The Bitcoin bulls are making headlines as they ardently push to breach the 200-day moving average trendline. Despite facing a trio of rejections at the significant $28,000 mark this October, the cryptocurrency giant remains undeterred.
The BTC/USD pair momentarily eclipsed the 28k benchmark over the weekend, only to retreat slightly. As the week commenced, Bitcoin's value experienced a dip, setting a cautious tone.
The financial sector is now on high alert for the upcoming US inflation data, especially after last week's robust jobs report. Unexpected inflationary trends could amplify the 'higher-for-longer' interest outlook, potentially impacting Bitcoin and other risk-prone assets.
Meanwhile, Ethereum, trailing Bitcoin, witnessed extended losses, casting a bearish shadow on Monday's trading. With the crypto market seemingly consolidating, Bitcoin's dominance is nearing a noteworthy 51%. Major altcoins, including Ripple and Dogecoin, report a week-on-week decline, while the global cryptocurrency market valuation stands at a staggering $1.09 trillion.