2 weeks ago
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Bitcoin (BTC) registered its best week in over a month, with its price up almost 8% as the world’s largest cryptocurrency edges towards the $70,000 mark. BTC is currently trading just under $69,000 and has been up almost 1% in the past 24 hours. The cryptocurrency briefly pushed above $69,000 at one point before dropping back to its current level.
Spot Bitcoin ETFs also continued to see inflows, which were partly responsible for the jump in the price of BTC. Other factors include a potential Donald Trump win. Trump is primarily seen as a big supporter of crypto and is expected to draft positive regulatory changes. The overall crypto market cap also registered an increase of 1.82% and currently sits at $2.38 trillion.
ChangeNOW CMO Pauline Shangett said about the market:
"Bitcoin registered its best week in over a month, with its price up almost 8%, edging closer to the $70,000 mark."
Bitcoin (BTC) Briefly Climbs Above $69,000
Bitcoin (BTC) went past $69,000 on Sunday, hitting a day high of $69,300, having gained over 8% during the past week. The world’s largest cryptocurrency has increased 63% since the beginning of the year, and a staggering jump of 132% over the past 12 months. BTC has also contributed to over $15 billion of the global trading volume across crypto, which is $71.30 billion. The last time BTC was at similar levels was in July 2024.
BTC’s gradual climb to $69,000 has seen the cryptocurrency experience only $117 million in liquidations through the crypto ecosystem’s derivatives markets. A market analyst at IG stated,
“Things look pretty good for bitcoin right here. I think it can continue higher.”
Spot Bitcoin ETFs See Inflows
Meanwhile, inflows into spot Bitcoin ETFs have also surged, partly responsible for BTC’s recent surge. According to the available data, US spot Bitcoin ETFs reported $2.4 billion in net inflows over six days until October 18. Inflows were driven by bets that US crypto rules and regulations will become friendlier following the November 5 US elections. Additionally, the United States Securities and Exchange Commission has given accelerated approval to 11 ETFs to list and trade options tied to spot Bitcoin prices on the New York Stock Exchange.
Fidelity Wise Origin Bitcoin Fund, the ARK21Shares Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, the Grayscale Bitcoin Trust, and iShares Bitcoin Trust are among the funds that received SEC approval on Friday.
Odds Of Trump’s Victory Increase
Republican candidate Donald Trump is known for his crypto-friendly stance, which has seen many from the crypto community rooting for a Trump victory. Trump has promised to create a Bitcoin reserve and make America a crypto hub, statements that have buoyed investor sentiment. Trump’s chances of victory recently jumped to 60% on Polymarket, with many new investors entering the market to capitalize on a growing asset class.
Democratic candidate Kamala Harris has also promised to introduce a clear regulatory framework for crypto, which has also garnered significant attention from the crypto community. With both sides recognizing the importance of crypto, market watchers are hopeful of a positive engagement and growth in the crypto space.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has steadily climbed towards $70,000 over the past week and reached a day high of $69,300 before pulling back and dropping below $69,000. Analysts have reported that BTC is gaining strength, with key indicators flipping to bullish, hinting that BTC could see a substantial jump in price. One analyst highlighted the significance of the Monthly Volume Oscillator, a signal that occurs when BTC’s trading volume registers a significant slump during a bull market. According to historical data, such slumps occur before massive price surges, as seen in December 2012, October 2016, and September 2023.
Market watchers have predicted that BTC is on the verge of beginning a parabolic phase. It has already climbed 55% in 2024, with its recent surge fueled by better-than-expected Wall Street earnings. Investors have also priced in potential Federal Reserve rate cuts in November, further boosting prices. The prospect of Donald Trump winning the US Presidential elections has also fueled optimism. BTC has been exhibiting signs of breaking out of its consolidation phase since October, with some analysts stating that BTC’s parabolic phase has already begun.
Looking at the price chart, we can see BTC’s steady climb over the previous week, with the cryptocurrency at the brink of pushing above $70,000 if the markets remain favorable. BTC spent most of the last week in positive territory, starting with a significant jump of 5.36% on Monday, which pushed the price above the 20 and 200-day SMAs and the $65,000 price level to $65,992. Tuesday saw increased volatility as buyers attempted to push towards $70,000 and sellers attempted to drag BTC below $65,000. Ultimately, the price registered an increase of 1.53% and settled at $67,000. BTC registered a marginal increase on Wednesday, rising by 0.77% and settling at $67,519.
