Crypto Price Analysis 10-28 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, POLKADOT: DOT, BITTENSOR: TAO, UNISWAP: UNI

As a seasoned trader with years of experience under my belt, I have seen market trends ebb and flow like the tides. After analyzing the recent price movements of DOT, TAO, and UNI, it seems that these cryptocurrencies are navigating choppy waters.

On Friday, Bitcoin (BTC) experienced a significant drop and reached a low of $65,700 on Saturday. This downturn was due to increasing unrest in the Middle East that caused market anxiety. However, it managed to find stability at this level and rebounded, moving back above $67,000. Currently, Bitcoin is trading near $67,600, showing a slight increase over the past 24 hours as markets aim for a promising start to the new week.

Most significant digital currencies such as Ethereum, Solana, Dogecoin, Toncoin, Polkadot, and Litecoin have kicked off the week with gains, showing considerable growth in the past 24 hours. The collective market value of cryptocurrencies has risen by 0.47%, now sitting at approximately $2.3 trillion.

Speaking about the market developments, ChangeNOW CMO Pauline Shangett stated,

As a crypto investor, I’ve noticed that despite the weekend downturn, Bitcoin has shown remarkable resilience amidst growing geopolitical uncertainties. This cautious optimism in the broader market is evident as Bitcoin bounced back above $67,000 after dipping to $65,700. This strong buying interest at lower levels might be indicating a potential near-term support zone. Amidst global markets grappling with escalating tensions in the Middle East, which seem to have temporarily affected investor sentiment, Bitcoin’s resilience is quite noteworthy.

Spot Bitcoin ETFs Inflows Dwarf Gold ETFs

Within just a short period after their debut, Bitcoin ETFs have experienced extraordinary expansion, sparking increased enthusiasm among investors for the world’s most prominent cryptocurrency. As per recent findings by Binance Research, these spot Bitcoin ETFs collectively hold approximately 938,000 BTC, equating to more than $63 billion at current market values. This massive amount represents roughly 4.5% of the total circulating Bitcoin supply. When taking into account the Bitcoin held by similar funds, the total jumps to an impressive 1.1 million BTC or around 5.2% of the circulating supply.

The amount of money flowing into these Bitcoin Spot ETFs can give us an idea of their popularity. On average, they have withdrawn about 1000 Bitcoins per day from the market, and this has happened for 24 out of the last 40 weeks. Moreover, the inflows have been significantly greater than the outflows, with these ETFs having amassed over $21 billion in total flows over the past ten months.

According to Binance’s report, the rate at which Bitcoin ETFs are receiving investments has outpaced the initial growth of gold ETFs. To put things into perspective, the original gold ETF now manages assets worth approximately $130.9 billion. This ETF was celebrated as a significant achievement after it attracted over $1.5 billion in its first year.

Retail Investors Driving Demand

According to Binance’s report, retail investors make up about 80% of the demand for Bitcoin Spot ETFs. Although institutional interest is less pronounced, it has shown consistent growth in recent months, increasing by 7.9% since Q1. As of now, there are approximately 1200 institutional investors, with notable players being hedge funds, investment advisors, banks like Goldman Sachs and Morgan Stanley, and pension funds such as the State of Wisconsin Investment Board.

CoinDCX Founder Urges Government To Reconsider Potential Crypto Ban

India’s muddled stance on crypto has continued to fuel debate, with recent discussions indicating regulators in the country favor CBDCs over private cryptocurrencies. Sumit Gupta, Founder and CEO of CoinDCX, has waded into the discussion, stating that CBDCs and cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) serve entirely different purposes and cannot be classified as competitors. Gupta’s post gained considerable traction, with several users warning that CBDCs could act as digital fiat and potentially carry the same risks as traditional currencies.

Central Bank Digital Currencies (CBDCs) are directly distributed by a country’s central bank, giving them full authority over their creation, circulation, and utilization.

Although Gupta suggests that cryptocurrencies and Central Bank Digital Currencies (CBDCs) may peacefully cohabit, there are still some individuals who remain unconvinced about this potential scenario. In this context, Jack Booth, a co-founder of TON Society, has expressed his thoughts on the matter.

