Quiet before the breakout? While ETH declines, Bitcoin remains stable, and other altcoins fluctuate

Due to a cautious macroeconomic environment and an ongoing wave of deleveraging, the cryptocurrency market is still trading in a narrow range, with major tokens consolidating. The market’s leading assets, Ethereum (ETH) and Bitcoin (BTC), are still mostly range-bound, which has limited the momentum of other altcoins like DOGE, BNB, and XRP, all of which are still trading below significant resistance levels. Stronger-than-expected US GDP data, according to analysts, may increase risk appetite and drive up prices.

Bitcoin short-term outlook neutral

Bitcoin saw a brief decline to a three-week low earlier in the day before making a slight comeback. Bitcoin was down 0.75 percent over the previous day at $111,799 at the time of the last check. CoinMarketCap data shows that the cryptocurrency fluctuated between $111,607 and $113,986, highlighting how narrow the current range is. Bitcoin’s dominance in the digital asset field was reaffirmed when its daily trading volume surged to $50 billion and its market capitalization remained stable at $2.22 trillion.

According to Edul Patel, CEO of the cryptocurrency investment platform Mudrex, the sideways movement indicates investor hesitancy ahead of macroeconomic stimuli. “Traders may become more risk-averse as a result of positive GDP data, which could push Bitcoin above the key resistance level at $115,500,” Patel stated.

Technically speaking, Bitcoin has demonstrated a fair amount of resilience, regularly recovering from the $111,000–$112,000 support zone. According to Riya Sehgal, a research analyst at Delta Exchange, the short-term prognosis is neutral to slightly optimistic as long as current support persists. The immediate resistance level to keep an eye on, she noted, is $113,914.

Ethereum displays weakness

After breaching below its consolidation area of $4,000 to $4,200, Ethereum (ETH) has also shown weakness, indicating a larger downside bias and a bearish continuation, according to Sehgal. ETF flows also exhibit this discrepancy. On September 24, Ethereum ETFs had $79.4 million in outflows, indicating that investors are still wary about ETH in the present climate, while Bitcoin ETFs saw $241 million in inflows, indicating ongoing institutional interest.