Bitcoin Surpasses $30,000 Amid Positive Shifts in Cryptocurrency Landscape
Summary:
On October 20th, Bitcoin (BTC) exceeded $30,000 as long-term holders increased their stockpile, potentially creating a supply crunch. Additionally, the SEC's move to dismiss charges against executives of Ripple stirred positivity in the cryptocurrency market. The performances of other cryptocurrencies were also discussed, including Ether, BNB, DOGE, TON, DOT, XRP, SOL, ADA, and MATIC.
On October 20th, Bitcoin (BTC) surpassed the $30,000 mark, suggesting that the cryptocurrency's easiest direction would be up. The bullish surge could be as a result of Grayscale Investments filing an application with the United States Securities and Exchanges Commission for a new Bitcoin ETF spot. Furthermore, exciting news for the cryptocurrency industry surfaces as the SEC attempts to dismiss the allegations against Ripple CEO, Brad Garlinghouse, and chair Chris Larsen. The expectation for regulatory slowdown follows previous failings against cryptocurrency businesses.
In light of the narrowing market sentiment, the holdings of Bitcoin's longer-term investors have seen a surge. Glassnode data reports that 76.2% of the available Bitcoin is in long-term storage, likely to cause a market supply crunch and increase Bitcoin's price.
As Bitcoin's price surges, an analysis of the top 10 cryptocurrencies' charts may provide insight into whether Bitcoin can maintain its momentum and whether altcoins will follow suit.
An analysis of Bitcoin's price shows a surge above the resistance of $28,143 on October 16th. Bulls maintained this level during the retest on October 17 and 18. This movement indicates buyers have flipped the level into support; the expectation is that the buyers will keep the price above $30,000 and target the steep overhead resistance of $31,000 and $31,805.
Ether's price analysis shows a repeated bouncing off the robust support around $1,531, suggesting strong defense by the bulls. Inability by the bears to break this level attracts buyers, and though the movement averages may prove a hurdle, a successful crossover could see the ETH/USDT pair gain momentum and attempt to rally towards $1,746.
An analysis of the BN, DOGE, TON, and DOT prices each demonstrates a shift from selling on rallies to buying on dips. If they can maintain their prices above key levels, they could surge to even higher levels.
XRP price analysis indicates a possible oscillation between $0.46 and $0.56 for some time. However, maintaining the price above moving averages could result in a rally to an overhead resistance of $0.56.
The bearish momentum for ADA seems to be waning as shown by the positive divergence on the RSI. Overcoming the resistance at the moving averages could see the ADA/USDT pair rise to $0.27 and subsequently to $0.28.
An upward performance surge by SOL followed the completion of the inverse head and shoulders pattern, suggesting the initiation of bullish setup.
Polygon's (MATIC) positive divergence on the RSI implies that the selling pressure may be diminishing. Keeping the price above moving averages could see a surge to an overhead resistance of $0.60.
As with all investments, understanding market dynamics carries risks. Prior to making investment decisions, an in-depth review of market trends is advisable.
Published At
10/20/2023 4:32:14 PM
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