Bitcoin started trending upward on October 28th, with the bulls thrusting it above the $69,500 major barrier. This price action sends a clear signal that the overall trend remains bullish despite the coin trading sideways in the last few weeks.
But what’s fueling the latest rally? According to crypto analyst Alessandro Ottaviani, BTC is surging due to increased buying in spot Bitcoin ETFs. He reveals that these investment vehicles have processed inflows worth $3 billion in the past two weeks.
Additionally, the growing expectation that the Federal Reserve will cut interest rates by 25 bps has boosted Bitcoin’s price. Also, many crypto users anticipate that Donald Trump, a pro-crypto candidate in the upcoming US presidential elections, could win, according to data from betting site Polymarket, which shows Trump’s winning odds at 66%.
Meanwhile, Santiment research company says the number of whales has increased in October. According to the firm’s latest report, entities owning 100 BTC or more have surged 1.8% in the last three weeks.
What key areas must Bitcoin cross to increase the chances of a rally to $73,723? Let’s analyze its price chart to find out.
Bitcoin Price Analysis
BTC has crossed the $70,108 overhead resistance to trade at $71,231 as of this writing. This indicates growing bulls’ strength at higher levels. With the Relative Strength Index inside a positive zone (64.82), we could see Bitcoin continue to surge. If our prediction is correct, a move to the $72,000 resistance could occur soon. The bulls won’t find it easy to thrust BTC above that price as the bears are expected to book profits aggressively.
Conversely, the 20-day Exponential Moving Average of $66,659 will become a point of interest if Bitcoin reverses from $72,000. If violated, it’ll mean that the bullish momentum has weakened. As such, the bears are expected to become dominant again, pulling BTC toward the 50-day Simple Moving Average of $63,598.
Ethereum Price Analysis
The aggressive dip-buying seen on October 25th after Ethereum dropped below the 50-day Simple Moving Average of $2,504 has enabled the coin to cross above the 20-day Exponential Moving Average of $2,541 to $2,609 at press time.
The bulls are now attempting to push ETH to the $2,854.17 breakdown level. However, they must first defeat the bears at $2,700. But if the bears overpower them there and start a downtrend, Ethereum could plummet below $2,541 and head toward $2,173.
BNB Price Analysis
BNB is trading above the $600.28 resistance. We now wait to see what happens at the recently created barrier ($612.40). If the bulls push the token above this obstacle, a move to $635.28 looks likely. We don’t anticipate a continuation of the uptrend from there, but if the bears fail to exert pressure, BNB could rally to $721.90.
On the contrary, if BNB dips below the 20-day Exponential Moving Average of $586.48 and the bulls don’t guard the 50-day Simple Moving Average of $575.19, the trend will likely turn bearish, causing the Binance Coin to plummet to the $526.91 support.
Solana Price Analysis
Solana touched the $181.39 resistance on Tuesday morning but the bulls couldn’t push it further, suggesting intense pressure from the bears. It is currently trading at $179.16, above the $174.72 vital resistance. If the bulls eventually cause $181.39 to collapse, SOL could rally to $189.65 and later to $200.36 for the first time in six months.
However, if $174.72 gives way, Solana could plunge below the 20-day Exponential Moving Average of $162.86 and then move to the 50-day Simple Moving Average of $148.77.
Dogecoin Price Analysis
Dogecoin has been among the top performers in the past 24 hours thanks to Elon Musk’s speech on how he plans to cut government wastage by $2 trillion annually through the proposed Department of Government Efficiency (D.O.G.E) when Donald Trump assumes office.
The meme coin trades at $0.1658. Increased demand at this level could push it to $0.1700 and then to $0.1803. A reversal from $0.1700, however, could drag Dogecoin to the support at $0.1339.
