Bitcoin ended the week in the green, recording three consecutive weeks of gains. However, the leading asset is facing strong selling pressure above the $65,000 mark.
BTC Price Chart – 1 Week | Source: TradingView
US stocks
US stock futures were flat to start the final trading session of September after major indexes posted their third straight weekly gain.
Futures linked to the Dow Jones Industrial Average traded nearly flat. S&P 500 futures edged up 0.04% and Nasdaq 100 futures rose 0.08%.
The 30-stock Dow rose 0.3% on Friday, closing at a new all-time high and ending the week up 0.6%. The S&P 500 also rose about 0.6%, while the Nasdaq Composite jumped nearly 1% for the week.
Wall Street is on track to end September on a positive note. The Dow and S&P 500 are up 1.8% and 1.6%, respectively, so far this month. The tech-heavy Nasdaq is up 2.3% for the month. The market had a rough start in what is considered the weakest month for stocks, but has rebounded as the Federal Reserve cut interest rates by half a percentage point.
The S&P 500 rose 5.1% for the quarter, extending its year-to-date gain to more than 20%. However, October has historically been a worrying time for Wall Street, known for extreme volatility and some sharp declines.
The personal consumption expenditures price index ended last week at 2.2% in August, its lowest level since February 2021, giving investors more confidence that the Fed will continue to cut interest rates. In addition, initial jobless claims data released last week fell less than expected, signaling strength in the labor market.
The market will get a big test later in the week with the September jobs report on Friday. On the earnings front, Carnival will report quarterly results on Monday.
Bitcoin and Altcoins
Bitcoin entered the new week, which is also the last trading day of September, down more than 2%.
The top asset suddenly faced strong selling pressure above the $65,000 mark, dragging the price to a local bottom at $64,430.
However, Bitcoin (BTC) still recorded impressive performance on the weekly timeframe as it continued to increase by more than 3%, recording a streak of 3 consecutive weeks of gains.
Despite a lackluster start to September, BTC has since regained momentum after hitting a local bottom at $52,550 earlier in the month, with bulls pushing the price above the psychological $60,000 mark and establishing a local top around $66,498.
BTC is currently trading at $64,500, up nearly 10% over the past month.
BTC Price Chart – 1 Day | Source: TradingView
Altcoin markets fell yesterday, however most of the major projects in the top 100 recorded strong growth on the 7-day timeframe.
In the short term, Floki (FLOKI), Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE), Bonk (BONK), Monero (XMR), THORChain (RUNE), Nervos Network (CKB), Core (CORE), Chainlink (LINK), Ondo (ONDO), Maker (MKR), Akash Network (AKT), Ethereum Classic (ETC), SATS (1000SATS), Uniswap (UNI), ORDI (ORDI), eCash (XEC), BNB (BNB)… lost 3-7% of their value.
Source: Coin360
Meanwhile, FTX Token (FTT) has surged by more than 60% in the past 24 hours amid speculation that the FTX exchange will begin repaying $16 billion to creditors starting September 30.
Ethereum (ETH) also closed the week with a gain of nearly 3%, extending its growth momentum to the third consecutive week.
The bulls are currently struggling to keep the price above the $2,600 mark with a decline of over 2% in the past 24 hours as the broader market shows signs of a slight correction.
ETH Price Chart – 1 Week | Source: TradingView
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