On October 23, Bitcoin (BTC) surprised many market participants by surging into the $31,000-$32,400 resistance zone with ease. Usually, the price tends to consolidate or hesitate near overhead resistance, but that is not the case this time.
Market participants are bullish on Bitcoin spot ETFs as they expect them to be approved sooner rather than later. Bloomberg ETF analyst Eric Balchunas posted on X (formerly Twitter) on October 23 that the listing of BlackRock’s spot Bitcoin ETF on the American Depository Trust and Clearing Corporation (DTCC) was the “whole move” to introduce the ETF to the United States. part of the process”. market. He added, “It’s hard not to see this because they received the signal that approval is certain/imminent.” However, a DTCC spokesperson later said that the ETF has been listed since August and that listing does not mean anything. Regulatory approval.
The rush to buy Bitcoin ahead of approval for a spot Bitcoin ETF comes as analysts expect prices to surge following approval. Charles Yu, a research associate at Galaxy Digital, said in a blog post that Bitcoin prices may rise by 74.1% in the first year after the ETF is launched in the United States.
Is Bitcoin’s recent rally the start of a continued strong rally, or is it time to take profits? How will altcoins perform when Bitcoin prices strengthen?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On October 23, Bitcoin surged to a high of $31,000, rising to $32,400. This indicates that the uptrend has resumed.
The sharp gains over the past few days have taken the relative strength index (RSI) deep into overbought territory. Sometimes, during the initial stages of a new bull market, the RSI tends to stay in overbought territory for long periods of time.
Important support levels to watch on the downside are $32,400 and then $31,000. Buyers are expected to defend the area vigorously. If the price recovers from this support area, bulls will try to push the BTC/USDT pair towards $40,000.
Conversely, a break below $31,000 would indicate that the recent breakout may be a bull trap.
Ethereum price analysis
The Ethereum (ETH) range finally decided to the upside on October 23rd, breaking above $1,746, indicating that the trend may be starting to change.
Bulls are trying to extend the October 24 rally, but the long shadow on the candlestick shows strong selling at higher levels. An important level to watch on the downside is $1,746. If the bulls hold this level during the retest, the ETH/USDT pair may jump above $1,855. This could open the door for a rally to $1,900 and then $2,000.
The bears may have other plans. They will try to pull the price back below $1,746 and trap the aggressive bulls. The pair may then drop towards the 20-day EMA ($1,648). This move would indicate that the pair may be in for an extended period of consolidation.
BNB price analysis
BNB (BNB) rebounded above the immediate resistance at $223 on October 23, but the bulls failed to maintain the momentum and break above the $235 barrier.
Sellers are trying to push the price back below $223. If they succeed in doing this, it suggests that the BNB/USDT pair could trade between $203 and $235 for some time.
The 20-day EMA ($215) has started to rise and the RSI is in positive territory, indicating that bulls have the upper hand. If the price rises from $223, it would signal bulls buying the dip. This would improve prospects for a rebound above $235. The pair may then start to rebound towards $250 and eventually $265.
Ripple Price Analysis
XRP (XRP) has been trading within a wide range between $0.41 and $0.56 over the past few months. The bulls pushed the price above the October 24 range resistance, but the long shadow on the candlestick suggests that the bears are trying to defend this level.
Within a certain range, traders will often sell near overhead resistance, which is what is seen in the XRP/USDT currency pair. If the price reaches the moving average, it means that the pair is likely to remain in the $0.56 to $0.46 range for a few days.
Conversely, if the price rises from current levels and breaks $0.56, it will signal the beginning of a new uptrend. The pair may first rise to $0.66 and then attempt a rebound to $0.71.
Solana Price Analysis
Solana (SOL) hit the pattern target of $32.81 on October 23, and traders may have taken profits. A brief adjustment began on October 24.
This shows that market sentiment is still bullish, with people buying every small dip. On October 25, buyers pushed the price above $32.81, signaling the beginning of the next phase of the uptrend. The SOL/USDT pair could surge to $38.79 next.
The RSI remains in overbought territory, indicating that the pair is at risk of a minor correction or consolidation in the near term. If the price falls below $29.50, the pair may drop to $27.12. This level is likely to witness strong buying from the bulls.
Cardano Price Analysis
Cardano (ADA) jumped above the $0.28 resistance on October 24, but the long shadow on the candlestick suggests that bears are selling at higher levels.
The ADA/USDT pair is likely to put up a tough fight near the $0.28 level. If the price declines and remains below this level, it means the market has rejected a breakout. This is likely to keep the pair within the $0.24 to $0.28 range for some time.
Conversely, if the price rebounds from $0.28 and rises above $0.30, it would indicate that the bulls have turned this level into support. This could start a new rally towards $0.32. If this level is exceeded, the pair may start a move towards $0.38.
Dogecoin Price Analysis
The Dogecoin (DOGE) rally on October 24 was met with a massive sell-off of $0.07, as can be seen from the long shadow on the day’s candlestick.
The DOGE/USDT currency pair may enter a retracement or consolidation period in the near future. During this period, if the pair does not give up too much ground, it means that bulls will not be in a hurry to close their positions. This would enhance its prospects of breaking above $0.07. The pair may then surge to $0.08.
A bullish crossover between the moving averages and RSI in overbought territory suggests bulls are in charge. This advantage will work in favor of the bears if they pull the price below $0.06.
related: Matrixport doubles down on Bitcoin year-end forecast to $45,000
Coin price analysis
Toncoin (TON) fell from $2.26 on October 24, indicating that bears are defending resistance at $2.31.
The first level of support on the downside is the moving average. If the price rebounds from this level, it signals positive market sentiment and traders buying on dips. This would increase the likelihood of a break above $2.31. If this happens, the TON/USDT pair may retest the strong resistance at $2.59.
On the contrary, if the price declines and breaks below the moving averages, it means that the pair may consolidate between $1.89 and $2.31 for some time. If the bears sink the price below $1.89, they will regain dominance.
Chainlink Price Analysis
Chainlink (LINK) broke out of a multi-month consolidation on October 22, when buyers pushed the price towards overhead resistance at $9.50.
On October 24, sellers attempted to pull the price back below the $9.50 breakout level, but the long tail on the candlestick showed active buying at lower levels. Buying resumed on October 25 and the LINK/USDT pair continued to move higher. The pattern target for a break above $9.50 is $13.50, but a break above that level could see the pair reach $15.
If the bears want to halt the rise, they will have to pull the price back below $9.50. Overbought levels on the RSI alert traders that a minor correction or consolidation is likely in the near term.
Polygon price analysis
Polygon (MATIC) surged above $0.60 resistance on October 22, indicating accumulation at lower levels.
The 20-day EMA ($0.56) has started to rise and the RSI is in overbought territory, signaling a potential trend change. If buyers sustain the price above $0.60, it will signal the beginning of a new uptrend. The MATIC/USDT pair is likely to rise to $0.70 and then to $0.80.
An important level to watch on the downside is $0.60. A break below this level would indicate that the rally above $0.60 may be a false exit. This could trap aggressive bulls, causing the moving averages to fall.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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