Bitcoin To Face Another Shakeout Soon

This ‘Uptober,�Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark.

The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoin’s price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday.

Based on BTC’s recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoin’s “extremely chippy conditions�are headed in the short term.

Sherpa shared that the cryptocurrency could see one last shakeout “sometime in November.�He suggested  BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5.

However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTC’s near future.

Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to “start moving 5-6x from the current position,�according to the analyst.

Is BTC Set For A Green Weekly Close?

Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as “insanely important support levels.�To the analyst, if BTC’s price holds its support there, it will hit $70,000 soon.

After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was “ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000.

Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s old downtrend line is supporting, which serves as post-breakout confirmation.

Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a “very bullish weekly close�ahead of October’s last week.

At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe.

Ethereum Getting Ready To Challenge BTC

This week, Ethereum has successfully reclaimed the $2,500 support zone following the market’s recent performance. The second-largest cryptocurrency by market capitalization has seen an 8.6% increase in the last seven days, moving from the $2,300-$2,400 range to the $2,600 mark.

In the last 24 hours, ETH has retested the $2,600 resistance level, currently holding it as support as it attempts to reclaim the $2,700 price range. This zone is the next crucial level, as the cryptocurrency hasn’t successfully broken above it in nearly three months.

Market analyst CryptoWolf pointed out that Ethereum has been rejected from the local top around this level twice since August’s market crash, making it the next big resistance to break.

However, once the zone is cleared, ETH’s price is “heading straight to the 3500s�since the analyst considers that the $3,000 mark “won’t stand a chance.�Similarly, crypto analyst Alex Clay suggested that the King of Altcoins is about to “catch up on BTC�and rise toward $3,500.

To the analyst, Ethereum completed its local accumulation within the $2,100-$2,700 range, and “it’s ready to switch the short-term trend for the bullish.�Other market watchers also suggested that the market is near the bottom after the sideway moves, based on the ETH/BTC chart.

Tony Research stated that the chart “suggests that altcoins are currently cheap relative to Bitcoin. An increase in this chart will positively affect altcoins and their prices.�As the investor pointed out, altcoins could see significant growth during Q1 2025 since Q4s have historically been Bitcoin’s best time to grow.

ETH Attempts Breakout From Bullish Pattern

Analyst Crypto Yapper noted that Ethereum is trying to break from its consolidating formation. The cryptocurrency has been within a three-month symmetrical triangle pattern, and it attempted to break above the upper trendline on Tuesday.

Yesterday, ETH rose momentarily above the trendline after hitting $2,688 but quickly retraced to $2,550. Ethereum tried another breakout from the symmetrical triangle upper trendline on Wednesday, surging above $2,630 before settling around the $2,600 support zone.

To the analyst, Ethereum will target the $2,900 mark next if it breaks out of this formation. Recovering this level could propel ETH’s price to its March highs, as the $2,900-$3,000 price range was a key support zone during the rally’s first leg.

Meanwhile, season trader Peter Brandt recently highlighted an inverted Head and Shoulders (H&S) pattern on ETH’s chart. The trader signaled that an H&S bottom is forming, also suggesting a massive breakout might be imminent.

As of this writing, ETH is trading at $2,612, a 1% increase in the daily timeframe.

Bitcoin Reclaims Key Support Levels

Bitcoin began the week reclaiming key resistance levels after a 6% surge from Sunday’s price. This performance saw BTC move from the $62,000 support zone to retest the $66,000 support area on Monday morning.

Following the recent performance, Bitcoin’s October returns so far have turned green with a 3.17% monthly return, according to Coinglass data. Crypto analyst Rekt Capital highlighted Bitcoin’s recent movements, noting that BTC has been able to reclaim a 2-month downtrend as support.

Per the analyst, the flagship cryptocurrency has retested a downtrend line dating back to late July since October started. BTC successfully retested and bounced from the trendline for two consecutive weeks, turning the range into support.

Additionally, the analyst pointed out that Bitcoin has performed several successful retests, including a “volatile retest�of the 21-week Bull Market Exponential Moving Average (EMA).

