .61 sellers retaking control ongoing session OP currently down almost3 trading around$1 .56

Sellers likely attempt push OP below moving averages towards$1 .40 while buyers look reclaim$1 .60

Bittensor (TAO) Price Analysis

Bittensor(TAO) up over8 driven strong surge Monday reclaiming$250 surpassing crucial resistance like other cryptocurrencies TAO bearish last week August dipping low point around$220 going below$240 support level however made strong recovery weekend rising high sellers driving price back closing despite selling pressure registering increase Sunday bulls continued control pushing price higher

Current week began incredible surge rallying almost12 surpassing settling$276 nearing resistance levels moving averages continued pushing higher Tuesday facing significant selling pressure ultimately surpassing settling around current session back red almost4 trading around$275

Buyers regain control attempt moving past$300 otherwise selling pressure persists drop towards$250

Uniswap(UNI) Price Analysis

Uniswap(UNI) traded upward trajectory since bouncing support level September recovering pushing past$6 surpassing20 day SMA acting strong resistance despite strong rebound faced significant bearish pressure last week markets dipping falling moving averages day low reclaiming recovering Saturday registering jump almost4 settling back sellers attempting pushing moving averages failing current session sees buyers thwarted attempts pushing higher

Current week began UNI rebounding registering increase pushing past50 day SMA settling encountering significant resistance forcing lower rebounding marginally current session sees buyers control thwarting seller attempts pushing below currently almost1 trading looking surpass resistance moving towards$7

FET Price Analysis

With AI coins performing admirably over weekend FET no different making strong recovery after bearish week dipping Friday sellers dominating market attempting pushing lower Saturday demand picking lower levels preventing substantial fall strong support dynamic50 day SMA acting supporting FET recovering Sunday registering increase settling FET continued upward trajectory Monday registering increasing pushing past20 day SMA settling Tuesday even bigger increase settling buyers attempting past sellers active pushing down during ongoing session bears looking dragging below

AI coin outperformed broader crypto market recently