Bitcoin BTC$121,605.19 traders remain optimistic about steadier price ascents in the coming weeks, even as profit-taking dented a recent rally that set fresh records.
The premier cryptocurrency by market value briefly fell to $120,000 during the overnight trade, dragging the broader market lower. Ether ETH$4,367.03 dropped 2.4% in the past 24 hours to reverse all gains from the past 7 days, Solana’s SOL, XRP$2.8294, DOGE$0.2519 and Cardano’s ADA fell up to 3%, CoinDesk data show.
The weak tone in BTC contradicts the continued demand for the U.S.-listed spot ETFs. This week, ETFs have pulled in $2.72 billion in inflows, which traders said marks the asset’s emerging role as a digital hedge alongside gold, which itself broke through the $4,000 per ounce barrier this week.
Those numbers are difficult to ignore, especially with the Federal Reserve leaning dovish after its September rate cut.
Pauses, however, have been common during recent rallies. After peaking in July, bitcoin slid 9% in the following three weeks before turning higher. August experienced a similar timeframe but a deeper 14% retrace.
FxPro’s Alex Kuptsikevich said in an email to CoinDesk that we could see a similar pullback into the $107,000–115,000 range before October ends, especially with the Fed’s rate decision on the 29th looming as a key macro marker.
“However, even attempts to move below the upper limit of this range will cause concern in the markets, with a crucial date on the horizon—the Fed's decision on the key rate on 29 October,” he added.
That range now defines the balance between dip buyers and patient shorts. The derivatives market is less stretched than it was last month, with CryptoQuant noting a sharp easing in seller pressure.
Looking ahead, ETF flows would be the real test of whether spot demand is sticky or simply front-loaded.
The macro frame hasn’t changed much. The U.S. government shutdown drags into a second week, leaving investors in the dark on official data prints. Still, the uncertainty created by the shutdown favours assets with haven appeal, such as gold and bitcoin, per analysts. The yellow metal broke above $4,000 this week.
For BTC, the key line remains $125,000. Grind into it, and the demand likely absorbs the supply. Snap back too fast, and we’re likely back into the $115,000–$118,000 chop.
Privacy shines
Privacy has re-entered the market conversation in a way we haven’t seen for years. ZEC$259.94 is up nearly 80% in a week and more than 400% since late summer.
XMR$338.43, DASH$20.57, and smaller players like Railgun have caught a strong bid, too, rallying as much as 40% in the past 24 hours. This comes amid increasing activity on Near’s privacy messaging tools, a renewed interest in tokens like Zcash, and the Ethereum Foundation’s plans to support a research cluster in the coming months, as reported.
