Originally published on: October 28, 2024
Bitcoin has kicked off the week on a high note, breaking above the $69,000 resistance level and confirming the continuation of its upward trend. Analysts attribute this bullish performance to significant buying activity in Bitcoin exchange-traded funds in the United States, with $3 billion in inflows recorded over the past two weeks.
Looking ahead, the upcoming US elections and the Federal Reserve’s rate decision in November are expected to further influence the cryptocurrency market. Furthermore, data shows that Bitcoin whales are actively accumulating more of the digital asset during periods of sideways price movement.
The S&P 500 Index, on the other hand, is navigating a corrective phase while managing to hold above key support levels. A break above resistance at 5,879 could trigger a renewed uptrend, potentially pushing the index towards 6,221. Conversely, a drop below support at 5,670 may signal a deeper correction.
Meanwhile, the US Dollar Index is showing signs of fatigue near overhead resistance at 104.80, with support at 103.93. A bounce off the 20-day EMA could pave the way for a rally towards 106, while a breach of the 20-day EMA may lead to a decline to 102.36.
Bitcoin’s price action is steadily climbing towards $70,000, supported by positive indicators on the charts. The cryptocurrency’s next target could be $72,000, with the $70,000 level expected to pose a temporary obstacle.
Ethereum, Binance Coin, Solana, XRP, Dogecoin, TON, and Cardano are among the altcoins showing mixed price movements, with various support and resistance levels to watch for potential trading opportunities.
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