“Notice how the bottom of the green boxed area is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the top of the green box,” the analyst added.

Similarly, Ali Martinez highlighted that BTC is currently making another attempt to reclaim the 200-day Moving Average after four consecutive rejections in the past two months.

BTC Challenges August Highs

Rekt Capital noted that BTC has solidified the $58,000-$61,000 range as a support area throughout the year: “It has done so at a Higher Low compared to last month’s downside wicking lows as well as August’s downside wicking lows.â€?/p>

Moreover, the analyst stated that Bitcoin challenged August highs, at around $64,200, after the recent retests of the key levels. He suggested that BTC’s recent movements are a “clear sign�that August’s level is “weakening as resistance.�/p>

Rekt Capital pointed out BTC is retesting the multi-month weekly downtrend channel top, which is also weakening as resistance. The flagship cryptocurrency successfully tested the channel’s range lows as support this month.

The range lows have been 7-month confluent support with the previous all-time high (ATH) area. Nonetheless, the analyst noted that BTC must have a weekly close above the downtrend channel’s top to break out of this pattern.

A weekly close above August highs, followed by a successful retest of this level, would “pose a significant buy-side pressure on the Downtrending Channel Top,�which could be accelerated if BTC’s daily close sits above $64,200.

Moreover, a daily close above $65,000 and a successful reclaim of the range as a support zone could send BTC’s price toward the $70,000 resistance zone. The analyst noted that whenever Bitcoin closed the day above this level, the cryptocurrency moved within the $65,000-$71,350 range in the following days.

As of this writing, BTC is trading at $65,812, a 4% and 10.3% surge in the weekly and monthly timeframes.

Bitcoin Fear And Greed Index Touches 37 As Investors Become Uncertain

In a Quicktake post on CryptoQuant, an analyst with username maartunn shared that the Bitcoin Fear and Greed Index currently signals fear following the asset’s recent price slump 

The Fear and Greed Index generally measures the emotions, moods, and behaviors of the crypto market as well as predicts potential trends based on investor sentiment. The index operates on a 0-100 scale, where values above 50 indicate greed, with anything over 74 representing extreme greed, while values below 50 signal fear, and under 24, extreme fear.

According to maartunn, the Fear and Greed Index is presently at 37, indicating that many investors are cautious about adding the leading cryptocurrency to their portfolio. In particular, the analyst notes that each time the Fear and Greed Index reached the fear level since 2023, Bitcoin’s price has formed a bottom, i.e. reached the lowest point during a price decline, and is set for price reversal. 

Notably, Bitcoin already showed an upward movement on Friday after starting October with a price decline. However, it cannot be said that the price bottom has now occurred as Bitcoin’s daily chart shows the asset is still far above its next significant support level following months of consolidation between $55,000 – 70,000.

Although, if the premier cryptocurrency has bottomed out, it could be heading for a price breakout in line with popular expectations for a bullish “uptober�/a>. For context, October has proven to be the most frequent bullish month for Bitcoin resulting in an average gain of 22.90% in the last 11 years.

 Related Reading: Bitcoin Price Dip Explained: Key Causes And Where To Expect A Bounce Back To $70,000

Dominant Activity Of Stablecoins Supports Fear And Uncertainty Among Investors

In addition to the Bitcoin Fear and Greed Index of 37, the crypto market has also experienced an increase in market activity of stablecoins namely the Tether USD (USDT) and USD Coin (USDC). 

This development indicates that investors are opting for less volatile assets than risky coins such as Bitcoin, which is often due to uncertainty and fear of impending price crash. CryptoQuant analyst BaroVirtual has attributed this fear to several factors including weak retail market participation, rising geopolitical tensions in the Middle East, as well as the SEC’s hesitation to launch a Spot Ethereum ETF Options.

At the time of writing, Bitcoin continues to exchange hands at 62,071 following a 2.17% gain in the last day. Meanwhile, the token’s daily trading volume is down 17.91% and valued at $29.71 billion.

