Hopes for Bitcoin ETF Approval Boost Bitcoin Price
The price of Bitcoin (BTC) has risen by 27% in October, thanks to hopes of approval for a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). This positive sentiment has attracted aggressive buying by crypto investors.
Bitcoin's Rise Lifts Altcoins
The strong performance of altcoins, which have risen sharply from their multi-year lows, is a reflection of Bitcoin's positive momentum. However, after the initial rally, some altcoins may struggle to maintain their upward movement while others will lead the market higher.
Bitcoin Price Analysis
Bitcoin pulled back from $35,280 on Oct. 24, but solid buying at lower levels prevented a deeper pullback. While the rising moving averages favor buyers, overbought levels on the relative strength index (RSI) suggest that Bitcoin may consolidate for some time.
Ether Price Analysis
Ether (ETH) climbed above the $1,746 resistance level on Oct. 23, but selling pressure brought the price back to the breakout level. The bulls defended the retest, indicating that $1,746 may act as a new support level. The rising 20-day EMA and the overbought RSI suggest that the bulls are in control, with a potential surge to $2,000.
Aptos Price Analysis
Aptos (APT) has rallied sharply, with minor dips being bought by the bulls. The obstacle at $7 may determine the next move for the APT/USDT pair. If the bulls overcome this level, the pair could march towards $8. On the other hand, a break below the support level of $6.20 could indicate a deeper correction.
Quant Price Analysis
Quant (QNT) rose above the breakdown level of $95, signaling a potential trend change. However, short-term profit booking may pull the price down to the downtrend line. A drop below this level may suggest a bull trap, while a bounce back would indicate support at the downtrend line. Clearing the hurdle at $110 would resume the rally.
THORChain Price Analysis
THORChain (RUNE) completed a bullish inverse head and shoulders pattern, with both moving averages sloping up and the RSI in the overbought zone. However, a minor correction or consolidation may be expected in the short term. Sustaining the price above $2 would improve the prospects of a rally to $3.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
