The Bitcoin market is struggling to maintain the $62,000 level could lead to further selling pressure, potentially dragging down altcoin prices as well.
Currently, Bitcoin (BTC) is attempting to stabilise around $62,000, but upward movements towards this mark are losing momentum, indicating weaker demand at higher prices. Data from CryptoQuant highlights that the Coinbase premium has remained negative throughout October, reflecting lower interest from traders on the platform.
When Bitcoin fails to break through resistance levels, short-term traders often take profits, while more aggressive bears initiate short positions, placing their stop-loss orders just above resistance. These combined actions increase short-term pressure and may push the price down to the next support level.
However, Bitfinex analysts believe that the downside is limited. According to them, Bitcoin’s 10% fall last week was a “healthy realignment,” as the open interest fell from $35 billion to a more “stabilized” $31.8 billion. That reduced the possibility of a sharp fall in the coming days and weeks.
Could Bitcoin retest the psychologically important level of $60,000? Will that pull the altcoins lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The Bitcoin market turned down from the overhead resistance of $65,000 on Oct. 7, but a minor positive is that the bulls are trying to defend the moving averages.
BTC/USDT daily chart. Source: TradingView
If the price turns up from the 20-day exponential moving average ($62,236), it will suggest that the sentiment is turning positive, and traders are not waiting for a deeper pullback to buy. That will increase the likelihood of a break above the $65,000 to $66,500 resistance zone. The BTC/USDT pair could then rally to $70,000.
This optimistic view will be negated in the near term if the price turns down and plunges below $60,000. The next support on the downside is $57,500.
Ether (ETH) Market Analysis
Market Bulls are finding it difficult to push Ether above the moving averages, indicating hesitation to buy at higher levels.
ETH/USDT daily chart. Source: TradingView
If the price turns down and breaks below $2,390, the ETH/USDT pair could drop to the support line. In a symmetrical triangle, traders buy the dips to the support line and sell near the resistance line. Hence, a bounce off the support line could keep the price inside the triangle.
Buyers will gain the upper hand in the near term if they push and maintain the price above the moving averages. The pair could then rise to the resistance line, which is likely to behave as a stiff obstacle. If buyers shove the price above the resistance line, the pair could rise to $2,850 and subsequently to the pattern target of $3,409.
BNB Market Analysis
BNB is attempting to rise toward the overhead resistance of $635, where the bears are expected to pose a substantial challenge.
BNB/USDT daily chart. Source: TradingView
If the price turns down sharply from $635 and breaks below the moving averages, it will signal that the BNB/USDT pair may remain inside the range for a few more days. Buyers will have to pierce the $635 resistance to indicate the start of a new upmove toward $722.
The critical support to watch on the downside is $527. If bears sink the price below this support, the selling could pick up, and the pair may plummet to the bottom of the range at $460. The bears will have to pull and maintain the price below $460 to start a downtrend.
Solana (SOL) Price Analysis
Buyers failed to sustain Solana above the 20-day EMA ($144) on Oct. 7 but are attempting to defend the 50-day simple moving average ($141).
SOL/USDT daily chart. Source: TradingView
If the price continues higher and rises above $153, it will signal an advantage to the bulls. The SOL/USDT pair could rise to $164. This is a critical resistance for the bears to protect because a break above it could propel the pair to $189.
Contrary to this assumption, if the price closes below the 50-day SMA, it will suggest that the bears are trying to take charge. The pair could slump to $133 and then to the important support at $116.
XRP Price Analysis
Buyers are struggling to start a strong rebound off the $0.50 support in XRP, signalling a lack of demand at higher levels.
XRP/USDT daily chart. Source: TradingView
The bears will try to build upon the advantage by pulling the price below $0.50. If they succeed, the XRP/USDT pair could drop to $0.46 and eventually to $0.41. Buyers are expected to vigorously defend the zone between $0.41 and $0.46.
If buyers want to prevent the decline, they will have to push the price above the moving averages. That will clear the path for a possible rise to the stiff resistance of $0.64. This level may act as a formidable hurdle, but if the bulls prevail, the pair could rally to $0.74.
Dogecoin (DOGE) Price Analysis
The bulls are trying to form a higher low by keeping Dogecoin above the 50-day SMA ($0.10).
DOGE/USDT daily chart. Source: TradingView
If buyers sustain the price above the 20-day EMA ($0.11), the DOGE/USDT pair could travel to the resistance line of the symmetrical triangle. This is an important level to watch out for because a break and close above it could open the doors for a rally to the pattern target of $0.19.
The support line is the crucial level to watch out for on the downside. If this level cracks, it will suggest that the bears have overpowered the bulls. That may start a downward move to $0.08 and later to $0.06.
Toncoin (TON) Price Analysis
Toncoin remains pinned below the moving averages, indicating that the bears are not allowing the bulls to make a comeback.
TON/USDT daily chart. Source: TradingView
If the price slips below $5.10, the TON/USDT pair could sink to the $4.72 to $4.44 support zone. The bulls must defend this level because a break below it will complete a head-and-shoulders pattern. This negative setup could start a down move to $3.50.
The first sign of strength will be a break and close above the moving averages. That could push the price to $6. Buyers will have to overcome this barrier to start a move to $7, which is again expected to act as a strong resistance.
Cardano (ADA) Price Analysis
Buyers tried to push Cardano above the 20-day EMA ($0.35) on Oct. 7, but the bears held their ground.
ADA/USDT daily chart. Source: TradingView
Sellers will try to sink the price to the solid support at $0.31. A strong rebound off this level will suggest that the ADA/USDT pair could remain range-bound between $0.31 and $0.40 for a while longer.
If the price turns up from the current level and breaks above the 20-day EMA, the pair could attempt a rally to the overhead resistance at $0.40. The bulls will have to clear this hurdle to signal the start of a new uptrend to $0.45 and then to $0.50.
Avalanche (AVAX) Price Analysis
Avalanche has formed a symmetrical triangle pattern, indicating uncertainty about the next directional move.
AVAX/USDT daily chart. Source: TradingView
If the price maintains above the 20-day EMA ($26.43), the AVAX/USDT pair is likely to rally to the resistance line. Buyers will have to thrust the price above the triangle to start a move to the target objective of $46.
Alternatively, if the price breaks below the 50-day SMA ($25.20), the pair could slide to the support line. This is an essential level for the bulls to defend because if the support cracks, the pair could decline to $17.
Shiba Inu (SHIB) Price Analysis
Shiba Inu is finding support at the 20-day EMA ($0.000017), but the rebounds are not sustaining.
SHIB/USDT daily chart. Source: TradingView
Buyers will have to push and maintain the price above $0.000020 to signal the start of a new move. If they manage to do that, the SHIB/USDT pair could surge to $0.000026 and thereafter to $0.000029.
On the other hand, if the price turns down from the current level and breaks below the 20-day EMA, it will indicate that the pair may remain range-bound between $0.000012 and $0.000020 for a few more days.
