Tuesday, February 11, 2025

Bitcoin Leads Market as Bulls Surge to Breakthrough $70,000 Overhead Resistance

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Originally published on: October 14, 2024

Bitcoin has kickstarted this week on a bullish note, surpassing the crucial $65,000 resistance level with ease. This surge signals the return of the bulls, gearing up to challenge the next hurdle at $66,500.

Historically, October has been a bullish month for Bitcoin, with the recent rally on Oct. 14 pushing monthly gains to 4%. This spike has sparked hopes that the worst may be over, with analysts anticipating further momentum if Bitcoin clears the $70,000 resistance.

CoinShares’ Digital Asset Fund Flows Weekly Report on Oct. 14 revealed inflows of $419 million into Bitcoin investment products, marking a significant rise primarily influenced by the United States elections rather than monetary policy outlook.

This rally in Bitcoin has triggered a wave of buying in various altcoins striving to break through their respective resistance levels. Are we witnessing a sustained upward trend? Let’s delve into the charts for a deeper analysis.

S&P 500 Index (SPX) witnessed a surge in momentum after breaching the 20-day exponential moving average on Oct. 8.

The US Dollar Index (DXY) continued its recovery towards the 103.54 resistance level last week, with moving averages indicating bullish sentiment.

Bitcoin (BTC) saw a strong comeback following a failed attempt to break below the 20-day EMA, paving the way for a rally.

Ethereum (ETH) finally broke above moving averages, signaling an advantage for buyers.

Binance Coin (BNB) faced resistance at the 20-day EMA but managed to bounce off the 50-day SMA.

Solana (SOL) is forming a bullish ascending triangle pattern, eyeing a break above $164.

XRP is trading below moving averages but shows resilience above $0.50, signaling a potential rally.

Dogecoin (DOGE) closed above the 20-day EMA, hinting at a possible push towards the resistance line.

Toncoin (TON) has been trading near moving averages, with RSI indicating weakening bearish momentum.

Cardano (ADA) broke above moving averages, suggesting a shift in sentiment with potential for further gains.

As the market dynamics evolve, it’s crucial to stay informed and strategic in navigating the crypto landscape. Subscribe to our newsletter for exclusive insights, investment opportunities, and expert analysis to refine your trading strategies and make informed decisions. Don’t miss out on the latest market trends!

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