Earlier this week, Bitcoin broke above the $32,267 resistance to touch levels it hadn’t seen in over a year. The move surprised many as they thought the coin would consolidate and reverse from the mark, given that the bears have been protecting it for months now.
Crypto traders and investors are bullish due to the growing expectation that the United States Security and Exchange Commission will approve a Bitcoin spot ETF soon. On Thursday, ETF expert Eric Balchunas wrote on X that BlackRock’s Bitcoin spot ETF listing on the DTCC (Depository Trust and Clearing Corporation) was part of the process of introducing the ETF to the US market.
However, DTCC said earlier today that the asset manager’s ETF was listed in August and doesn’t signal that regulatory approval from the Securities and Exchange Commission is imminent. Despite the clarification, Bitcoin fans have continued to accumulate the asset as they are optimistic that a rally will happen once an ETF gets approved.
Now, let’s study some price charts to determine which direction Bitcoin and other crypto assets are likely to head in the short term.
Bitcoin Price Analysis
Bitcoin briefly hit $35,000 on Wednesday, a price it hadn’t seen in 16 months. The coin then dropped to $33,567 on Friday. The Relative Strength Index is at 58.39, meaning the bulls still have the upper hand. If they can maintain BTC above $32,267, they have a shot at thrusting the coin above $35,000 for a rally to $39,878 or even to $40,573.
Conversely, Bitcoin might slide to the 20-day Exponential Moving Average (EMA) of 29,564 if $32,267 crumbles.
Ethereum Price Analysis
Since October 25, ETH bulls have sustained the digital asset’s price above the $1,749.11 resistance level, signaling a bullish momentum. Their next target is to get Ethereum to retest $1,854.03. Overcoming bears’ pressure at this level will boost the chance of a rally to $1,899.83 and then to $2,078. However, if ETH reverses and drops below $1,749.11, its price may deepen further to the $1,653.92 support level.
BNB Price Analysis
Despite BNB rallying above the $223.07 resistance level, the buyers couldn’t maintain the bullish momentum to clear the barrier at $234.84. However, the positive sign is that the 20-day Exponential Moving Average is turning up, and the Relative Strength Index is near the positive zone, suggesting an advantage to the bulls. If more buying pressure is applied now, BNB may rise to hit $234.84 and later $252.01.
XRP Price Analysis
Once again, the buying pressure hasn’t been enough for XRP to clear the hurdle at $0.579022. The bears have guarded this level for nearly two months. However, if the buyers defeat sellers at $0.579022, it would be possible for XRP to touch $0.670021 or even $0.718309. On the other hand, the possibility of a drop to $0.478639 might increase if the digital currency gets dragged below the 20-day EMA of $0.518140.
Chainlink Price Analysis
LINK becomes this week’s top gainer among the leading 20 crypto assets after growing by 44%. The token has now crossed the $9.60 major resistance level, making $13.37 an achievable target. Moreover, if it reaches here and manages to break the barrier, Chainlink could touch $15.02. Conversely, a pull below $9.60 would signal the return of the bears, who may tug Chainlink to the 50-day Simple Moving Average (SMA) of $7.38.
Polygon Price Analysis
MATIC hasn’t dropped below the $0.605218 resistance since crossing above that level in midweek. And with the 20-day EMA beginning to turn up, an upward movement looks more likely. If the digital asset does head up, it will encounter a barrier at $0.716394. Clearing it will allow a further upward move to $0.802855.
On the negative side, letting $0.605218 crack might result in a drop to the 50-day SMA of $0.532045.
Solana Price Analysis
SOL is the second-best performing crypto asset among the top 20 this week. Crossing above $27.63 on Tuesday indicated a change of character and the start of a bullish momentum. Solana trades at $31.96. Intense buying activity might drive the token to $38.
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