The crypto market has witnessed mixed price actions over the past few sessions, leading to considerable investor speculation. Bitcoin (BTC) continued to trade below $61,000 and registered a marginal drop over the past 24 hours. The price had briefly dipped below $60,000 once again late on Friday, dropping as low as $58,930 before recovering and pushing back above $60,000.
While BTC traded in the red, Ethereum (ETH) registered a marginal increase, along with Solana (SOL), which managed to reclaim the $140 price level. Ripple (XRP) and Toncoin (TON) are also trading in positive territory, up by 1.22% and 0.70%, respectively. The overall crypto market cap reported a marginal increase of 0.03% and is currently at $2.12 trillion.
Analysts Hint At $70,000 For Bitcoin (BTC)
Bitcoin (BTC) slumped below $59,000 late on Thursday, with momentum weakening after a relatively strong start to October. Momentum weakened after the release of the US inflation report on October 10. The US Bureau of Labor Statistics reported a 2.4% increase in the Consumer Price Index (CPI) numbers for September 2024, while core inflation stood at 3.3%. According to the September CPI numbers, the inflation crisis is over, with very few market indicators presenting a resurgence of high inflation.
This gives the Federal Reserve room to cut interest rates once again during the next FOMC meeting. This is because the 2.4% inflation growth is higher than the anticipated 2.3% forecast which was initially anticipated. It also indicates that despite a rate cut last month, the Federal Reserve is some way off its target of below 2% inflation. However, with inflation cooling, strategic investors anticipate an increase in the demand for BTC, triggering a bullish price reversal.
Binance Plans To Delist Four Major Pairs
Binance has announced it is removing four major spot trading pairs, APE/ETH, ATOM/BNB, BAL/BTC, and BNB/DAI, after a review of the exchange’s review of listed pairs. The delisting will come into effect on October 11, 2024. Binance will also terminate spot trading bot services for the listed pairs on the date above. The platform has urged traders to terminate their bots to prevent any losses. In a separate announcement, Binance stated it was adding support for the BNSOL token. Open trading for the BNSOL/SOL token began on October 10.
HBO Comes Under Fire For Controversial Satoshi Nakamoto Documentary
HBO has come under fire after the release of the much-discussed documentary on the identity of Satoshi Nakamoto. The documentary alleged that prominent Bitcoin developer Peter Todd is Satoshi Nakamoto, an allegation that Todd has denied vehemently. Todd was also critical of the documentary makers and HBO, stating they had endangered his life with the documentary’s release.
The Bitcoin community was also highly skeptical of the documentary, believing it did not present compelling arguments or evidence to support the claim that Peter Todd is Satoshi Nakamoto. The documentary pointed to Todd’s interactions on the BitcoinTalk Forum and email discussions with Hal Finney. However, Todd’s role in those discussions was misrepresented. The documentary also linked Todd to a mysterious figure, John Dillon, and suggested that he used this persona to implement a controversial Bitcoin upgrade.
Massive Movement Of BTC From Major US Exchange
Whale Alert has reported that the cryptocurrency exchange Kraken reported a considerable withdrawal of 2,924 BTC, valued at just under $183 million. The withdrawal was completed in three transactions, with the BTC sent to an unknown destination. Following the BTC transactions, $60 million worth of USDT was transferred from Kraken to Bitfinex.
While such withdrawals have occurred several times, this time, the destination of the withdrawn BTC is unclear. One possibility is that the transfer is an internal move by Kraken. On the other hand, many have interpreted the withdrawals as a bullish signal and hope they can positively influence the market.
Bitcoin (BTC) Price Analysis
As seen in the price chart, Bitcoin (BTC) is having a relatively muted October, with the world’s largest cryptocurrency struggling to stay above the $60,000 mark. BTC has seen a dip of around 0.50% over the past 24 hours, dropping below $59,000 for a brief period before climbing back above $60,000. Meanwhile, spot Bitcoin ETFs reported around $120 million worth of outflows, further putting pressure on the asset’s price. The overall BTC dominance also reported a drop of 0.17%, with its market cap at $1.2 trillion. According to Edul Patel, the CEO of Mudrex, BTC is facing considerable selling pressure due to institutional outflows and increased political uncertainty.
“Bitcoin is facing selling pressure. The downturn is due to increased institutional outflows. Political uncertainty ahead of the US elections is also adding to investor caution.”
