As a seasoned investor with years of experience under my belt, I can’t help but notice the rollercoaster ride these digital assets are taking us on. Polkadot (DOT) has been quite the thrill ride this week, showing us the power of resilience and the importance of holding tight during turbulent times. After dipping below key support levels mid-week, it managed to bounce back strongly over the weekend, even pushing past the $4.50 mark. However, the ongoing session seems to be testing our mettle once more.
Bitcoin (BTC) experienced a significant boost in the last week, surging nearly 8%, bringing it close to the $70,000 milestone. At present, BTC is being traded slightly below $69,000 and has seen a minor increase of almost 1% over the past day. For a brief moment, Bitcoin managed to exceed $69,000 but then retreated to its current price level.
Bitcoin ETFs continued to attract investments, contributing in part to the rise in Bitcoin’s price. Additionally, a possible victory for Donald Trump in the election is another significant factor. Trump is often viewed as a proponent of cryptocurrency and anticipated to propose favorable regulatory policies. Consequently, the total market capitalization of cryptocurrencies rose by 1.82% and now stands at approximately $2.38 trillion.
ChangeNOW CMO Pauline Shangett said about the market:
Bitcoin experienced its strongest weekly gain in more than a month, as its value increased nearly 8%. This growth brings it even nearer to reaching the $70,000 milestone.
Bitcoin (BTC) Briefly Climbs Above $69,000
On Sunday, Bitcoin (BTC) surpassed $69,000, reaching a peak of $69,300, marking an 8% growth over the past week. This year alone, the world’s leading cryptocurrency has experienced a rise of 63%, while over the last year, it has skyrocketed by an astonishing 132%. Bitcoin is currently responsible for more than $15 billion in global crypto trading volume, which totals $71.30 billion. The last time Bitcoin was at these levels was predicted to be around July 2024.
Over a period, Bitcoin (BTC) steadily rose to reach approximately $69,000, resulting in merely $117 million worth of liquidations across the cryptocurrency’s derivative markets. According to a market analyst from IG, this indicates a relatively stable market environment.
“Things look pretty good for bitcoin right here. I think it can continue higher.”
Spot Bitcoin ETFs See Inflows
Over the past six days up until October 18th, US Bitcoin spot ETFs have seen a significant increase in investments totaling approximately $2.4 billion. This influx is partly due to optimism that US crypto regulations may become more favorable following the November 5 elections. Moreover, the Securities and Exchange Commission has expedited the approval of 11 ETFs for listing and trading options based on spot Bitcoin prices at the New York Stock Exchange.
On Friday, the Securities and Exchange Commission (SEC) granted approval to several Bitcoin investment funds, including Fidelity’s Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Grayscale Bitcoin Trust, and iShares Bitcoin Trust.
Odds Of Trump’s Victory Increase
The Republican nominee Donald Trump is recognized for his favorable views towards cryptocurrencies, leading many in the crypto community to hope for a Trump presidency. Trump has pledged to establish a Bitcoin reserve and transform America into a prominent hub for cryptocurrencies, moves that have boosted investor confidence. The likelihood of Trump winning the election has increased to 60%, according to Polymarket, with a surge in new investors joining the market to cash in on a burgeoning investment opportunity.
The democratic contender, Kamala Harris, has likewise pledged to establish a transparent regulatory structure for cryptocurrencies, an assurance that has stirred interest within the digital currency community. As both parties acknowledge the value of cryptocurrencies, observers are optimistic about constructive interactions and potential advancements in the crypto market.
Bitcoin (BTC) Price Analysis
Over the last week, Bitcoin (BTC) has been gradually approaching $70,000 and peaked at $69,300 before experiencing a dip and falling below $69,000. Financial analysts are optimistic about BTC, as they observe positive signs that suggest a possible significant increase in its price. One expert emphasizes the importance of the Monthly Volume Oscillator, a signal that appears when Bitcoin’s trading volume significantly decreases during a bull market. Based on past data, such decreases often precede substantial price increases, as was the case in December 2012, October 2016, and September 2023.
2024 has seen Bitcoin (BTC) surge ahead by 55%, driven by stronger-than-expected corporate earnings on Wall Street and anticipation of potential Federal Reserve interest rate cuts in November. Additionally, optimism surrounding the possibility of Donald Trump’s election as U.S. President has added to its momentum. Some analysts believe that Bitcoin has been displaying indications of breaking free from its consolidation period since October, with others asserting that its parabolic phase may have already commenced.