Is This The ‘Shakeout Before Breakout�

The market began the month of October, popularly known as “Uptober�by the crypto community, with the first shakeout of the quarter, losing 6.5% of its market capitalization. Most cryptocurrencies in the top 100 saw a considerable price drop, registering green numbers in the daily and weekly timeframes.

The bleeding was led by Bitcoin, the largest cryptocurrency by market cap, as its price nosedived below the $61,000 support zone, a range not seen in nearly two weeks. Geopolitical conflicts in the Middle East seemingly fueled the downturn, as the drop followed the news of an Iranian missile strike on Israel.

The news spiked an investors�selloff, which ended the BTC spot Exchange-Traded Funds (ETFs) 8-day inflow streak and triggered the liquidation of over $526 million in leveraged positions in the last 24 hours.

Nonetheless, many industry watchers remain unfazed by the market shakeout, noting that the month has just started. In a series of X posts, crypto analyst Jelle pointed out that Bitcoin started its second leg higher during October in the past bull years.

He explained that BTC’s price historically breaks out in the second or third week of the month, so the first week retrace could be the “final shakeout before new highs.�Moreover, he highlighted that the flagship crypto recently made the first higher high in 6 months and reclaimed the key resistance level above $60,000.

Jelle also noted that BTC made a higher low on October 1, holding the $60,000 support zone and retesting its strength above the $61,000 mark. The analyst considers that “It’s time for this descending broadening wedge to start playing out,â€?reasserting his previous target of $90,000.

Analyst Warns About Bitcoin ‘Fifth-Day Plunge�/h2>

Other analysts also shared their views on the market shakeout. Altcoin Sherpa highlighted that “the last time we saw this much compression with 1d EMAs was September 2023, right before the market skyrocketed.�/p>

Meanwhile, DonAlt expressed a more cautious approach, stating that Bitcoin could look “much worse�considering the circumstances, but suggested waiting for the weekly close would be best to conclude.

Nonetheless, trader Daan Crypto Trades pointed out that Bitcoin has “bottomed/topped at basically the same time�since June. Per the post, on the fifth day of each month, BTC’s price has registered a massive correction, except for September, when it occurred on the sixth day.

During the Q3 retraces, BTC registered daily red candles ahead of the fifth-day plunge. The price recorded a 16.3%, 25%, and 11% decline in July, August, and September from the beginning of each month until the end of the first-week shakeout.

If the pattern repeated this month, investors could see BTC’s price dropping below the recently reclaimed $60,000 support level and test the strengths of lower key support zones. However, it would also mean that the flagship cryptocurrency would potentially recover by the start of the second week.

As of this writing, BTC is trading at $61,466, a 2% drop in the last 24 hours.

]]> 645977 //www.wncen.com/news/bonk-in-prime-position-for-turbo-green-week-as-price-recovers-key-level/ Wed, 02 Oct 2024 07:00:49 +0000 //www.wncen.com/?p=645792 Bonk continues its bullish rally as ‘Uptober�begins, sparking a bullish sentiment among investors after the recent fear of a major pullback. The memecoin sensation kickstarted its Q4 journey positively, reclaiming crucial levels, with investors and crypto analysts forecasting a green weekly close.

BONK Closes Q3 With 13% Surge

Bonk has seen a remarkable performance throughout the past two weeks, jumping 60% since September 15. The memecoin broke above the multi-month downtrend line after successfully reclaiming the $0.000022 resistance level last Friday, registering a 38% surge in the past week.

Additionally, the dog-themed sensation closed the month 48% above its opening price, revisiting levels before August’s Black Monday. The token also saw a 13% increase from its Q3 opening, trading around $0.000025 as October started.

This bullish price action propelled BONK’s price above $0.000026 momentarily before retracing back the $0.000024 support level, which some considered an extremely bullish signal for the token’s future price action.

