Bitcoin bounced off the $107,000 support, but the recovery is expected to face significant resistance in the $112,000 to $116,000 zone. Do charts point to any altcoins taking the lead?
Bitcoin is at a crucial juncture because a daily close below the $107,000 support clears the path for a drop to the psychological level of $100,000.
Bitcoin staged a rebound rally to $111,705 as the market recovered from the recent catastrophic sell-off, but data suggests sellers will continue to take profit at each breakout top.
Odds for the resumption of «Uptober» dwindle as Bitcoin, Ether and most altcoins continue toward new lows. Will next week’s US economic calendar events help restore the uptrend?
Bitcoin and several altcoins are facing significant selling pressure on rallies, indicating that the bears are still trying to seize control of the market.
Bitcoin and the major altcoins witnessed solid buying at lower levels, but a sustained relief rally is unlikely as the bears are expected to sell at higher levels.
Bitcoin has fallen below $116,000, but select analysts remain unfazed as they anticipate solid buying to emerge at lower levels.
Bitcoin’s brief pullback from its all-time high has not altered the bullish longer-term view, but bulls will have to swiftly push the price above $126,200 to retain the advantage.
Bitcoin hit fresh highs on Monday, and several altcoins look ready to follow. If the buying pace sustains, BTC’s next stop could be $142,000.
Solid inflows into Bitcoin ETFs and a stellar start to the month drastically increase the chance for BTC to hit a new all-time high.