The cryptocurrency market sentiment remains cautious with traders advising against bottom-fishing due to the absence of clear reversal signals. Bitcoin's support levels at 104-105 and Ethereum's critical level at 4000 are under scrutiny, especially with the September 26 quarterly settlement approaching.
Trading volume for Bitcoin and Ethereum has significantly decreased in September compared to August, despite notable price volatility, indicating reduced liquidity and potential demand. There is a clear divide in trading strategies; some traders suggest accumulating Ethereum near 4000 with protective puts, while others recommend waiting for a confirmed reversal signal.
The decoupling of cryptocurrency from U.S. stock market trends has sparked discussions, as Bitcoin has not mirrored the stock market's rise. The market perceives that Asian traders are regaining pricing power, and there is a lack of new capital inflows.
Crypto Market Sentiment Cautious as Traders Eye Key Levels
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.