According to crypto trader Astekz, BONK’s monthly reclaim meant that “any consolidation�above the breakout level is “giga bullish.�Moreover, the token had a 13% increase in daily market activity in the past day, registering a daily trading volume of $795.3 million.

Is A ‘Turbo Green Week’ In The Making?

Crypto analyst Bluntz noted that, alongside all the strong memecoins, BONK had a “swift�recovery from the weekly dip following a “perfect abc pullback.�This performance put the memecoin “in prime position for a turbo green week,�which he further predicted after its Monday performance.

To Bluntz, BONK is close to a breakout after spending three days of sideway moves. Additionally, the token reclaimed the 200-day Moving Average (DMA), which had been sitting above it for the past day.

The trader considered that the token’s next parabolic run could be “sustained�and target the $0.000035 resistance level soon. Other market watchers echoed this sentiment, highlighting BONK’s strength throughout the recent dips.

Another analyst noted that the memecoin has moved within a large symmetrical triangle since its March all-time high (ATH). The trader detailed that the token’s price is moving closer to the pattern’s resistance since forming a triple bottom at $0.000016.

A breakout from the multi-month pattern could send the token’s price to a potential 70% rally toward the previous ATH of $0.000045. Additionally, some investors believe that the cryptocurrency could be positively affected by the market’s general performance this �a href="//www.wncen.com/breaking-news-ticker/uptober-outlook-why-bitcoin-could-reach-98000-following-bullish-september/" target="_blank" rel="noopener ">Uptober.�/p>

Last October, the cryptocurrency started a massive rally that shredded two zeros from the token’s price, closing Q3 2023 at $0.00014, a 6,900% surge. However, the BONK registered a price decline in the last few hours following Bitcoin’s dip to $62,000.

As of this writing, the memecoin is trading at $0.00023, a 2.9% drop in the daily timeframe.

]]> 645792 //www.wncen.com/news/sui-sees-15-weekly-surge-ahead-of-token-unlock-can-it-hit-new-ath-in-october/ Tue, 01 Oct 2024 04:30:27 +0000 //www.wncen.com/?p=645523 SUI has seen a 15% surge in the past week following its remarkable price action throughout Q3. The cryptocurrency’s performance continues to fuel investors�sentiment, but some believe the upcoming unlock event could hinder its rally toward a new all-time high (ATH) next quarter.

From ‘SUIptember�To ‘Uptober�/h2>

In the past three months, SUI’s price surged 114%, moving from the $0.8 mark to the $1.75 price range. The cryptocurrency was among the best performers throughout Q3, registering green numbers while most tokens bleed during the market retraces.

In August, the token saw up to 50% price surges amid the market downturns, registering a 73% recovery from the monthly lows and 14% from its opening price. This month, the token also saw a massive increase from September’s opening, registering a 119% surge in the last 30 days.

Market analyst Crypto Bullet noted that SUI’s monthly candle is “absolutely phenomenal�as it has been retesting levels unseen since April and is sitting 20% below its all-time high (ATH) of $2.17.

The analyst previously suggested that the cryptocurrency was poised to test and break its major resistance level of $2 in Q4, which is usually a bullish period for the market, and reach a new ATH around the $5 mark.

During its 10% jump over the weekend, SUI tried to reclaim the $1.85 resistance but dropped to the $1.7 support zone as the market saw a 2.5% dip in the past day. Since the drop, the token has been hovering between the $1.70-$1.75 price range, recovering its levels from 24 hours ago.

Sui Network Milestones Fuel The Token’s Rally

The sentiment surrounding SUI seems fueled by the networks�recent achievements. According to Artemis Terminal data, Sui Network surpassed all other chains in daily net flows on Monday, reaching $6.8 million in positive net flows in the past day. Comparatively, Ethereum and Solana registered $4.9 million and $3.4 million net flows in the last 24 hours.

The network also had the second-largest daily inflows by chain with $10.3 million, only surpassed by Ethereum’s $35.8 million. Moreover, the chain reached the long-awaited $1 billion Total Value Locked (TVL) milestone on Sunday, less than two years after its Mainnet launch.

