Bitcoin Temporarily Surpasses $35,000: A Glance at the Top 10 Cryptocurrencies
Summary:
On November 2, Bitcoin (BTC) temporarily surpassed the $35,000 mark, enticing eager investors. But the price quickly fell back under the threshold, suggesting a possible false breakout. Altcoins were also directly affected by Bitcoin's volatility, with many experiencing a downward trend. Meanwhile, MicroStrategy's founder Michael Saylor sees the current market level as an ideal asset entry point for traders with a 12 to 48-month time horizon. Also, the analysis of the top 10 cryptocurrencies revealed that most faced strong resistance and were unable to maintain their intraday high gains.
On November 2, Bitcoin (BTC) broke past the $35,000 threshold, prompting eager investors to propose that the uptrend was returning. However, Bitcoin's price quickly retreated under $35,000, insinuating a possible false breakout. Corrective actions during a rising tendency do not necessarily imply a trend reversal. Instead, they often serve to weed out the weak investors. While markets are moving upwards, price drop-offs are often seen as a buying opportunity, although it's advised not to rush in until the price has reached its lowest point. Observation of significant support levels can help to identify when buyers may intervene to halt a downturn.
MicroStrategy's founder and executive chairman Michael Saylor stated in an interview with CNBC that the current level of the market would serve as an "ideal entry point into the asset” if traders stand with their time horizon between 12-48 months.
Meanwhile, Bitcoin's instability has dragged a series of altcoins down. But what are the critical support levels where this downward trend could end? By examining the top 10 cryptocurrency charts, we can understand that better.
Bitcoin attempted to push past $35,280 on November 1 and to sustain this rally on November 2, but sellers undercut the effort, maintaining the price below $35,000. If this continues, the BTC/USDT pair may slide to $33,390, an important level for bull traders to protect. If this level breaks, bitcoin may fall to the 20-day exponential moving average ($32,611).
The spikes in Ethereum (ETH) over the immediate resistance of $1,865 on Nov. 2 were pushed back by sellers, indicating strong selling at higher ranges.
BNB (BNB) and Ripple (XRP) faced strong resistance but held stable positions, while Solana (SOL) was unable to maintain intraday highs despite rebounding from $38.79 on Nov. 2.
Cardano (ADA) and Dogecoin (DOGE) both rebounded from the 20-day EMA and managed slight gain, while Toncoin (TON) met turbocharge resistance at $2.31.
Furthermore, Chainlink (LINK) faced resistance near $11.50, suggesting a bearish market condition, and Polygon (MATIC) went through a slow advance that showed reluctance among investors about investing at higher ranges.
Investors should note that each investment and trading move involves risk and due diligence should be conducted before making a decision.
Published At
11/3/2023 5:45:00 PM
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