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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis for October 22: Bulls Eyeing a Break Above $70K
Oct 21, 2024 at 02:01 am
Bitcoin (BTC) has risen roughly 9% this week, indicating solid buying by the bulls. The up move is facing resistance near $69,000 but the bulls are not exiting their positions in a hurry.
Bitcoin price analysis: BTC bulls anticipate another leg up as key approval nears
Bitcoin BTC price has risen roughly 9% this week, indicating solid buying by the bulls. The up move is facing resistance near $69,000 but the bulls are not exiting their positions in a hurry. That suggests the buyers anticipate the rally to extend further.
Trading firm QCP Capital told its Telegram channel subscribers that the rising United States equities markets and a weakening trend in the Japanese yen are likely to boost risk-on sentiment leading to the US elections. That “will propel risk assets higher and support our Uptober narrative,” the firm added.
Crypto market data daily view. Source: Coin360
The United States Securities and Exchange Commission’s approval for listing options for Bitcoin exchange-traded funds by the New York Stock Exchange and the Chicago Board Options Exchange is another positive for Bitcoin. Analysts believe the introduction of options will boost liquidity in the Bitcoin markets.
Bitcoin’s strength has attracted buying in the major altcoins, which are showing signs of breaking out. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis: BTC bulls defend key support as key approval nears
Bitcoin is facing resistance as it nears the psychological resistance of $70,000, but a positive sign is that the bulls have not given up much ground.
BTC/USDT daily chart. Source: TradingView
The upsloping 20-day exponential moving average ($65,010) and the relative strength index (RSI) near the overbought zone suggest that the bulls have the edge. If buyers drive the price above $70,000, the next stop could be $72,000. The bears are expected to fiercely defend the zone between $70,000 and $73,777.
If bears want to make a comeback, they will have to swiftly pull the price below $66,500 and then the 20-day EMA. If they do that, the BTC/USDT pair may plummet to the 50-day simple moving average ($61,749).
BTC/USDT 4-hour chart. Source: TradingView
The RSI on the 4-hour chart shows a negative divergence, indicating that the bullish momentum is weakening. A break and close below the 20-EMA will signal profit booking by short-term traders. The pair may then drop to the 50-SMA.
Contrarily, if the price continues higher and breaks above $69,000, it will indicate that the sentiment remains positive, and the bulls are buying on dips. The pair may reach $70,000 and subsequently $72,000.
Ether price analysis: ETH bulls to face stiff resistance at $2,850
Ether ETH broke out of the symmetrical triangle pattern on Oct. 20, indicating that the bulls have overpowered the bears.
ETH/USDT daily chart. Source: TradingView
The ETH/USDT pair could rise to $2,850, which may again act as a solid resistance. If the price turns down from $2,850 but rebounds off the breakout level from the triangle, it will signal a change in sentiment from selling on rallies to buying on dips. The bulls will then attempt to kick the price above $2,850. If they succeed, the pair may rally toward $3,400.
This optimistic view will be negated in the near term if the price turns down sharply and breaks below the 20-day EMA ($2,553). That may keep the pair inside the triangle for a few more days.
ETH/USDT 4-hour chart. Source: TradingView
The price squeeze near the resistance line resolved with an upside breakout, signaling that the bulls are in command. Buyers will try to push the pair to $2,850, where the bears are expected to pose a strong challenge.
The moving averages are the crucial support to watch on the downside. A break and close below the moving averages suggest that the bullish momentum is weakening. The pair may drop to $2,550 and then to $2,450.
Solana price analysis: SOL bulls face overhead resistance at $164
Solana SOL is nearing the overhead resistance of $164, which is an important level for the bears to defend.
SOL/USDT daily chart. Source: TradingView
If they fail in their endeavor, the SOL/USDT pair will complete a bullish ascending triangle pattern on a close above $164. That will clear the path for a possible rally to $189 and thereafter to $210.
If the price turns down from $164 but finds support at
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- Craig Wright's Lawsuit Against Bitcoin Core Developers: A Cultural Battle Within Cryptocurrency
- Oct 21, 2024 at 08:45 am
- Australian computer scientist Craig Wright has filed a lawsuit against Bitcoin Core developers in London's High Court of Chancery. This latest legal effort is Wright's attempt to assert that Bitcoin SV (BSV), a variant of Bitcoin he champions, represents the true version of the cryptocurrency originally envisioned by its mysterious creator, Satoshi Nakamoto.
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- Bitcoin (BTC) Maintains Position Above $68,000 as Altcoins Register Gains
- Oct 21, 2024 at 08:35 am
- The cryptocurrency market is showing signs of stability today, with Bitcoin (BTC) maintaining its position above the $68,000 mark. This steady performance is a welcome change for many investors, especially as altcoins such as Ethereum (ETH) and Solana (SOL) also register gains.
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- Prime Minister States Russia Will Create a National Domestic Payment System
- Oct 21, 2024 at 08:35 am
- Russia is embarking on a mission to achieve independence from the current financial institutions. At the Moscow Financial Forum, Prime Minister Mikhail Mishustin highlighted this system is the only opportunity for Russia to reach a fair principles-based international trade platform.