Cryptocurrency Market Faces Pressure as September Ends

According to BlockBeats, as September draws to a close, the cryptocurrency market remains under pressure. The U.S. stock market experienced a significant decline overnight, although Chinese stocks showed resilience, outperforming the broader market. Bitcoin is currently holding at the $111,700 support level, while Ethereum has fallen below the $4,100 mark it maintained since early August.If prices break further, recent lows may be retested, with the next levels to watch being $107,000 for Bitcoin and $3,300 for Ethereum. Despite the market sell-off, there is little indication of weakened institutional demand. A Bitcoin spot ETF attracted $241 million in inflows overnight, ending two consecutive days of outflows. Signs of buying on dips remain evident, with $118,000 Bitcoin call options dominating options trading activity for October.As the fourth quarter approaches, historically a more positive period, market optimism persists, supported by a more relaxed credit environment. The market currently anticipates two 25 basis point interest rate cuts in October and December. This expectation is likely to continue unless next week's non-farm payroll data is unexpectedly strong.