Originally published on: September 30, 2024
Bitcoin faced selling pressure on Sept. 30, dropping below $64,000 despite its strong gains earlier in the month. Traders are optimistic about Bitcoin’s prospects in the fourth quarter, historically one of its strongest periods. The upcoming U.S. presidential election is seen as a bullish trigger due to concerns over increasing debts.
Meanwhile, altcoins like Ethereum, BNB, and Solana are also facing resistance levels, with traders closely watching key support and resistance zones. Could a sharp rally be on the horizon for Bitcoin and other cryptocurrencies in October?
The S&P 500 Index and the U.S. Dollar Index (DXY) are showing signs of hesitation, with potential corrections on the horizon. Traders are advised to keep an eye on critical support levels to gauge the market’s next move.
Bitcoin closed below $65,000 on Sept. 30, prompting profit booking by short-term traders. The crucial level to watch is the 20-day EMA, which could determine whether Bitcoin continues its upward trajectory or faces a period of consolidation.
Ethereum, BNB, Solana, XRP, DOGE, TON, and Cardano are also facing key resistance levels, with traders looking for signs of a breakout or a pullback.
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