Crypto market's downward movement continues, Bitcoin trades at $26,781

Crypto market overview: The crypto market has been witnessing a slight dip for the sixth consecutive day. As per market data, the global crypto market cap is down just 0.34 per cent since yesterday but stands below $1.1 trillion. The dip in the markets, including crypto, is being attributed to the September CPI (Consumer Price Index) data that came out yesterday. CPI has risen 0.4 per cent against a market estimate of 0.3 per cent.

While talking to Republic about the crypto market movement, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “Outperforming most of the digital assets market, BTC is trading around $26,700, with support at $26,500 and resistance at $27,00. ETH witnessed selling pressure, taking its price down to its 7-month low, before showing a slight recovery. The US Dollar Index (DXY) has climbed around 0.8 per cent, pressuring ‘risk-on’ asset classes like equities and crypto.

Sudeep Saxena, Co-founder, CoinGabbar, also shared his views on the Bitcoin price movement. Saxena said, “Bitcoin and several prominent alternative cryptocurrencies face downward pressure due to the release of the September Producer Price Index report, which indicates a substantial increase in wholesale inflation at 0.5 per cent, surpassing market expectations.”

Rajagopal Menon, VP, WazirX said, “Bitcoin’s Exponential Moving Average for 10-day EMA indicates “Sell” at $27,205 whereas its Simple Moving Average for 10-day SMA indicates “Sell” at $27,445.”

“Amidst market uncertainty which had already caused instability for Bitcoin’s support levels, the US CPI data for September which was higher than expected has further added to the negative sentiment, as indicated by its moving averages,” added Menon.

Crypto market movement in last 24 hours

CoinDCX Research Team shared their views with Republic about the crypto movement in the last 24 hours. CoinDCX said, “In the last 24 Hours, ETH fell to $1,514, its lowest point since March, while Bitcoin (BTC) saw a milder drop, settling at $26,600. This decline was due to a cautious market mood, influenced by a slightly higher-than-expected inflation report, which led to increased US Treasury rates and a stronger dollar.”

“Notably, Today, the Securities and Exchange Commission (SEC) faces a crucial decision: whether to challenge Grayscale Investments' recent legal win. This choice not only holds big implications for spot Bitcoin ETFs but could also bring some ups and downs to Bitcoin's price,” team CoinDCX added.

Edul Patel, Co-founder, Mudrex, also shared his view with us. Patel said, “.  Bitcoin now faces the challenge of breaking through the resistance at $26,900 or potentially finding support around the $26,500 level. Meanwhile, Ethereum is currently trading above $1,500, marking its weakest performance since March 2023.”

In another development, after being subject to an exploit last week, AVAX-based Stars Arena has recovered 90 per cent of the stolen funds. The recovery was a result of negotiations with the individual responsible for the attack.