Markets take the escalator up and the elevator down goes an old Wall Street saying, and crypto is following that script this week, with several days of hard-earned gains wiped away in Friday trading.
Nearly pushing through the $118,000 level at one point on Thursday after the Federal Reserve trimmed interest rates for the first time this year, bitcoin has pulled back to $115,600, down 1.5% over the past 24 hours and now essentially flat over the past seven days.
Ether has also retreated from the $4,750 area to $4,460, a decrease of 2.9% over the past 24 hours and down 1.5% week-over-week.
Amid ETF excitement and growing institutional adoption, the two hottest crypto assets this week were Solana and Dogecoin. Both, however, have returned to flat over the last seven days, with Solana lower by 4.5% over the past 24 hours and Dogecoin down 6.3%.
Technical factors suggest reason for optimism
In a market where U.S. stocks have been hitting record highs daily, it may seem that bitcoin has struggled to gain traction recently. However, its price action over the past few weeks has formed a clear ascending triangle pattern, marked by a series of higher lows, while pressing against horizontal resistance near $118,000.
Each pullback since early September has found support at a rising trendline, indicating steady accumulation and a bullish sentiment among traders. The market is currently consolidating around $115,700 near the rising support line.
For now, the higher lows keep the advantage with the bulls, with traders closely monitoring the $118,000 ceiling.
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