On September 20th, the cryptocurrency market continued its downward trend as major coins experienced widespread price declines.
Cryptocurrency Market Faces Collective Price Drop
According to data from OKX, Bitcoin (BTC) fell by 1.25%, trading around $115,600. Ethereum (ETH) dropped 2.7% to $4,470, while XRP retreated nearly 3% to $2.90. Solana (SOL) saw a sharper decline of 3.7%, settling at $238, and Dogecoin (DOGE) plummeted by nearly 5%.
This downturn occurred just a day after Bitcoin approached the $118,000 mark on September 19th, following the U.S. Federal Reserve’s first interest rate cut of the year. However, profit-taking pressures quickly emerged, pulling the price back to around $115,600. Compared to the previous week, the fluctuations were minimal, indicating a fragile upward momentum.
Coindesk likened this week’s market behavior to “riding an escalator during rallies but plummeting like an elevator during declines.” In reality, the gains accumulated over previous days evaporated in a single weekend session.
Bitcoin trading at $115,600. Source: OKX
Bitcoin Fails to Impress
Ethereum shared a similar fate, losing its upward momentum from a peak of $4,750 to $4,460, a 3% daily decline and 1.5% lower than the previous week.
Solana and Dogecoin, two recently prominent names, also cooled rapidly. Solana lost 4.5%, falling to $238, while Dogecoin plunged 6% to $0.26.
Notably, while U.S. stocks consistently reached new highs, Bitcoin—the leading cryptocurrency—remained stagnant. However, from a technical perspective, many experts believe the trend remains positive.
Analysts highlight that Bitcoin’s price has consistently formed higher lows compared to previous bottoms, repeatedly testing the $118,000 resistance level. Since early September, each correction has halted at an ascending support zone, signaling persistent buying pressure and sustained optimism.
As of this morning, Bitcoin hovers around $115,700. If the higher-low pattern continues, investors believe buyers maintain the upper hand, with $118,000 becoming a critical “hotspot” in upcoming trading sessions.
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