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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis: Will Bitcoin’s Near-Term Support Hold? Could Altcoins Start a Recovery?
Oct 24, 2024 at 03:05 am
Bitcoin (BTC) has returned to the 20-day exponential moving average ($65,526), an essential near-term support to watch out for.
Bitcoin’s BTC price recovery attempt on Oct. 22 faced strong selling pressure from the bears, pulling the price near $66,000 on Oct. 23. Bitcoin’s pullback led to net outflows of $79.1 million from United States-based Bitcoin exchange-traded funds on Oct. 22. It was the first net negative inflow since Oct. 10, according to Farside Investors data.
Despite the near-term correction, analysts are optimistic about a Bitcoin rally after the US Presidential election. FalconX head of research David Lawant told Bloomberg that Bitcoin was “likely to perform well” irrespective of the election outcome.
Veteran investor Paul Tudor Jones told CNBC that he had “some basket of gold, Bitcoin, commodities and Nasdaq [technology stocks]” as after the US elections “all roads lead to inflation.”
Will Bitcoin’s near-term support hold? Could altcoins start a recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has returned to the 20-day exponential moving average ($65,526), a crucial near-term support to watch out for.
BTC/USDT daily chart. Source: TradingViewA strong rebound off the 20-day EMA will indicate aggressive buying on dips, signaling a bullish sentiment. Buyers will then make one more attempt to drive the BTC/USDT pair above $70,000. If they can pull it off, the rally could stretch to $72,000. Sellers are expected to pose a strong challenge in the $72,000 to $73,777 zone.
On the downside, a break and close below the 20-day EMA will weaken the positive momentum. The pair may then slump to the 50-day simple moving average ($62,295). That will indicate continued range-bound action for a few more days.
Ether price analysis
Ether ETH price re-entered the symmetrical triangle on Oct. 22, indicating that the markets had rejected the breakout.
ETH/USDT daily chart. Source: TradingViewSelling accelerated on Oct. 23, and the price broke below the 20-day EMA ($2,568). There is minor support at the 50-day SMA ($2,487), but if the level fails to hold, the ETH/USDT pair could drop to $2,400 and then $2,330.
Contrary to this assumption, if the price rebounds off the 50-day SMA, it will suggest demand at lower levels. The bulls will again try to drive the price to $2,850, which is likely to behave as a strong barrier.
BNB price analysis
BNB price dipped below the 20-day EMA ($585), which is an important support to watch out for in the near term.
BNB/USDT daily chart. Source: TradingViewIf the price stays above the 20-day EMA on a closing basis, it will indicate that the bulls are defending the level. That will increase the likelihood of a rally to the overhead resistance of $635, which is likely to act as a formidable barrier.
Instead, if the price closes below the 20-day EMA, it will suggest that the bulls are booking profits. The BNB/USDT pair may then slide to the 50-day SMA ($565) and later to the solid support at $527. Such a move will suggest that the pair extends its stay inside the $460 to $635 range.
Solana price analysis
Solana price has been sustaining above the breakout level of $164, but the bulls are struggling to start a rally. The failure to push the price above $172 may strengthen the bears.
SOL/USDT daily chart. Source: TradingViewSellers will then try to pull the price back into the triangle and trap the aggressive bulls. If that happens, the SOL/USDT pair could slide to the 20-day EMA ($155). If the price rebounds off the 20-day EMA, the bulls will again try to start the up move by pushing the pair above $172. If they succeed, the pair may rally to $189.
Conversely, if the price breaks below the 20-day EMA, the bears will try to drag the pair to the uptrend line.
XRP price analysis
XRP price broke below the uptrend line on Oct. 22, indicating that the bears are trying to seize control.
XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair could decline to the strong support at $0.50. This is an important level for the bulls
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