Bitcoin plummeted below $69,000 on Friday and found support at $67,582 on Sunday. While the coin has witnessed a recovery rally in the past 24 hours, the bulls haven’t managed to keep it above $69,000, signaling massive pressure from the bears.
Analysts at Glassnode have said that selling activity will likely intensify this week amid uncertainty around the US presidential election. According to their Saturday report, short-term Bitcoin holders have sent over 54,000 coins to centralized exchanges since October 29th, indicating their intention to sell.
As short-term investors worry about the anticipated market volatility in the coming few days, long-term investors, on the other hand, are exploring ways to add more BTC to their reserves. Last week, tech giant MicroStrategy announced that it was planning to raise $42 billion within the next three years to acquire more coins.
Can Bitcoin bulls defeat the bears and cause the digital asset to enter new territories this week? Let’s find out by studying the price charts.
Bitcoin Price Analysis
As mentioned, Bitcoin bulls have failed to maintain the coin above $69,000 since November 1st. It’s currently trading at $68,452 after touching $69,362 on Monday morning. We anticipate solid buying at the 20-day Exponential Moving Average of $68,102. If that’s the case, Bitcoin could cross $69,000 and move toward the $69,776 resistance. Trading above this key level might allow BTC to surge to $72,309 and then to $73,779.30, its all-time high. While there are minimal chances for Bitcoin to set a new all-time high, if the bulls thrust the digital asset above $73,779.30, it may rally to $93,500.
On the other hand, the first sign of a weakening bullish momentum will be when $68,102 gets violated. As such, BTC could slip to the 50-day Simple Moving Average of $64,793 and later dip to $60,000.27.
Ethereum Price Analysis
The advantage has now shifted to the sellers’ side after Ethereum dropped below the 50-day Simple Moving Average of $2,586. ETH is changing hands for $2,462.51 as of this writing. A further downward move would make $2,400.18 a vital level to keep an eye on. If buying doesn’t happen there, Ethereum could move toward the $2,116.90 support. Meanwhile, strong dip-buying at $2,400.18 could allow ETH to surge above the 20-day Exponential Moving Average of $2,601.28 and rally to $2,845.33.
BNB Price Analysis
BNB has fallen below the 50-day Simple Moving Average of $579.26 at press time. What’s more, the $566.42 support level has collapsed, increasing the possibility of a dip to $550.97. If the bulls fail to buy the dip at $550.97, we may see BNB slip to $527.61.
From a positive point of view, the Binance Coin could rise to $613.02 if the buyers push its price above the 20-day Exponential Moving Average of $586.29. The sellers’ failure to exert pressure at $613.02 could fuel a further uptrend to $635.74, and a close above this level enhances the chances of a surge to $723.17.
Solana Price Analysis
The $164.05 breakout level has been broken, with the bears dragging Solana to $160.89 as of this writing. If the $160 support doesn’t attract buying, SOL could plunge to the 50-day Simple Moving Average of $151.95 and later to $143.60.
Meanwhile, the bulls must push and sustain Solana above the 20-ay Exponential Moving Average of $166.04 to regain control. In that case, SOL could grow to retest the $182.99 resistance and then rally to $200.73, where selling activity is expected to intensify.
Dogecoin Price Analysis
After enjoying a significant rally last week, Dogecoin started trending downward from the $0.18004 resistance level over the weekend. The meme coin currently trades slightly above the 20-day Exponential Moving Average of $0.15019. If the bears pull it below this level, it may head toward the 50-day Simple Moving Average of $0.12243, where dip-purchasing is expected.
Conversely, a reversal from $0.15019 could enable DOGE to rise above $0.18004 and rally to $0.21054.
