Bitcoin started October on a strong note by rallying to $118,200. That clears the path for BTC to chase new all-time highs. Which altcoins could follow?
Bulls lift their short-term Bitcoin price target to $117,500 as BTC holds steady and several altcoins reclaim the pre-crash trading levels.
Bitcoin and several major altcoins are trying to start a recovery, but they are likely to be met with significant selling pressure at higher levels.
Bitcoin bulls are trying to seize control but are expected to face strong selling at $117,500. Will altcoins capitalize on BTC’s potential range-bound price action?
Bitcoin’s sharp fall resulted in the biggest long liquidation in a 24-hour period, and the sell-off pulled many altcoins below their immediate support levels.
Bitcoin faced solid selling at $117,500, but the real test is whether bulls can maintain BTC price above $115,500. Meanwhile, most altcoins are expected to rise higher.
Bitcoin’s volatility may rise after today’s FOMC, but it is unlikely to result in a new directional move, hinting at continued range-bound action for a few more days.
Bitcoin is facing solid resistance at $117,500, but the possibility of a rally to $124,474 remains high as long as the price remains above the moving averages.
Solid inflows into spot Bitcoin ETFs signal sustained demand from the bulls, increasing the likelihood of a break above the $117,500 resistance. Will altcoins follow?
Bitcoin and altcoins picked up momentum after the softer-than-expected US inflation numbers boosted traders’ confidence for a rate cut during the Federal Reserve’s next meeting.