Bitcoin Price Approaches $35K as Ethereum, APT, Quant, and THORChain Show Bullish Signs
Recent developments surrounding a potential Bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) have resulted in a 27% increase in Bitcoin’s price in October. This positive sentiment has attracted aggressive buying from crypto investors.
The success of the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to receive regulatory consent in the U.S. this year, is evident from its second largest trading week ever at $1.7 billion. Likewise, the Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. These high trading volumes in existing instruments indicate the potential for massive volumes once spot Bitcoin ETFs are approved.
When Bitcoin rallies, it typically has a positive impact on the entire cryptocurrency market. This can be seen in the strong performance of altcoins, many of which have rebounded significantly from their multi-year lows.
However, not all altcoins will be able to sustain their upward momentum, while some will lead the market higher. It is advisable to focus on the leading cryptocurrencies as they are more likely to outperform during the next bull phase in crypto.
Bitcoin Price Analysis
Bitcoin recently retraced from $35,280, indicating that sellers are active at higher levels. However, the long tail on the candlestick chart shows strong buying support at lower levels, preventing a deeper pullback.
The rising moving averages favor buyers, but the overbought levels on the relative strength index (RSI) suggest a potential consolidation phase for the BTC/USDT pair. Key support levels to monitor on the downside are $32,400 and $31,000. A break below this zone would signal a shift in control to sellers.
The gradual flattening of the 20-day exponential moving average (EMA) indicates a weakening grip of the bulls in the near term. This could keep the pair within a range between $35,280 and $33,200 for some time. A drop below $33,200 might lead to a further decline towards $32,400. On the other hand, a break above $35,280 would signal the resumption of the bullish trend, with the next target at $40,000.
Ethereum Price Analysis
Ethereum broke above the resistance level at $1,746 and reached $1,865 before facing selling pressure from short-term traders. The price retraced towards the breakout level, but buyers defended the support at $1,746, indicating its potential as a new price floor.
The rising 20-day EMA and the RSI nearing the overbought zone suggest that bulls are in control of the Ethereum market. If buyers manage to push the price above $1,865, the ETH/USDT pair could rally towards $2,000.
The 4-hour chart indicates a range-bound market in the near term, with the price swinging between $1,746 and $1,865. A sustained breakthrough above $1,812 would increase the likelihood of a rally towards the overhead resistance level. Conversely, a drop below the 20-day EMA may turn the short-term trend bearish.
APT Price Analysis
Aptos (APT) has recently experienced a sharp rally, suggesting a potential comeback by the bulls.
The APT/USDT pair faced profit-taking near $7, but the bulls held their ground, signaling strong buying support. If the bulls can overcome the resistance at $7, the pair may extend its rally towards $8. However, a rejection at $7 could result in a consolidation phase between $7 and $6.20, with a break below support potentially leading to a deeper correction.
The pair has consistently found support at the 20-day EMA, but a negative divergence on the RSI suggests a potential weakening of bullish momentum. If the price breaks below the 20-EMA, a deeper correction to the 50-SMA could be expected. On the upside, a successful breakthrough above $7.02 would indicate a resumption of the recovery.
Quant Price Analysis
Quant (QNT) recently surpassed the significant resistance level at $95, demonstrating a rejection of lower levels. The price also broke above the downtrend line, signaling a potential trend reversal.
Short-term bullish sentiment has resulted in some profit-taking, which may push the price back down to the downtrend line. A decisive drop below this line could suggest a bull trap. On the other hand, a rebound from the downtrend line would indicate that it has turned into a support level. If the price clears the hurdle at $110, it may rally towards $120 and $128.
The 4-hour chart suggests that the QNT/USDT pair is facing selling pressure near $108, as short-term traders book profits. A break below $103 could lead to a drop towards $100. However, if the price remains above the 20-EMA, it indicates ongoing buying interest. Bulls will look to clear the $110 hurdle for a strong move upward.
THORChain Price Analysis
THORChain (RUNE) recently broke and closed above the resistance level at $2, completing a bullish inverse head and shoulders pattern.
Both moving averages are trending upward, and the RSI is in the overbought zone, indicating the ongoing dominance of bulls. However, a minor correction or consolidation may occur in the short term. If the price holds steady near current levels, it strengthens the chances of a rally towards $3 and potentially higher. On the other hand, sustained price levels below $2 could hinder the bullish trend.
Although the bulls have consistently bought dips to the 20-EMA, the negative divergence on the RSI suggests a potential weakening of the bullish momentum. If the price drops below the 20-EMA, short-term traders may take profit, causing the price to fall towards the 50-SMA. A rebound from the 20-EMA, however, would confirm positive sentiment and signal a push above $2.57.
This article is not financial advice. Readers should conduct their own research and analysis before making any investment decisions.
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