Bitcoin (BTC) experienced a surprising surge above the $31,000 to $32,400 resistance zone on Oct. 23, defying expectations of consolidation or hesitation near resistance levels. Market participants are optimistic about the approval of a Bitcoin spot exchange-traded fund (ETF) and believe that prices will surge once approval is received. However, a spokesperson for the Depository Trust & Clearing Corporation (DTCC) clarified that the listing of BlackRock’s spot Bitcoin ETF does not indicate regulatory approval. Analysts anticipate a 74.1% rally in Bitcoin’s price after the launch of a Bitcoin ETF in the United States.
The recent rally in Bitcoin raises the question of whether it signifies the beginning of a sustained upward movement or if it’s time to take profits. Additionally, the behavior of altcoins in response to the strength of Bitcoin’s price is uncertain. To gain insights, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price analysis:
Bitcoin surged above the $31,000 to $32,400 resistance zone, indicating a resumption of the uptrend. The relative strength index (RSI) is in the overbought territory, which can be sustained in the initial stages of a new bull move. The important support levels to watch are $32,400 and $31,000. If the price bounces from this zone, the bulls will aim for $40,000. However, a fall below $31,000 could indicate a bull trap.
Ether price analysis:
Ether broke above the $1,746 resistance, suggesting a potential change in trend. The important level to watch on the downside is $1,746, as a rebound from this level could lead to a rise above $1,855. A break above $1,855 may open the doors for a rally to $1,900 and $2,000. On the other hand, a fall below $1,746 could extend consolidation for a longer period.
BNB price analysis:
BNB rallied above the $223 resistance but failed to clear the hurdle at $235. A break below $223 could indicate a prolonged period of consolidation between $203 and $235. However, if the price turns up from $223, it could signal strong buying on dips, improving the chances of a rally to $250 and eventually $265.
XRP price analysis:
XRP broke above the $0.56 resistance, but the long wick on the candlestick suggests that bears are trying to defend the level. If the price reaches the moving averages, it may remain within the $0.56 to $0.46 range. However, a break above $0.56 could indicate the start of a new up-move, with targets at $0.66 and $0.71.
Solana price analysis:
Solana reached the pattern target of $32.81 and has started a correction. However, the sentiment remains bullish as minor dips are being bought.