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During another uneventful day in the cryptocurrency market, Bitcoin (BTC) made a brief attempt to climb higher on Friday, only to return to its familiar territory below $30,000. The leading digital asset, commanding the highest market capitalization, was observed trading at $29,904, representing a marginal increase of 0.3%.

Ether (ETH), the second most significant cryptocurrency, showed remarkable resilience throughout the day, maintaining its position near the weekly low of below $1,900. Meanwhile, major alternative cryptocurrencies, often referred to as altcoins, such as SOL and XRP, managed to recoup a portion of the losses they experienced earlier in the day.

MKR, the governance token of MakerDAO, a decentralized finance lending platform, outperformed the broader market with impressive double-digit gains. This remarkable surge was fueled by the activation of a token buyback program, further enhancing its value and investor sentiment.

Micro-cap token CNC experienced a drastic decline of up to 75% in value within a single day after falling victim to an exploit that involved 1,700 ETH (equivalent to approximately $3.2 million). The exploit targeted Conic Finance, a decentralized finance protocol closely associated with Curve.

The CoinDesk Market Index, which monitors the performance of a selection of digital assets, experienced a marginal 0.3% increase in the past 24 hours, indicating a rather lackluster trading day. Investors are keenly observing the upcoming Federal Reserve interest rate decision and the expiration of bitcoin options scheduled for next week.

In an email, Rachel Lin, the CEO and co-founder of SynFutures, a decentralized derivatives exchange, highlighted that the week began with great enthusiasm due to a favorable ruling in the Ripple-SEC case, leading investors to express optimism about a potential altcoin season. However, both BTC and ETH faced challenges in surpassing resistance levels and consequently retraced to their weekly lows, exerting downward pressure on the overall market sentiment.

“[Bitcoin] options data reveal high open interest in $31,000 and $32,000 Call Options, denoting strong resistance at these levels,” Lin said. “The past day has been more favorable, with call options trading nearly 3x the volume of put options.”

“Fundamentally, the outlook remains bullish as money continues to flow into the crypto ecosystem,” she added. “This could represent a brief reversal, potentially leading to a move up to $34,000 if BTC achieves a sustained breakout above $31,500.”

Priced-In Spot BTC ETF

During an interview on CoinDesk TV's "First Mover" program, Will Peck, the head of digital assets at WisdomTree, an asset management company, expressed the difficulty in identifying a precise short-term price target for Bitcoin. However, he also conveyed uncertainty surrounding the potential impact of the Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF application. Several financial services giants, including WisdomTree, had filed such applications the previous month.

"An underlying question is how much institutional money there might be out there," Peck said.

Lawrence Lewitinn, the Head of Content at The Tie and a contributor to CoinDesk TV, expressed his belief that neither the anticipated 25 basis point rate change by the U.S. central bank on Wednesday nor the upcoming end-of-month options expiry would have a significant impact on stirring Bitcoin from its current state of tranquility.

"We'll see for the most part prices stay flat, at least for the upcoming," Lewitinn said. "Unless there's some exogenous variable, some sort of crazy news story – who knows what [SEC Chair Gary] Gensler could do. But all things being equal, we're probably going to end up at about $30,000, a slow week."