Source: TradingView
However, with BTC facing resistance around the $65,500 level, the price fell back on Thursday, dropping marginally and settling at $67,302 before making a quick recovery on Friday and rising by 1.63% to push above $68,000 and settle at $68,398. The price registered a marginal drop on Saturday but recovered on Sunday, briefly pushing above $69,000 to $69,117 before dropping and settling at $68,773 after an increase of 0.72%. The current session sees BTC marginally down as buyers and sellers look to establish control.
The MACD is bullish, indicating that bulls have the upper hand. However, the RSI is close to overbought, indicating that we may see a marginal correction in the short term as some traders book profits before BTC resumes its upward trajectory. If buyers regain control of the current session, BTC will likely push above $70,000. Whether it can set a new all-time high remains to be seen.
Ethereum (ETH) Price Analysis
Ethereum (ETH) finally pushed above the $2,700 price level over the weekend, having registered a jump of almost 4% over the past 24 hours, and an 8% jump over the past seven days. ETH is currently at a crucial point, and if buyers can keep it above $2,700, we could see the price move to the critical $2,850 level. ETH remained relatively muted over the past week, with its most significant gains coming last Monday when the price surged by 6.54% to push above the 20 and 50-day SMAs and $2,600 to settle at $2,630. Volatility picked up on Tuesday as sellers attempted to push ETH below $2,600 and buyers attempted a move past $2,700. ETH eventually registered a drop of 0.85% and settled at $2,607.
Source: TradingView
ETH remained muted on Wednesday, registering only a marginal increase and moving to $2,611 before dropping 0.25% on Thursday and settling at $2,604. Crucially, despite muted positive action, buyers kept ETH above $2,600. Buying activity picked up on Friday as ETH registered an increase of 1.41% and moved to $2,641. With strong resistance at $2,700, ETH could only register a marginal increase on Saturday and move to $2,647. However, with markets buoyed by BTC’s price action, ETH registered a substantial jump of 3.72% and finally broke above $2,700 to settle at $2,746. The current session sees ETH down by 0.73% as sellers look to push the price back below $2,700.
Looking at the MACD, we can see it is bullish, indicating buyers have the upper hand. However, the RSI is hovering close to the overbought zone, meaning we could see a drop in the near future. If buyers keep ETH above $2,700, it could push to $2,850. However, If sellers can push ETH below this level, we could see a drop to $2,500.
Solana (SOL) Price Analysis
Solana (SOL) surged past $160 over the weekend as buying activity in the broader crypto markets increased significantly thanks to positive macroeconomic developments. SOL had made a strong start to the previous week, bouncing off the 20-day SMA to register an increase of almost 7% and push above $150 and the 200-day SMA and settle at $157. However, buyers lost momentum on Tuesday as SOL fell by nearly 2% to $154 and slipped to a low of $150 at one point. Buyers attempted a recovery on Wednesday as it rose to a day high of $158. However, buyers could not maintain momentum and SOL eventually registered a marginal drop and settled at $154.
Source: TradingView
Bearish sentiment intensified on Thursday as SOL dropped by 2.42% to slip below the 200-day Bearish sentiment intensified on Thursday as SOL dropped by 2.42%, slipping below the 200-day SMA and settling at $150. However, it found strong support at this level and recovered on Friday, rising by almost 3% to push back above the 200-day SMA and settle at $154. SOL remained bullish over the weekend, rising by just over 3% on Saturday and settling just below $160 at $159. Bullish sentiment picked up on Sunday as SOL surged past $160 after registering an increase of almost 5% to move to $167. The current session sees SOL marginally up as buyers look to push above $170. During the current session, SOL has already registered a day high of $171.
Buyers will look to push above $170 during the current session and move towards $180. On the other hand, sellers will look to drive the price back below $160.
Ripple (XRP) Price Analysis
Despite the crypto markets experiencing a wave of positive sentiment, Ripple’s (XRP) price action has remained subdued, as it continues to trade in a narrow trading range and is unable to push above crucial moving averages. As we can see in the price chart, XRP pushed above the 200-day SMA last Monday after an increase of 3.10% and moved to $0.548. However, it fell back in the red on Tuesday, dropping by 1.22% and settling at $0.541 after a failed attempt to push above the 20-day SMA. With the 200-day SMA acting as a dynamic level of support, XRP recovered on Wednesday, registering an increase of 1.09% and settling at $0.546, still unable to push above $0.55 and the 20-day SMA.
