Bitcoin and Ethereum edged lower on Oct 7, with the crypto market struggling for fresh momentum as traders remained cautious ahead of fresh signals on the US interest-rate outlook.
Bitcoin slipped about 0.2% to around US$85,950, while Ethereum eased roughly 0.3% to US$2,709, keeping both major cryptocurrencies in a relatively tight trading range.
Bitcoin’s weakness comes after repeated attempts to break above US$87,000 were rejected, with the level capping the cryptocurrency three times since Sept 23. The pullback has kept Bitcoin near US$85,000-US$86,000 despite US equities trading around record highs.
Broader risk sentiment remained cautious as investors awaited minutes from the Federal Reserve’s September meeting for clues on the path of US interest rates. The US dollar also firmed slightly, adding another headwind for cryptocurrencies.
For Bitcoin, a sustained break above US$87,000 remains the key near-term test, while failure to clear the resistance could keep prices range-bound and leave the market vulnerable to another pullback.
