Nasdaq 100 futures rose nearly 1% early Monday, contradicting social media predictions of a "Black Monday" market crash.
Crypto analyst Sykodelic posted on X that Bitcoin's daily chart showed a breakout and retest of its previous high and its 50-day exponential moving average, characterizing the bearish sentiment as "emotional and irrational." The analyst advised traders to remain calm, noting that while caution has its place, the current technical setup did not warrant panic selling.
Other market observers echoed the sentiment. Ash Crypto wrote that if widespread crash predictions were circulating, the feared decline was unlikely to materialize, adding that markets rarely move as expected and that fear should not drive investment decisions. The Kobeissi Letter noted that as trading opened, Nasdaq 100 futures were up nearly 1% and the S&P 500 was positioned to add approximately $350 billion in market capitalization.
Bitcoin recovered toward $83,000 at the time of reporting, with a 1% gain over 24 hours despite being down 1% over seven days. Bitcoin represented over 58% of total crypto market value in a market worth approximately $2.83 trillion.
The optimism followed a difficult week for cryptocurrency markets. Bitcoin had briefly fallen from around $81,600 to $80,750 during a weekend flash crash before recovering. Ethereum traded near $2,400, down 4.6% for the week, while other major altcoins posted larger losses. XRP fell nearly 7% over seven days to $1.31, and Solana dropped more than 5% to near $106. Monero was an exception, gaining 11% over the same period.
Recent market weakness reflected broader economic pressures. September consumer inflation came in slightly above expectations, and producer prices posted their largest monthly increase in more than four years, weighing on crypto prices and triggering Bitcoin's brief dip below $80,000 for the first time in roughly a month.
