In accordance with Coindesk, the crypto market consolidated on Tuesday with bitcoin and ether trading at $105,000 and $3,550, respectively. Traders are monitoring whether prices will form a lower high, signaling a downtrend, or continue to rally. A drop below $98,000 for bitcoin would confirm a bearish scenario, while a move above $111,000 would indicate a bullish outlook. Recent volatility has been driven by dollar strength, with the DXY index rising from 96.2 on September 18 to 99.58. Derivatives positioning shows BTC and ETH 30-day implied volatility indexes are within recent ranges, suggesting a calm market phase. On Deribit, BTC puts are pricier than calls, with stronger demand for downside protection in BTC than ETH. Open interest in UNI contracts surged 80% in 24 hours, while ether futures open interest on CME dropped to 2.10 million ETH. The altcoin market cooled after a weekend rally, with UNI rising over 20% following a token burn proposal. The Canton Network (CC) token, backed by TradFi giants, fell 33% on its debut and now trades at a $3.8 billion market cap.
Bitcoin and Ether Consolidate Amid Market Uncertainty as Traders Await Key Price Levels
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