Examining the Bitcoin (BTC) graph, it’s clear that its price has been steadily ascending over the past week, teetering on the edge of surpassing $70,000 if market conditions remain advantageous. For most of the last week, BTC has been in a positive trend, kicking off with a substantial rise of 5.36% on Monday, propelling the price beyond the 20 and 200-day Simple Moving Averages (SMAs) and the $65,000 mark to reach $65,992. On Tuesday, there was heightened volatility as buyers tried to drive BTC towards $70,000 and sellers aimed to pull it below $65,000. The day ended with a 1.53% increase, closing at $67,000. BTC experienced minimal growth on Wednesday, rising by 0.77% to close at $67,519.
Despite encountering resistance near the $65,500 mark, Bitcoin saw a minor decline on Thursday, dropping to $67,302 before rebounding on Friday by 1.63%, surpassing $68,000 and settling at $68,398. A slight drop was observed on Saturday, but it recovered on Sunday, momentarily reaching $69,117 before dropping to close at $68,773 following a 0.72% increase. In the current session, Bitcoin is showing a minor decrease as both buyers and sellers are vying for control.
The Moving Average Convergence Divergence (MACD) suggests that the market is favoring bulls at present. Yet, the Relative Strength Index (RSI) indicates we might witness a minor adjustment soon since it’s approaching overbought territory, as some traders cash out their gains before Bitcoin continues its upward trend. If buyers manage to maintain control during this session, Bitcoin could potentially surge past $70,000. It remains uncertain if it will establish a new record high.
Ethereum (ETH) Price Analysis
Over the weekend, Ethereum (ETH) exceeded the $2,700 mark for the first time, marking an approximately 4% rise in the last day and an around 8% increase over the past week. Currently, ETH stands at a pivotal position. Should buyers manage to maintain it above $2,700, we might witness further progression towards the critical $2,850 threshold. Over the past week, ETH had been relatively calm, but its most substantial growth occurred last Monday when it soared by nearly 6.54%, breaching the 20-day and 50-day Simple Moving Averages (SMAs) as well as $2,600 to close at $2,630. Volatility intensified on Tuesday as sellers aimed to push ETH below $2,600 while buyers sought to break the $2,700 barrier. In the end, ETH experienced a minor dip of 0.85% and settled at $2,607.
On Wednesday, ETH experienced minimal growth, reaching $2,611 before falling 0.25% on Thursday to $2,604. Despite limited positive movement, buyers managed to keep ETH above $2,600. The buying interest grew on Friday, causing ETH to rise by 1.41% and reach $2,641. Facing strong resistance at $2,700, ETH only saw a slight increase on Saturday, moving to $2,647. However, with the market energized by BTC’s price action, ETH made a significant leap of 3.72% and surpassed $2,700 to close at $2,746. Currently, in the ongoing session, ETH is experiencing a decline of 0.73%, as sellers aim to push the price below $2,700.
By examining the MACD, it appears to be signaling a bullish trend, suggesting that buyers currently hold the advantage. Yet, the RSI is approaching the overbought territory, implying a potential price decline may occur soon. Should buyers manage to maintain ETH above $2,700, there’s a possibility of reaching $2,850. However, if sellers succeed in pushing ETH below this threshold, we might witness a downward movement towards $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.
On Thursday, a more pessimistic outlook for SOL emerged as it decreased by 2.42%, falling beneath the 200-day Simple Moving Average (SMA) and reaching $150. However, it found solid support at this price level and bounced back on Friday, increasing nearly 3% to reclaim the 200-day SMA and settle at $154. Over the weekend, SOL continued its bullish trend, climbing more than 3% on Saturday and hovering close to $160 at $159. By Sunday, optimism for SOL grew as it broke through $160, rising approximately 5% to reach $167. As of the current session, SOL is experiencing a slight uptick, with buyers aiming to push the price above $170. So far in this session, SOL has already peaked at $171.
During this session, buyers aim to surpass $170 and potentially reach $180. Conversely, sellers are targeting a drop in price under $160.
