This week has seen a rise in bitcoin market volatility. The market was initially buoyed by the news that Grayscale had prevailed in its lawsuit against the SEC, but it has since lost momentum as a result of the SEC's decision to delay its spot Bitcoin ETF decision for all applicants until October 17th.
The market capitalization remained at $1.05 trillion. Bitcoin, Ethereum, Litecoin, and Ripple all saw roughly 1% price movements.
Bitcoin
This week, Bitcoin's price climbed beyond $28,000 per coin, but it has since retreated as investors were frustrated by the SEC's decision to delay the review of all spot Bitcoin ETF applications.
This led to price quotes for the leading cryptocurrency falling back under the resistance of the range between 25,201 and 26,480. From a technical standpoint, the price still has room to move toward its lower boundary.
Ripple
Ripple quotes have worked out both of the corridor's borders, which range from 0.5097 to 0.5513, and are currently putting the strength of its support to the test. It is possible that the XRP/USD pair will continue to fall toward the 0.4828 target if 0.5097 is confirmed as a resistance.
Ethereum
Following this week's uptick, the Ethereum price has retraced its steps to the support at 1631.70 marked with dotted lines. From a technical standpoint, ETH/USD may rebound to the highs of the current week, which are at 1746.96, from here, or it might break out and consolidate below it. When the second scenario plays out, 1484.77 will serve as the target to the south.
Litecoin
Litecoin returned to the support at 64.70 and is currently putting its strength to the test. In the event of consolidation, 50.83 will serve the intermediate-term target to the south for LTC/USD. Quotes could go back up to the week's high of 70.64 if the market begins to recover again.
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