A positive job report published by the US Bureau of Labor Statistics on Friday fueled Bitcoin to rally above the $62,034 resistance. The coin has remained above that level, indicating that the buyers aim to propel it further.
Despite BTC trading sideways in the third quarter, the New York Digital Investment Group has reported that the digital asset has been this year’s best performer.
Meanwhile, several institutional investors have continued to pour funds into Bitcoin since the start of the month. For example, Japanese investment firm Metaplanet announced on October 7th that it had bought 108 BTC at $63,603 per coin, bringing its total Bitcoin holding to 639.
As Bitcoin witnesses inflows, crypto-related products continue to lose to outflows. CoinShares reported on Monday that over $145 million has been withdrawn from crypto ETFs in the past seven days. The asset manager argues that strong economic data has minimized the probability of huge rate cuts this year, thus prompting outflows from crypto products.
That said, which key areas on the upper side should we monitor if Bitcoin remains above $62,034? Let’s study the chart to find out.
Bitcoin Price Analysis
BTC cleared the hurdle at the 20-day Exponential Moving Average of $62,367 on October 6th, rising to $62,695 at press time. This shows that the buyers are determined to make a comeback and push the coin above the $65,302 resistance. If they achieve their goal, Bitcoin could rally to $66,703 and even to $70,058.
However, if $62,367 collapses, the 50-day Simple Moving Average of $60,684 should be monitored. A break below that level could signal weakening bullish momentum, and this might cause BTC to drop below $60,172 and head to $57,639.
Ethereum Price Analysis
ETH has yet to break out of its consolidation phase ($2,300 – $2,616), suggesting indecision between market participants. However, if the bears pull the coin below $2,300, they may start a downtrend to the $2,201.34 support. This bearish view will be invalidated if Ethereum crosses and stays above $2,616. As such, it is likely that a rally to the $2,848.53 could happen.
BNB Price Analysis
BNB’s price has ranged between $461 and $634 for the past three weeks, signaling a tough battle between buyers and sellers. A minor advantage for the bulls is that the Binance Coin is priced above the 20-day Exponential Moving Average of $565.76 at press time. This enhances the prospects of a surge to $600.27 and then to $634, where the sellers are expected to mount pressure.
Alternatively, if $565.76 is violated, the bears will gain the advantage, allowing them to drag BNB to the $500.16 support and later to $461.
Solana Price Analysis
The buyers propelled SOL above the 20-day Exponential Moving Average of $145.32 on October 6th. However, the token has dropped to $144.01 at press time, suggesting a reduced demand at higher levels. Maintaining Solana below $145.32 could enable the bears to cause a move below the 50-day Simple Moving Average of $142.14 to $138.
On the other hand, if the bulls take SOL to $163.95 and defeat the bears at this level, a bullish setup will be completed, increasing the probability of a move to $207.43.
Dogecoin Price Analysis
DOGE still trades in a symmetrical triangle pattern, suggesting uncertainty among traders. However, if it breaks above the 20-day Exponential Moving Average of $0.1147, an uptrend could begin with a target of $0.1483. On the contrary, if Dogecoin plummets below $0.1004, the sellers might pull the meme coin to $0.0806 and then to $0.0694.
Toncoin Price Analysis
TON has traded below the 20-day Exponential Moving Average of $5.47 for several days. However, sellers haven’t succeeded in pulling the token’s price to the $4.78 key support, indicating that selling has declined at lower levels. However, if a drop below $5.09 happens, it would mean that bearish momentum has picked up. As such, a downtrend to $4.78 is possible. Conversely, a move to $6.04 becomes likely if the hurdle at $5.47 is crossed.
