Cryptocurrency markets experienced significant volatility this week, with Friday's sharp decline wiping out several days of accumulated gains. Bitcoin (BTC) retreated from near $118,000 to $115,600, down 1.5% in 24 hours, while Ethereum (ETH) fell from $4,750 to $4,460, dropping 2.9% daily.
Despite earlier excitement around ETF developments and institutional adoption, major altcoins including Solana (SOL) and Dogecoin (DOGE) gave up their weekly advances, with SOL declining 4.5% and DOGE falling 6.3% in the past 24 hours.
Technical analysis reveals Bitcoin has formed a clear ascending triangle pattern with consistent higher lows, indicating underlying bullish sentiment among traders. The pattern suggests potential upward breakout possibilities if buyers regain momentum above the $118,000 resistance level.
Market analysts note that despite the pullback, the ascending triangle formation and rising trendline support since early September signal continued accumulation and positive long-term prospects for cryptocurrency markets.