After touching the $69,500 level earlier this week, Bitcoin has dropped below the $66,900 support at press time. However, the latest downtrend hasn’t kept investors away from crypto. Farside Investors says American investors have poured over $300 million into Bitcoin spot Exchange-Traded Funds (ETFs) since the start of the week.
Bitcoin has traded in a range for quite some time. It now needs a significant trigger to cause a breakout and a massive rally. Experts anticipate that next month’s US election could be the much-needed catalyst to push the coin to new territories. They believe a win for the Republican candidate Donald Trump could drive BTC to $100,000 before 2024 ends.
Meanwhile, popular crypto analyst on X, Emperor, has advised their followers to wait for BTC to hit $62,000 before opening buy positions, arguing that bearish momentum has picked up after the coin fell below $67,000.
With that said, let’s find out what support and resistance levels we need to monitor in the next few days.
Bitcoin Price Analysis
Bitcoin’s failure to retest the $70,027 barrier has fueled a downtrend to $66,692 as of this writing. The drop suggests strong sellers’ presence at higher prices. If profit-booking continues, the $65,105 support will be key to watch out for. A drop below that level could signal a move to the 50-day Simple Moving Average of $62,152.
On the other hand, a rebound from $65,105 will indicate buyers’ determination to retain their advantage. As such, BTC could cross $69,500 and rally to $72,084, where analysts anticipate a massive barrier mounted by the sellers.
Ethereum Price Analysis
The breakout from the symmetrical triangle on October 20th turned out fake after ETH dropped below $2,601.04. Nonetheless, the coin trades above the 20-day Exponential Moving Average of $2,576, meaning the bulls will likely make a second attempt to cause a breakout. If this happens, bullish momentum could accelerate, prompting a rally to $2,849.16.
Conversely, the likelihood of a price correction to the 50-day Simple Moving Average of $2,481 could increase significantly if the bulls let the bears drag and keep Ethereum below $2,576.
BNB Price Analysis
BNB reversed from $613.26 on October 21st, signaling that the sellers are trying to block a movement to the $634.79 resistance. The token is currently valued slightly above the 20-day Simple Moving Average of $584.92. If it touches this level and reverses, it’ll indicate a positive investor sentiment. In such a scenario, BNB could exceed $634.79 and grow to $721.76.
On the contrary, a fall below $584.92 makes a dip to the 50-day Simple Moving Average of $563.17 possible. Moreover, the Binance Coin could head to the $528.03 support if $563.17 is violated.
Solana Price Analysis
SOL has traded above $164 after breaking out of the ascending triangle on Sunday. If the bulls sustain the token above that price for longer, it will signal that the bears have weakened at higher levels. As such, we anticipate Solana to move toward the $189.44 resistance. Thrusting the coin above this crucial level will allow the bulls to fuel a surge to $200.
Meanwhile, a drop below $164 will mean that the breakout was fake. In this case, Solana could plunge to the 20-day Exponential Moving Average of $152.79 or even to the 50-day Simple Moving Average of $145.07.
Dogecoin Price Analysis
Dogecoin’s positive price action was triggered by X owner Elon Musk late last week. The billionaire said although he wasn’t active in crypto, he still loves DOGE. His comment pushed the meme coin above the 50-day Simple Moving Average of $0.1114 on Saturday. By Monday, Dogecoin had crossed the 20-day Exponential Moving Average of $0.1258 and rallied to $0.1426.
However, the number one meme coin by market cap has pulled back to $0.1387 at press time. If it reaches $0.1258 and bounces off, it could climb to $0.1759. On the other hand, DOGE might retest $0.1114 if $0.1258 collapses.
