The past week hasn't been favorable for crypto, even though October is historically known as a bullish month, based on previous cycles. Will this October be different, or is it just a matter of time before the bulls kick in? Let's find out!
7 Days Heatmap
Even though BTC had a rough start at the beginning of the week, leading up to the CPI news on Thursday, it recovered quickly today, closing the week where it started.
This sudden shift in momentum managed to bring the entire market back to breakeven or even bullish for many altcoins, including ETH.
BTC Analysis
As mentioned in our latest BTC update, it is still respecting the $60,000 support zone.
Bearish pressure will persist as long as BTC continues trading within the bearish channel highlighted in purple.
For the bulls to take over in the short term, a break above $61,250 is needed, followed by a break above $64,200 for them to maintain control from a medium-term perspective.
ETH Analysis
ETH remains stubborn, with no updates since our last market outlook article.
Keep in mind that the longer the consolidation, the more aggressive the movement will be after the breakout.
The question is, which way will ETH break—upward or downward?
If the range breaks upward, expect a couple of bullish weeks, potentially leading to the upper bound of the orange channel. On the other hand, if the range breaks downward, a dip toward $2,200 becomes highly likely.
Quote of the week
The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.
~ Brett Steenbarger
Closing Remarks
In summary, Bitcoin (BTC) faced a rough start but managed to recover by week’s end, bringing the broader market, including Ethereum (ETH), back to a more neutral or bullish stance.
BTC is still holding above the $60,000 support zone, but bearish pressure remains within a defined channel. A break above $61,250 is crucial for short-term bullish momentum, with $64,200 needed to sustain it longer term.
ETH, on the other hand, remains in a consolidation phase. If it breaks upward, a bullish rally could follow, while a downward break could see ETH dipping to $2,200.
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