Rising tensions in the Middle East caused Bitcoin to trend downward, reaching near the $60,102 psychological support on October 1st. While the bulls have sustained the coin above this critical level in the past two days, they have struggled to fuel a rally above $62,000, suggesting increased selling pressure at higher prices.
Iran’s recent attack on Israel has driven institutional investors to reduce risks from their ETF portfolios. Farside Investors published a report on Wednesday that showed over $240 million worth of 24-hour-outflows from crypto spot ETFs.
Meanwhile, trading company QCP Capital has told its Telegram community that Bitcoin could sink to $50,000 this month if geopolitical tensions escalate. However, it’s worth mentioning that BTC hasn’t ended October in losses over the last five years. So, traders who anticipate that history will repeat itself may find lower levels as a buying opportunity, thus pushing Bitcoin’s price higher.
The bulls seem determined to guard $60,000 despite rising selling pressure. But if they give in to the bears, which support areas must we monitor? Studying the charts will help us find the answers.
Bitcoin Price Analysis
BTC touched the $65,035 resistance on Monday but couldn’t stay at higher prices the following day. On October 1st, the coin plummeted below $62,487, the 20-day Exponential Moving Average, reaching $60,369 as of this writing.
The current price means Bitcoin trades slightly above the 50-day Simple Moving Average of $60,354, a vital point for the buyers to defend. If BTC drops below that level, a path to the $57,498 support, or even $54,298, could be cleared. On the other hand, a reversal from $60,354 will suggest that the buyers are attempting to push and keep BTC above $65,035, then cause another rally to $70,212.
Ethereum Price Analysis
Ethereum broke below the 50-day Simple Moving Average of $2,517.90 on October 1st after trading in a tight range ($2,558 -$2,616) for several days. If the bears pull the token below the uptrend line, their advantage will become stronger, allowing them to drag Ethereum to $2,109.
Conversely, pushing ETH above the 20-day Exponential Moving Average of $2,543.28 could enable the bulls to fuel a move to $2,616 and later to the $2,868 breakdown level.
BNB Price Analysis
BNB’s current price ($540) suggests that bulls have been defeated by the bears at higher levels. With the token now below the 50-day Simple Moving Average of $551.23 and the Relative Strength Index down to 39, we might see a further dip to $516 and then to $462.
However, if the Binance Coin crosses $551.23 and rallies above the 20-day Exponential Moving Average of $570.77, it’ll mean that the bearish setup has been invalidated. As such, a bullish move to $635 would seem likely.
Solana Price Analysis
After trading above $150 for two days, Solana has dropped below the 50-day Simple Moving Average of $142.53 to $136.03 at press time. If the bears maintain the digital asset at these lower prices for longer, the chances of a dip to $128 and later to $115.98 will increase.
On the bullish side, pushing SOL above the 20-day Exponential Moving Average of $147.04 could clear the road to the $164.33 resistance. Furthermore, a move above this level will result in a bullish setup, which could suggest the start of the second leg of the recovery rally to $189.64 or even to $208.92.
Dogecoin Price Analysis
Although Dogecoin reversed from $0.13056 on September 29th following intense selling activity, it has managed to stay above the $0.10034 support, indicating that the bulls are looking to hold onto their advantage. If they thrust the tenth-largest token above the 20-day Exponential Moving Average of $0.11214, a rally past $0.13056 to the $0.14583 resistance level could happen.
On the contrary, DOGE could risk plunging to $0.09205 or to August’s monthly low of $0.08155 if the bulls don’t protect $0.10034.