Central Bank Digital Currencies (CBDCs) may significantly threaten individual autonomy. Trust in governments, particularly in Western nations, has reached an all-time low. The implementation of CBDCs, allowing unelected officials control over your financial resources, could exacerbate the issues that led to and sustained the growth of Bitcoin years ago.

Gupta stated that a possible prohibition of cryptocurrencies might negatively affect the burgeoning Web3 environment in our nation, stifling the entrepreneurial drive.

Multiple sources suggest that a ban, given the thriving Web3 scene in India with approximately 75,000 core professionals and over 450 startups, might suppress innovation and potentially slow down the progress of blockchain technology development.

Russia Publishes New Crypto Law

The Russian administration has introduced a fresh regulation, effective November 1st, which boosts its control over cryptocurrency mining activities and related facilities across the country. This law empowers the government to impose restrictions on mining based on location, and it can also establish particular rules for prohibiting certain mining operations. Furthermore, the government is given the authority to halt digital currency mining pools in designated regions and manage infrastructure providers that sustain mining operations.

Bitcoin (BTC) Price Analysis

After experiencing a notable drop on Friday that brought Bitcoin (BTC) down to $65,660, there’s optimism about its recovery as it aims to regain the $68,000 mark. Over the weekend, market analysts are expecting Bitcoin to challenge the resistance at $70,000 and possibly reach a new record high. Bitcoin appears poised for a strong surge following its stabilization near $65,000 and $66,000, with the 20-day Simple Moving Average (SMA) serving as a supportive barrier. Additionally, signs of dwindling selling activity at lower levels suggest that the bulls are gradually regaining control.

According to CoinMarketCap, Bitcoin (BTC) is experiencing a significant upturn, recovering from dips below $66,000 and exhibiting signs of bullish control. Moreover, BTC’s market capitalization has exceeded $1.3 trillion, underscoring its dominant role in the crypto market. Yet, high trading volume figures hint that investors might be adopting a cautious stance, preferring to observe until there’s a confirmed breakthrough beyond crucial resistance levels.

Observing the Bitcoin price trend, it’s clear that its movement over the last week has been volatile. Sellers aimed to drive the price under significant support zones, yet their efforts were unsuccessful. On Wednesday, BTC dipped to a daily low of $65,234 due to increased selling activity. However, these sellers failed to push Bitcoin below $65,000 because buyers stepped in, suggesting robust support at this level. This led to some recovery, with the price being buoyed up by the buyers, causing BTC to close at $66,649 on Tuesday, representing a 1.09% decrease compared to the previous day. Nevertheless, Bitcoin showed a remarkable rebound on Thursday, registering a 2.28% surge and moving above $68,000 to finish at $68,187.

With sellers active at this level, BTC fell back into the red on Friday as bearish sentiment yanked the price back below $68,000 to a day low of $65,660. However, once again, sellers could not drive the price lower, thanks to strong support at this level. With buyers entering the market, BTC was able to push back above $66,000 and settle at $66,816, a decline of almost 2%. BTC remained positive over the weekend, registering an increase of 0.51% on Saturday and 1.22% on Sunday to settle at $67,972. The current session sees BTC marginally down as buyers and sellers look to establish control. BTC bulls will be looking to push the price above $68,000 and towards $70,000. On the other hand, sellers will look to drag BTC below $66,000. If BTC drops below this level, we could see a drop to $65,000 or the 50-day SMA.

Examining several technical signals, the Relative Strength Index (RSI) stands at approximately 60, which typically means the bulls are in control. On the other hand, the Moving Average Convergence Divergence (MACD) has recently shifted to a bearish trend, hinting that there might be a short-term drop ahead.