Nonetheless, many investors and crypto analysts consider that the upcoming October unlock event could negatively affect SUI’s performance. The event will unlock 64.19 million tokens worth $112 million, increasing the cryptocurrency’s circulating supply by 2.4%.

Despite the unlock, some market watchers consider the cryptocurrency’s performance will continue its bullish rally. Crypto analyst Bluntz recently called the token “a certified beast�due to its recovery from the dips.

Bluntz noted that “every dip on 4h end up abc-looking and keeps trucking higher,�including the latest weekend drop. He suggested that the token is still in the “macro wave 3 still and hasn’t even had a wave 4 yet.�/p>

Per his chart, SUI’s wave three will target the $2 resistance level before retracing to the $1.65-$1.70 support zone in wave 4, setting the wave five’s target around $2.6.

As of this writing, the cryptocurrency is trading at $1.76 and has outperformed the global crypto market in the past week, according to CoinGecko data.

]]> 645523 //www.wncen.com/news/bitcoin-btc-on-track-for-strongest-september-performance-is-90000-next/ Tue, 24 Sep 2024 09:30:59 +0000 //www.wncen.com/?p=644167 Bitcoin (BTC), the largest cryptocurrency by market capitalization, has led the market recovery with its surge to the $63,000 mark. Following the recent developments, the flagship cryptocurrency’s performance has seen an 8% weekly surge, driving BTC to one of its best September performances since its creation.

Bitcoin Registers Sixth Green Daily Candle

During the first week of the month, Bitcoin saw its price struggle to keep above the $55,000 mark, plummeting to the $52,000 support zone and raising investors�alarms. The rest of the sector followed BTC’s lead, dropping 12% to a market capitalization of $1.81 trillion earlier this month.

Since then, the market has seen a significant boost, mostly fueled by the US Federal Reserve’s (Fed) rate cut. Following the Fed’s announcement, the sector recovered 5%, continuing its ascending trajectory throughout the weekend.

Due to the positive market sentiment, crypto investment products ended the week with $321 million in inflows, the second weekly positive net flows in a row. The inflows were led by Bitcoin-based products, which registered $284 million last week, according to the CoinShares report.

BTC, propelled also by Kamala Harris�recent acknowledgment of the crypto industry, recovered 20% from the monthly lows of September 6. The rebound pushed the cryptocurrency’s price toward the $64,000 resistance level, which was last held a month ago.

After failing to reclaim the key resistance level, Bitcoin’s price has been hovering between the $63,000-$63,900 range throughout Monday morning, registering six green daily candles since September 17.

Will BTC See Four Green Months In A Row?

BTC’s recent price action has translated into green numbers in the month-to-date (MTD) timeframe, making September a green month for the cryptocurrency. Coinglass data reveals that the flagship crypto displays a 7.94% return MTD.

This performance was noted by some market watchers, who suggest that Bitcoin is on its way to registering its best September so far. In an X post, Crypto Jelle highlighted that BTC “is currently on track for the strongest September performance in its history�after its current MTD return surpassed that of September 2016.

To the analyst, the flagship cryptocurrency is preparing for a “promising�performance next quarter. Jelle also pointed out that BTC has only closed September with green numbers three times.

However, the times this has happened, the cryptocurrency’s monthly returns have closed in the green for four months straight. This suggests that Bitcoin may be on the verge of a massive bull run for Q4.

Close this month in the green, and the odds are high October, November and December will close green as well.

He pointed out that this week will be “decision time�for the flagship cryptocurrency, as a higher high is “within an arm’s reach.�A push above the $65,000 resistance level would “flip the narrative�and see BTC moving to levels not seen since early August.

The cryptocurrency’s chart displays a “massive descending broadening wedge,�which has the potential to hit $90,000 after a breakout. Ultimately, the analyst considers that Bitcoin won’t trade within this pattern for much longer.

As of this writing, the flagship trades at $63,700, a 1.7% and 10% surge in the daily and weekly timeframes.

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