Looking at the price chart, we can see that BTC made a strong recovery on Friday after rebounding from the 50-day SMA. It eventually settled at $62,104 after an increase of 2.14%. After a marginal drop on Saturday, BTC was back in the green on Sunday, rising by 1.19% and settling at $62,813. BTC attempted to push above the 200-day SMA and move to $65,000 on Monday, initially rising to a day high of $64,487. However, buyers lost momentum at upper levels, allowing sellers to retake control. BTC eventually fell back below the 20 and 200-day SMAs and settled at $62,253 after a drop of 0.89%.
Source: TradingView
BTC remained in the red on Tuesday, dropping marginally after another failed attempt to push above the 200-day SMA. Selling pressure intensified on Wednesday, with BTC dropping by 2.50%, slipping below the 50-day SMA and settling at $60,628. The price fell below the $60,000 support level on Thursday as sellers dragged BTC to a day low of $58,925. However, the price recovered from its day low to climb back above $60,000 and settle at $60,312. However, it was unable to go beyond the 50-day SMA. The current session sees BTC up by 0.70% as buyers look to push the price back above $61,000 and the 50-day SMA.
Despite BTC’s recent price struggles, analysts are optimistic about an October rally. They have also raised the likelihood of a rate cut following the November 7 meeting to 86%, believing that BTC could be on the verge of another double-digit rally following the FOMC meeting.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has continued recovering after its drop to $2,311 on Thursday. Friday saw a sharp increase of almost 3%, pushing ETH back above $2,400 to $2,415. The weekend began with a marginal decline on Saturday, but the price recovered on Sunday as ETH rose by 1.06%, moved to $2,440, and ended the previous week positively. However, bearish sentiment returned on Monday after a failed attempt to go above $2,500. ETH initially reached a day high of $2,519, going above the 50-day SMA. However, it could not sustain bullish momentum in the face of sustained selling pressure and fell back below the 50-day SMA, eventually settling at $2,422 after a drop of 0.74%.
Source: TradingView
ETH recovered on Tuesday but could not move above $2,500, eventually settling at $2,440 after an increase of 0.75%. Selling pressure intensified on Wednesday as ETH fell by almost 3%, going below $2,400 and settling at $2,369. ETH experienced volatility on Thursday as sellers attempted to drag the price below $2,300 while buyers attempted to reclaim the $2,400 level. Buyers eventually gained the upper hand but could not push ETH above $2,400. Instead, it settled at $2,384 after an increase of 0.65%. The current session sees ETH back above $2,400, with the price up by just under 1%.
If Ethereum bulls can build momentum, ETH could make another attempt to push above $2,500. However, for any positive sentiment to materialize, they must keep ETH above $2,400. If ETH dips below $2,400, it means sellers have regained the upper hand.
Solana (SOL) Price Analysis
Solana (SOL) pushed back above $140 as it looks to reverse the recent bearish trend and climb above the $150 price level. SOL had dipped to a low of $133 on Thursday but quickly recovered, registering an increase of 4.63% on Friday to push back above the 50-day SMA and settle at $143. After a marginal drop on Saturday, SOL registered an increase of almost 3% on Sunday to end the weekend at $146, just below the 20-day SMA. SOL attempted to push above the 20-day SMA and $150 on Monday, rising to a day high of $152. However, it quickly lost momentum and fell back, dropping by 2.57% to settle at $143.
Source: TradingView
The price continued to drop on Tuesday, falling by 0.34% to $143. Wednesday saw selling pressure intensify as SOL dipped below the 50-day SMA and $140 after a drop of 2.96% and settled at $139. Volatility increased on Thursday as sellers attempted to drag SOL below $130 while buyers attempted to reclaim $140. Ultimately, SOL registered only a marginal drop and remained at $139. The current session sees SOL up by 1.63%, having reclaimed the $140 price level and trading at $141. Buyers are now looking to push SOL above the 50-day SMA.
If buyers can push above the moving average, a move to $150 could be possible. On the other hand, if sellers retake control and push SOL below $140, the price could drop to the $130 support level.
Ripple (XRP) Price Analysis
Ripple (XRP) is still struggling to push above the 200-day SMA, as it continues to trade sideways in a narrow range between $0.52 and $0.55. XRP ended the weekend on a positive note despite a highly bearish week, registering an increase of 0.74% to settle at $0.533. Buyers attempted to push above the 200-day SMA on Monday as XRP rose to a day high of $0.546. However, buyers lost momentum in the face of intense selling pressure, and XRP fell back into the red, eventually dropping by 0.94% and settling at $0.528.