Ethereum (ETH) Price Analysis

Over the last week, Ethereum (ETH) experienced a significant drop, dipping below crucial support points, reaching a low of $2,381 on Friday. Initially, ETH began the previous week with red figures, losing nearly 3% to $2,666 on Monday as pessimistic feelings dominated. On Tuesday, it continued its descent by dropping by 1.73% to $2,620. The bearish trend grew stronger as ETH fell below the 20-day Simple Moving Average (SMA), reaching a daily low of $2,451 before closing at $2,522. Additionally, it slipped below $2,600 after recording a near 4% decrease. Attempts by buyers to push ETH above the 20-day SMA on Thursday were unsuccessful, with only a minor increase observed, ending the day at $2,535.

On Friday, selling pressure resumed and ETH dipped below $2,500, reaching a daily low of $2,381 on its 50-day Simple Moving Average (SMA). However, it managed to rebound above $2,400 and close at $2,438, resulting in a day’s loss. The market mood shifted over the weekend, with ETH rising by 1.71% on Saturday to settle at $2,480. On Sunday, ETH regained the $2,500 mark and its 50-day SMA due to a 1.03% increase, ending the day at $2,520. During the current session, sellers attempted to drive ETH below $2,500 again, pushing it down to $2,470. Yet, ETH has since recovered above $2,500 and its 50-day SMA, currently trading at $2,519 with a minor increase of 0.55%.

Investors aim to keep up the pace and propel Ether (ETH) beyond $2,600. If it surpasses this mark, there’s a chance ETH will challenge the resistance at $2,700 to $2,750. If ETH keeps rising, a potential target of $2,850 might be reached. Yet, if sellers regain control, Ether could slide back below $2,500. In that case, ETH may fall to $2,400.

Solana (SOL) Price Analysis

In the current trading session, Solana’s progress has halted once more, sliding into the negative territory after it failed to surmount the resistance at $180. Over the past week, Solana experienced considerable fluctuations, staying above $160 despite repeated efforts by sellers to push the price down on Monday. A slight recovery was observed on Tuesday, followed by a 1.96% surge on Wednesday that placed it at $170. Bullish optimism grew on Thursday as SOL increased nearly 4%, reaching $177. However, the bulls’ momentum waned due to robust resistance at $180, leading to a substantial decline of 6.97%, settling Solana at $164. The day’s lowest point for Solana was recorded at $159.

Despite a significant decline on Friday, Solana (SOL) bounced back strongly over the weekend, recording gains of 3.59% on Saturday and 3.41% on Sunday to surpass $170 and reach $176. However, the current trading session finds SOL falling once again, as sellers aim to push the price below $170. If this happens, SOL might drop to around $160 before rebounding. Conversely, if buyers regain control, SOL could challenge the $180 resistance level. A breach of this barrier could potentially lead to a move towards $200. The Moving Average Convergence Divergence (MACD) line currently suggests that buyers are in charge.

Dogecoin (DOGE) Price Analysis

On the weekend, Dogecoin (DOGE) made a robust comeback, bouncing back from its 200-day Simple Moving Average (SMA) following a significant dip on Friday. A closer look at the price graph shows that DOGE experienced high volatility throughout the preceding week, battling to break above $0.150. Although it peaked at $0.149 on Monday, DOGE dipped again on Tuesday, decreasing by 2.30% after another tumultuous trading session and closing at $0.140. Sellers forced DOGE down to a low of $0.132 on Wednesday as it fell beneath crucial support lines. However, as buyers stepped in at lower prices, DOGE ended the day at $0.140, registering only a minor decrease. Buyers boosted DOGE by 1.29% on Thursday, with the popular meme coin closing at $0.141. Nevertheless, it was back in the red on Friday, losing nearly 7% to close at $0.132 after breaching key support levels.

Over the weekend, Dogecoin made a comeback as the general market outlook improved, resulting in a 3.64% rise to reach $0.136. On Sunday, optimism continued, causing Dogecoin to surge by 5.34%, moving above $0.140 and settling at $0.144. However, today’s trading session has seen a reversal, with Dogecoin dropping nearly 1% and currently trading around $0.142.

