Originally published on: November 01, 2024
Bitcoin took a brief dip below $69,000 on November 1st, but a surge of buying power quickly pushed it back above $70,000, signaling positive market sentiment. As the flagship cryptocurrency inches closer to its record high of $73,777, traders are keeping a close eye on potential selling pressure.
According to data from Glassnode, short-term holders have been sending significant amounts of Bitcoin to exchanges, suggesting a cautious approach from some investors. However, MicroStrategy’s recent announcement of plans to raise $21 billion for more Bitcoin purchases indicates long-term investors are still bullish on the digital asset.
But can Bitcoin withstand selling pressure and reach new highs? And will altcoins follow suit? Let’s dive into the top 10 cryptocurrencies to uncover potential price movements.
Bitcoin recently dipped below the $72,000 support level, testing the 20-day exponential moving average. The formation of a Doji candlestick suggests a tug-of-war between buyers and sellers. If Bitcoin clears the $72,000 hurdle, it could target the all-time high and beyond.
Ethereum faced resistance near its symmetrical triangle pattern but remains supported near the uptrend line. Breaking above the 20-day EMA could signal a bullish trend change, while a drop below the uptrend line may lead to further downside.
Binance Coin bounced off the 50-day SMA, eyeing a move towards $635 if it clears the 20-day EMA. However, a sharp downturn could pave the way for a decline to $550.
Solana managed to maintain the $164 level, pointing to bullish momentum. If it breaks above $183, the next targets could be $189 and $210.
XRP struggles below the 20-day EMA, with buyers aiming for a rally towards $0.64. A rejection could lead to a pullback to $0.46.
Dogecoin shows promise after retesting the $0.15 level as support, potentially targeting $0.18 and $0.21.
TON faces a critical moment near the $4.44 to $4.72 support zone, with a potential head-and-shoulders pattern forming if bears take control.
Cardano remains range-bound, with $0.40 acting as a key resistance level. A break above could trigger a rally, while a drop below $0.31 may indicate further downside.
Avalanche slipped below a symmetrical triangle pattern, with sellers eyeing a move towards $22.79 and $20.50.
Shiba Inu struggles near the $0.000020 resistance, with the 50-day SMA crucial for support. A breakout above $0.000020 may lead to further gains.
As the market navigates uncertain waters, monitoring key levels and patterns could provide valuable insights for traders and investors. Stay tuned for more price analyses and market updates.
