Originally published on: October 28, 2024
Bitcoin’s positive start to the week is a clear indication of the ongoing uptrend, with the price surpassing the $69,000 resistance level. The influx of $3 billion into Bitcoin exchange-traded funds in the US has contributed to this impressive performance. Analysts predict that the upcoming US elections and the Federal Reserve’s rate decision will further impact the cryptocurrency market in November.
As Bitcoin whales continue to accumulate, altcoins also show potential for growth. The S&P 500 Index remains positive as long as it stays above the uptrend line, signaling a potential rally towards 6,000. The US Dollar Index’s rally appears to be losing steam near resistance, with key support levels at 103.93 and 103.25.
Bitcoin’s gradual climb towards $70,000 indicates strong demand, with a potential push towards $72,000. Ether, on the other hand, faces resistance at $2,850, while BNB aims for $722. Solana is challenging the $179 barrier, and XRP must stay above $0.55 to signal reduced selling pressure. Dogecoin is eyeing $0.18, while TON struggles to breach moving averages. Cardano shows signs of bearish pressure but could rally to $0.40 with a strong rebound from support levels.
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