Polkadot (DOT) Price Analysis

After experiencing a significant decline on Friday, reaching an intraday low of $3.83, Polkadot (DOT) has begun a new recovery phase. Last week, DOT was mostly in the red due to persistent bearish sentiment that prevented it from staying above $4.50. This resulted in a 4.38% drop on Monday, bringing the price down to $4.37. Attempts at recovery were made on Tuesday, but sellers managed to push the price lower by 1.14% to $4.32. The bearish trend intensified on Wednesday as DOT fell below both its 20 and 50-day Simple Moving Averages (SMAs), dropping further to an intraday low of $4.10 before closing at $4.21.

As an analyst, I observed a rollercoaster ride for DOT on Thursday. Attempting to surpass the 20-day Simple Moving Average (SMA), buyers faced resistance from sellers trying to pull it down towards $4. Despite their efforts, neither party managed to prevail, leaving DOT at $4.21. However, selling pressure escalated significantly on Friday as DOT plummeted below $4, reaching a low of $3.83. Remarkably, as we’ve witnessed previously, DOT rebounded from this level, ending the day at $3.99 after a steep drop of 5.23%. Over the weekend, buyers stepped in, enabling DOT to bounce back from its support level and climb to $4.03, marking an increase of 1%. The buying momentum continued on Sunday, resulting in a 2.48% rise for DOT, settling at $4.13. Currently, in the ongoing session, DOT is up by 1.21%, trading around $4.18 as buyers aim to propel it above both the 20 and 50-day SMAs.

The Digital Asset Token (DOT) appears robust at both $4 and $3.62. Should buyers manage to uphold the present positive trend and surpass the moving averages, we might observe the price climbing back towards $4.50. However, whether it will exceed this level and sustain itself there is yet to be determined.

Bittensor (TAO) Price Analysis

Over the past days, Bittensor (TAO) has been experiencing a downtrend, with sellers managing to keep its price below the $500 mark. This decline began in mid-October when TAO failed to surpass $700 despite an initial promising rally. Last week, TAO dipped below its 20-day Simple Moving Average (SMA) following a 9.37% drop, causing the asset’s value to reach $547. Buyers attempted to regain control on Tuesday but were unable to, resulting in a 0.74% decrease and an additional 2.80% fall on Wednesday, bringing TAO down to $527. However, a recovery was seen on Thursday with TAO rising by 2.71%, reaching $542. Unfortunately, bearish sentiment returned on Friday, causing another steep drop of over 10%. This led to TAO falling below the $500 mark and settling at $486.

Over the weekend, TAO exhibited a noteworthy improvement, surging by approximately 5.38% and reclaiming the position above the $500 mark, settling at an impressive $512. However, on Sunday, it experienced a minor decline, ending the day at $510. As I analyze the current trading session, TAO is showing a slight decrease, with sellers aiming to push the price beneath $500 and below our 50-day Simple Moving Average (SMA).

Uniswap (UNI) Price Analysis

Currently, Uniswap (UNI) is having difficulty rebounding and breaking through the $7.50 mark following a significant drop on Friday that pushed it below crucial support points and moving averages. Last week, UNI displayed unusual volatility, peaking at $8.80 on Tuesday only to fall back to $7.99 after buyers lost steam near the higher levels. This decline resulted in a low of $7.47 for UNI on Wednesday before a slight recovery to $7.85, representing a decrease of 1.78%. However, on Thursday, buyers showed renewed interest and boosted UNI by 2.38%, pushing it above the $8 mark and settling at $8.04.

On Friday, pessimism surrounding UNI escalated significantly, causing it to plummet nearly 8% and dip beneath both its 20 and 200-day moving averages, closing at $7.42 after touching a low of $7.18. Over the weekend, buyers made an effort to rebound, pushing UNI up to $7.76 on Saturday. Yet, they couldn’t sustain the momentum, leading to a minimal increase and ending the day at $7.43. On Sunday, UNI regained some ground above $7.50, climbing 1.17% to reach $7.52. However, during the current session, UNI has once again dipped, losing 0.65%, and now trading below $7.50 at $7.47. If sellers persist in their control, we might witness the price falling below its 50-day moving average and potentially dropping to $7.

2024-10-28 17:10