Bitcoin’s price is now above $30,000 for the first time since July. Among the factors fueling the current upside trend is a new Bitcoin spot ETF filing submitted by asset management company Grayscale last week. Moreover, the US Securities and Exchange Commission’s move to dismiss lawsuits against Ripple’s CEO Brand Garlinghouse and Chair Chris Larsen has played a significant role in triggering the current bullish trend.
Following an improvement in market sentiment, Bitcoin investors have increased their holdings over the last few days. According to data from Glassnode, 76% of the circulating BTC is now being held by long-term investors. This is likely to reduce Bitcoin supply, which, in turn, boosts the coin’s price.
Will Bitcoin bulls sustain the current momentum and fuel a marketwide rally, or will the bears trigger a market downturn in the coming days? Let’s take a look at price charts to find out.
Bitcoin Price Analysis
BTC has continued to rise since it crossed above the $28,564 resistance level on October 19. On Monday, the coin retested resistance at $30,912, then fell to its current price of $30,618. A bullish divergence has already been formed on the RSI (Relative Strength Index) indicator, suggesting that a further upward move is likely. If the bulls thrust and sustain BTC above $30,912, the next destination for the coin will be at $31,815.
As for the bears, if they wish to take charge of the market, they must pull Bitcoin below the 20-day EMA (Exponential Moving Average) of $28,032. Achieving this will allow them to drag the crypto asset to the 50-day SMA (Simple Moving Average) of $26,887.
Ethereum Price Analysis
ETH bears attempted to tug the token below the $1,548.63 support level on October 19, but the bulls had other ideas. On Saturday, the buyers managed to thrust Ethereum above the 50-day SMA of $1,612.80 and then pushed it to $1,683 as of this writing. ETH is now headed towards $1,745.98. Although unlikely, if it goes above this level, it may reach $1,978. On the other hand, a reverse from $1,745.98 may encourage the bears to pull ETH below the 20-day Exponential Moving Average of $1,592.48.
BNB Price Analysis
BNB briefly crossed the $222.42 tough resistance level on Monday morning, then dropped to $219.35 at press time. The good thing is that the bulls have sustained BNB’s price above the 20-day EMA of $210.74 since Thursday. This shows a shift in sentiment. That is, investors are purchasing the dips rather than selling on rallies.
A sustained rally above $222.42 could push BNB to $235.59 and even to $249.55, where the sellers are likely going to book profits. Conversely, a drop below $210.74 might lead to BNB reaching $204.61 and later $184.88.
XRP Price Analysis
Among the tokens that have rallied significantly in the past seven days is XRP. As mentioned earlier, its issuer, Ripple, received massive relief when the Securities and Exchange Commission announced dropping charges against the firm’s CEO and Chairman. XRP’s 7-day gains stand at 8.43%. It’s priced at $0.526381 per data on CoinGecko. Its current price means the token is valued above the 20-day EMA of $0.500638. That said, XRP bulls may attempt to get the token to the $0.560281 resistance level. On the other hand, a drop below $0.500638 will open the possibility of the token reaching $0.463962.
Solana Price Analysis
Solana has been the top-performing crypto asset this week among the top ten. It’s up 32%. Its rally was fueled by news that collapsed cryptocurrency exchange FTX had staked millions of SOL tokens worth over $120 million. The digital currency is now valued at $30.03, having crossed a major resistance at $27.29 on Sunday evening. The next target for the SOL bulls is $32.78.
However, if the bears manage to drag Solana below $27.29, the token may slide to $23.50 and then to $21. If this happens, it would suggest the end of an upward momentum, and the advantage could shift to sellers.
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