Bitcoin price hovers near $35K as ETH, APT, QNT and RUNE turn bullish
BTC price advances toward $35,000, potentially opening the door for ETH, APT, QNT and RUNE to move higher.
Hopes of approval for a spot Bitcoin (BTC) exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors.
Bloomberg senior ETF analyst Eric Balchunas highlighted in a post on X (formerly Twitter) that ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get regulatory consent in the U.S. in 2021, saw its second biggest trading week ever at $1.7 billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The sharp uptick in volume in the existing instruments shows that spot Bitcoin ETFs are likely to witness huge volumes when they see the light of the day.
When the leader starts performing, it generally lifts the entire sector. That is seen in the strong performance of altcoins, which have risen sharply from their multi-year lows.
However, after the initial rally, some altcoins will struggle to maintain their up-move while a few will lead the markets higher. It is better to stick with the leaders as they are most likely to outperform during the next crypto bull phase.
Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.
Bitcoin price analysis
Bitcoin pulled back from $35,280 on Oct. 24, indicating that higher levels are attracting selling by traders. The bears tried to start a deeper pullback on Oct. 27 but the long tail on the candlestick shows solid buying at lower levels.
Although the rising moving averages indicate advantage to buyers, the overbought levels on the relative strength index (RSI) suggest that the BTC/USDT pair may spend some more time in consolidation.
The important level to watch out for on the downside is $32,400 and then $31,000. Sellers will have to pull the price below this zone to seize control.
Conversely, if the price turns up from the current level and breaks above $35,280, it will indicate the bulls are back in the driver’s seat. The pair may then surge to the next target objective at $40,000.
The 20-EMA is gradually flattening out, indicating that the bulls are losing their grip in the near term. That could keep the pair range-bound between $35,280 and $33,200 for some time. If the bears yank the price below $33,200, the pair may tumble to $32,400.
On the contrary, if the price turns up and rallies above $35,280, it will indicate that the current consolidation was a continuation pattern. The pair could then skyrocket toward $40,000.
Ether price analysis
Ether (ETH) climbed above the $1,746 resistance on Oct. 23 and reached $1,865 on Oct. 26. This level attracted selling by short-term traders which pulled the price back toward the breakout level of $1,746.
The bulls successfully defended the retest to $1,746, indicating that the level may act as a new floor. The rising 20-day EMA ($1,693) and the RSI near the overbought zone, indicate that the bulls are in command. Buyers will then strive to push the price above $1,865. If they succeed, the ETH/USDT pair could soar to $2,000.
If bears want to prevent the upside, they will have to yank and sustain the price below $1,746. That could open the doors for a fall to the 20-day EMA.
The 20-EMA on the 4-hour chart is flattening out and the RSI is near the midpoint, indicating a range-bound action in the near term. The pair may continue to swing between $1,746 and $1,865 for some time.
If bulls kick the price above $1,812, the likelihood of a rally to the overhead resistance of $1,865 increases. On the other hand, if the price maintains below the 20-EMA, the bears will attempt to tug the pair below $1,746. If that happens, the short-term trend will turn bearish.
Aptos (APT) price analysis
Aptos (APT) rallied sharply in the past few days, indicating that the bulls are attempting to make a comeback.
The APT/USDT pair witnessed profit-booking near $7 but a minor positive is that the bulls did not give up much ground. This shows that every minor dip is being purchased. The bulls will again try to overcome the obstacle at $7. If they manage to do that, the pair may start its march toward $8.
Instead, if the price turns down from $7, it will suggest that the bears remain active at higher levels. The pair may then spend some more time inside a tight range between $7 and $6.20. A break below this support could signal the start of a deeper correction.
The pair has been finding support at the 20-EMA but the negative divergence on the RSI suggests that the bullish momentum may be slowing down. If the price breaks and sustains below the 20-EMA, it will indicate the start of a deeper correction to the 50-SMA.
This remains the key level to watch on the downside because if it cracks, the pair may slump to $5.80. On the upside, the bulls will have to thrust the price above $7.02 to indicate the start of the next leg of the recovery.
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