Ripple (XRP) Price Analysis
Regardless of the overall optimism in the cryptocurrency market, Ripple’s (XRP) price movement has been relatively stable, confined within a narrow trading band and failing to surpass significant moving averages. A look at the price graph shows that XRP briefly exceeded its 200-day Simple Moving Average (SMA) on Monday following a 3.10% rise and reaching $0.548. However, it plunged again on Tuesday, losing 1.22% to settle at $0.541 after an unsuccessful attempt to surpass its 20-day SMA. With the 200-day SMA serving as a dynamic level of support, XRP rebounded slightly on Wednesday, increasing by 1.09% and settling at $0.546. Despite this, it still struggled to break above $0.55 and its 20-day SMA.
On Thursday, XRP attempted to break past its 20 and 50-day Simple Moving Averages (SMAs), reaching a peak of $0.568. However, the buying momentum faded, causing it to slide back into negative territory, dropping by 0.68% to close at $0.544. The following day saw a minimal increase, but XRP once again fell into the red on Saturday after another minor dip. Price action remained subdued throughout. On Sunday, XRP dipped to an intraday low of $0.536 before making a strong comeback and closing at $0.548. Today, XRP has risen further, increasing by 1.26% and trading at $0.554, surpassing the $0.55 mark for the first time since. If buyers maintain control of the current session, they will aim to propel XRP beyond $0.56 and its 50-day SMA. A bullish Moving Average Convergence Divergence (MACD) suggests that we may witness XRP continuing its upward trajectory as the bulls are currently in charge.
Polkadot (DOT) Price Analysis
Despite briefly surpassing $4.50 on Sunday, Polkadot (DOT) failed to maintain its momentum and has since fallen back into the red. The past week saw fluctuating price action for DOT, with a notable 5.05% rise on Monday that propelled it above both the 20-day and 50-day Simple Moving Averages (SMAs), reaching $4.37. There was more volatility on Tuesday, resulting in a 0.92% increase to $4.41. However, after failing to break through $4.50, selling pressure resumed, causing DOT’s price to drop by over 2% on Wednesday to $4.32. The bearish trend strengthened on Thursday as DOT dipped below both the 20-day and 50-day SMAs following a 3.01% decline, settling at $4.19.
Initially dipping but bouncing back significantly on Friday, DOT surged past its moving averages to close at $4.30 following a 2.63% gain. The cryptocurrency continued its bullish trend over the weekend, climbing by 3.26% on Saturday and reaching $4.44. On Sunday, despite touching a daily low of $4.36, strong buying pressure propelled DOT above $4.50, ending the day at $4.57 after nearly a 3% increase. However, in the current trading session, sellers are attempting to pull DOT back below the $4.50 mark, while buyers aim to maintain its position and push towards $5. If DOT falls below this level, it may slide down to $4 once more.
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.
Despite initially dipping below $1.70, the asset managed to bounce back due to the 20-day Simple Moving Average (SMA) serving as a supportive level. On Friday, it rose by 2.67% to reach $1.71. However, on Saturday, it fell once more, dropping by 1.55% to $1.69. A significant recovery followed on Sunday when the asset rebounded from the 20-day SMA, recording an increase of nearly 7%, and closing at $1.80. Currently, in this session, the asset is seeing a drop of 2.49% as buyers attempt to drive the price back towards $1.70.
Akash Network (AKT) Price Analysis
During the current trading period, Akash Network (AKT) has paused, with sellers aiming to dip the price under both the 20-day and 50-day Simple Moving Averages (SMAs). Last week, AKT showed little movement as it struggled to surpass the 50-day SMA following a 3.20% rise on Monday. On Thursday, AKT dropped significantly by almost 4%, reaching $2.43. However, it bounced back on Friday, climbing by 2.22% to $2.49. Saturday saw a slight uptick as buyers failed to push above the 20-day SMA. In the end, AKT experienced a 0.60% growth and closed at $2.50.
On Sunday, optimism surrounding AKT grew significantly as its price increased by 4.18%, surpassing the 50-day Simple Moving Average (SMA) to reach a closing value of $2.61. However, during the current trading session, AKT has moved back into negative territory. Traders are attempting to drive its price below the same 50-day SMA, causing it to drop by nearly 3%. At present, AKT is trading at $2.53.
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2024-10-21 16:11