Following a dip on Friday, Bitcoin 
$89,476 largely moved sideways over the weekend, struggling to maintain the $90,000 level. The familiar patterns have led to altcoins stalling at their low levels. What is the current state of cryptocurrencies? Which altcoins stood out over the weekend?
Bitcoin’s Performance
Since permanently losing the $98,000 support on November 7, Bitcoin has remained below this critical zone for over a month. In December, although Bitcoin tried to maintain $88,000 as a support, its momentum was hindered by a lack of appetite for risk, leaving it confined to a narrow range. The shallow movements throughout the weekend created the potential for a lower weekly close, suggesting a negative trend.
As of October 10, Bitcoin conducted its first $100,000 test since June. Despite two subsequent tests at $115,000, the formation of consistently lower peaks set the stage for a decline towards $80,000. Although a local bottom appears to be forming, BTC has not succeeded in closing above $94,000, indicating no genuine breakout from the downtrend.
As we approach the weekly close and year-end, Bitcoin needs to break free from its narrow range, provided futures pressures do not restrain it further. The outlook remains clear: volatility is unlikely to subside until either the $94,000 or $88,000 levels are breached.
On Friday, BTC ETF inflows were approximately $50 million, while Ether ETFs witnessed $19.4 million in outflows. The interest remains weak, with low volatility, and Bitcoin continues its lackluster movements. As the evening progresses towards futures opening and weekly candle closing, we could expect increased activity.
The Status of Altcoins
The weekend was uneventful for altcoins. Only two cryptocurrencies, MemeCore and MERL, registered 10% gains in the last 24 hours, while the rest largely incurred losses. ZEC suffered the most significant declines; however, most altcoins within the top 100 oscillated between 3% gains and 3% losses. Despite weekly gains for M Coin and MERL, the overall market remains quiet due to low volume levels.
As the cryptocurrency market awaits its next price catalyst, such uneventful days are expected to persist a little longer.
