Originally published on: November 01, 2024
Bitcoin made a strong recovery after falling below $69,000 on Nov. 1. Solid buying pushed the price back above $70,000, signaling positive sentiment in the market. With Bitcoin inching closer to its all-time high of $73,777, sellers are expected to step in. Short-term holders sent a significant amount of Bitcoin to exchanges on Oct. 31, raising speculation about near-term price movements.
While traders assess Bitcoin’s future, long-term investors are strategically adding Bitcoin to their portfolios. MicroStrategy announced plans to raise funds to purchase more Bitcoin. Can Bitcoin break through selling pressure and reach a new all-time high? Are altcoins poised to follow Bitcoin’s lead?
Bitcoin slipped below key support levels but found strong buying support near the 20-day EMA. The current indecision between buyers and sellers is reflected in a Doji candlestick pattern on the charts. A break above $72,000 could lead Bitcoin to challenge its all-time high and rally towards $93,554.
Ethereum faced resistance near the symmetrical triangle pattern’s upper line and dropped below the 50-day SMA. The ETH/USDT pair is now testing support near the uptrend line, signaling potential for a trend change if buyers can overcome resistance at $2,850.
Binance Coin closed below the 50-day SMA but gained momentum to surpass the 20-day EMA. A break above $635 could set off a new uptrend to $722 for the BNB/USDT pair.
Solana successfully held support levels and aims to rally towards $210 if it breaks resistance at $183. XRP continues to trade below EMA levels, with potential for a relief rally to $0.64 if buyers manage to push the price upwards.
Dogecoin’s failed attempt to cross $0.18 led to profit-booking, but strong support at $0.15 suggests a bullish outlook if the pair breaks above $0.18.
TONcoin and Cardano faced selling pressure, indicating range-bound action in the near term. Avalanche breached support levels, favoring sellers, while Shiba Inu struggled to break resistance at $0.000020.
As the crypto market navigates through price fluctuations, buyers and sellers are poised for a battle for control. Stay tuned for updates on key levels and trends to inform your investment decisions. Subscribe to our newsletter for critical insights and trading strategies every Monday.