Source: TradingView
XRP recovered on Tuesday despite experiencing volatility, registering a 0.47% increase to push to $0.530. However, it was back in the red on Wednesday, dropping by 1.39% and settling at $0.523. Buyers attempted to go above the 200-day SMA on Thursday as XRP rose to a day high of $0.544. Despite strong bullish momentum, XRP could not push above the 200-day SMA and fell back, eventually settling at $0.529 after an increase of 1.22%. The current session sees XRP up by 1.55% and trading around the $0.538 mark as buyers look to make another attempt to push above the 200-day SMA.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is looking to recover after failing to push above the 20-day SMA over the weekend. DOGE was quite bullish leading up to the weekend, and by Sunday, it had risen to $0.111, reaching a level of significant resistance thanks to the 20-day SMA. Buyers attempted to push higher on Monday, reaching a day high of $0.115. However, they were unable to sustain momentum and fell back into the red, dropping back below the 20-day SMA. DOGE eventually settled at $0.108 after a drop of 2.70%. Selling pressure persisted on Tuesday as DOGE dropped by 1.29% and settled at $0.106.
Source: TradingView
DOGE recovered on Wednesday as buyers pushed it to a day high of $0.112. Once again, it could not push above the 20-day SMA and fell back from the moving average. Despite the selling pressure, DOGE registered an increase of 0.94% and settled at $0.107. Bearish sentiment returned on Thursday as sellers dragged DOGE below its support level to a low of $0.102. However, buyers were able to prop the price back above $0.105 and the 50-day SMA, with DOGE ending the day at $0.106 after a decline of 1.67%. The current session sees DOGE up by almost 2% and trading around the $0.108 mark.
Bittensor (TAO) Price Analysis
Bittensor (TAO) hopes to close the week on a positive note after spending most of it in the red after failing to stay above $650. TAO began the current week with a strong push towards the $700 level. However, it fell back thanks to strong selling pressure, allowing sellers to take over. As a result, TAO dropped by 3.90% and settled at $609. Buyers attempted a recovery on Tuesday as TAO rose to a high of $645. However, once again, sellers took control, and TAO fell back into the red, registering a marginal drop to settle at $605.
Source: TradingView
Selling pressure intensified on Wednesday as TAO slipped below $600 after a drop of almost 6% and settled at $570. Thursday saw TAO experience considerable volatility as buyers attempted to recover and move back above $600 while sellers attempted to yank the price below the 20-day SMA. Eventually, sellers were able to push TAO down by 1.37% to $562, but buyers kept it above the 20-day SMA and $550. The current session sees TAO up by almost 5% as buyers look to push above $600.
If TAO can push above $600, it means bulls have the upper hand, and a move to $650 and $700 could materialize. However, if sellers regain control, they will look to drive TAO below the 20-day SMA. In such a scenario, TAO could drop to $500.
Fantom (FTM) Price Analysis
Fantom (FTM) is facing considerable resistance around $0.70, as buyers look to reverse the recent bearish sentiment plaguing the altcoin. FTM was quite bearish last week, and by Thursday, it had dipped below the 20 and 200-day SMAs to $0.60. It recovered on Friday, rising to $0.63 after an increase of 4.08%, but could not move past the 200-day SMA and fell back into the red on Saturday, dropping by 3.54% to $0.60. FTM made a strong recovery on Sunday, rising by almost 8% to surge past the 200-day SMA to $0.65. However, it was unable to move past the 20-day SMA.
Source: TradingView
It moved past the moving average on Monday after a highly volatile session, which saw FTM reach a day high of $0.69 before settling at $0.66 after an increase of 0.85%. The price continued to rise on Wednesday, increasing by 2.49% to move to $0.67. Buyers attempted to push above $0.70 on Wednesday as FTM reached a day high of $0.71. However, with strong selling pressure at this level, FTM fell back into the red, dropping by 2.42% to $0.66. Thursday saw yet another attempt to push above $0.70, as FTM reached a day high of $0.70. Once again, sellers assumed control after buyers lost momentum. This time, FTM fell below the 20-day SMA after a drop of 4.51% and settled at $0.63. The current session sees FTM up by 2.55% and trading around the $0.64 level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