Source: TradingView
XRP attempted to push above the 20 and 50-day SMAs on Thursday, reaching a day high of $0.568. However, buyers lost momentum, and it fell back into the red, eventually dropping by 0.68% and settling at $0.544. Friday saw a marginal increase before XRP fell back in the red on Saturday following another marginal drop, as price action remained muted. However, after falling to a day low of $0.536 on Sunday, XRP made a strong recovery and settled at $0.548. The current session has seen XRP push higher, with the price up by 1.26% and trading at $0.554, finally pushing above $0.55. If buyers can keep control of the session, they will look to push XRP above $0.56 and the 50-day SMA. A bullish MACD indicates we could see XRP continue to push higher as the bulls have the upper hand.
Polkadot (DOT) Price Analysis
Polkadot (DOT) ’s recovery stalled yet again despite the altcoin pushing above $4.50 on Sunday, with the price back in the red during the ongoing session. DOT endured mixed price action over the past week, registering a strong increase of 5.05% on Monday to push above the 20 and 50-day SMAs and settle at $4.37. DOT experienced significant volatility on Tuesday before ultimately registering an increase of 0.92% and settling at $4.41. However, a familiar scenario played out as buyers lost momentum after failing to push above $4.50. DOT fell back into the red on Wednesday, dropping by just over 2% and settling at $4.32. Bearish sentiment intensified on Thursday as DOT slipped below the 20 and 50-day SMAs after a drop of 3.01% and settled at $4.19.
Source: TradingView
However, it made a strong recovery on Friday, pushing back above the moving averages and settling at $4.30 after an increase of 2.63%. DOT remained bullish over the weekend, rising by 3.26% on Saturday and settling at $4.44. It finally pushed above $4.50 on Sunday despite falling to a day low of $4.36. Buyers quickly took control of the session and pushed DOT above $4.50, eventually settling at $4.57 after an increase of almost 3%. However, DOT finds itself back in the red during the ongoing session as sellers look to push the price back below $4.50. Buyers will do their best to keep DOT above $4.50 and look to regain control and push towards $5. On the other hand, if DOT slips below this level, we could see it drop back to $4.
Optimism (OP) Price Analysis
Optimism (OP) has started the week on a bearish note as sellers look to drive it towards $1.70. OP traded in a downward trajectory almost all of last week despite starting strongly with a jump of almost 4% on Monday and rising to $1.78. However, it could not push above $1.80 and fell back in the red on Tuesday, dropping by 2.59% to $1.73. Sellers also attempted to drive the price below $1.70 but failed to do so. OP experienced significant volatility on Wednesday as sellers tried to drag OP below its support levels while buyers attempted another move past $1.80. Ultimately, OP registered an increase of 0.69% and settled at $1.74. Bearish sentiment intensified on Thursday as OP fell below $1.70 after a drop of 4.21% and settled at $1.67.
Source: TradingView
However, it recovered from this level thanks to the 20-day SMA, which acted as a dynamic level of support, rising by 2.67% on Friday to reclaim $1.70 and settle at $1.71. OP fell back below $1.70 on Saturday, falling by 1.55% to $1.69. However, it made a significant recovery on Sunday, rebounding from the 20-day SMA and registering an increase of almost 7% to settle at $1.80. The current session sees OP down by 2.49% as sellers look to push the price back towards $1.70.
Akash Network (AKT) Price Analysis
Akash Network (AKT) has also stalled during the ongoing session, as sellers are looking to drive the price below the 20- and 50-day SMAs. AKT remained relatively muted the previous week as it struggled to push above the 50-day SMA after an increase of 3.20% last Monday. AKT fell back considerably by Thursday, dropping over 4% to $2.43. However, it recovered on Friday, rising by 2.22% to $2.49. Saturday saw a marginal increase as buyers struggled to push above the 20-day SMA. Ultimately, AKT registered a 0.60% increase and settled at $2.50.
Source: TradingView
Bullish sentiment intensified on Sunday as AKT rose by 4.18% to push above the 50-day SMA and settle at $2.61. However, AKT is back in the red during the ongoing session as sellers look to push it back below the 50-day SMA. AKT is currently down by almost 3% and trading at $2.53.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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