Crypto Price Analysis 10-16 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, CHAINLINK: LINK, RIPPLE: XRP, HEDERA: HBAR

Bitcoin (BTC) has continued its impressive performance this week, going past $67,000 after an increase of almost 3% over the past 24 hours and almost 8% over the past week, as the crypto market continues its impressive recovery. Ethereum (ETH) also maintained its position above $2,600 and is up by almost 7% over the past week, as traders eye the $2,700 mark. 

Almost all major cryptocurrencies have continued their recovery, with Dogecoin (DOGE), Litecoin (LTC), Bittensor (TAO), and FET making notable gains. The overall crypto market cap grew a further 1.59% and is currently at $2.31 trillion. 

Pauline Shangett, CMO of ChangeNOW, noted that similar to the rise in U.S. stocks, the recent positive price trends in the crypto market are likely driven by favorable economic data from China and the U.S., as well as a rebound in investment demand. This has bolstered predictions of a potential future interest rate cut by the Federal Reserve. While Bitcoin’s price experienced a slight correction following its earlier gains, Shangett believes the path to $70,000 is now within reach. She added, “The next resistance level could be at $73,000, and breaking past it may lead to strong buying pressure, pushing BTC towards the $80,000-$86,000 range.”

More Positions Liquidated As Bitcoin (BTC) Surges Past $67,000 

Bitcoin (BTC) briefly hit a peak of $67,922 and continues to trade above $67,000, with its price up by almost 8% over the past two weeks. According to available data, BTC’s Uptober returns stand at almost 4%. BTC’s rally also caused the liquidation of nearly $32 million in short positions, while the broader crypto derivatives market saw almost $289 million wiped out, with $160 million in short positions. 

BTC and the broader market’s rally can be attributed to China’s latest stimulus effort, with analysts expecting investors to turn to cryptocurrencies instead of Chinese stocks. China is attempting to revive a slowing economy, but a weekend policy meeting failed to clarify how much fiscal stimulus the government plans to inject. Market watchers and economists remain unconvinced about China’s efforts to defeat deflation. 

“Markets are probably taking a disappointing China stimulus to be positive news for Bitcoin, as capital rotation from Bitcoin into Chinese equities was understood to be previously weighing on crypto prices.”

The US elections are also acting as a catalyst for the crypto rally, with pro-crypto candidate Donald Trump overcoming a significant deficit in the polls to run neck-and-neck with Democratic candidate Kamala Harris. 

“The recent improvement in Trump polling will amplify the market’s receptiveness and the positive price impact of good news.”

Altcoins Follow Bitcoin (BTC)’s Lead 

Bitcoin’s rally has led to gains across almost all major cryptocurrencies, with prices of ETH, SOL, and DOGE registering a significant increase. The rally shows increased adoption of cryptos as a product of macroeconomic changes. While October has remained relatively calm, market watchers expect further growth as the rally gathers steam. Analysts are also expecting the highly anticipated “Uptober” rally to begin. October has historically been good to BTC, with significant gains reported in nine out of the last eleven years. 

Tesla Shifts $765 Million BTC To Unidentified Wallets

Tesla has transferred almost all of its Bitcoin (BTC) worth around $760 million to unknown wallets, sparking speculation it is planning on selling its holdings. Wallets linked to Tesla moved over 11,500 BTC to undisclosed wallets, with the company now holding only $7.64 in BTC. This marks the first time Tesla has accessed its Bitcoin wallets since selling most of its holdings in 2022. 

The company acquired BTC in early 2021 when the asset was trading between $29,000 and $40,000. It explained the purchase as a way to increase flexibility in diversifying and maximizing returns on its cash reserves. However, it sold off a majority of its BTC holdings at a loss in early 2022. 

Grayscale Adds DOGE To List Of Potential Crypto Products 

Asset manager Grayscale has added 35 altcoins, including Dogecoin, to a list of assets under consideration for future investment products. The list was shared in a blog post, breaking down prospective tokens into five categories: Currencies, smart contract platforms, financials, cultures, and utilities. Most of the assets were tokens for smart contract platforms, with Grayscale choosing a mix of networks, including Aptos, Sei, Celestia, and Ethereum scaling solution Mantle. 

Tokens of other networks include Arbitrum (ARB), Cosmos (ATOM), Polygon (MATIC), Toncoin (TON), and Tron (TRX). Grayscale is also considering adding three Solana-based projects to the list, including JUP, PYTH, and IMX. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) continued its bullish week as it surged past $67,000 to a day high of $67,881 on Tuesday, buoyed by positive market developments. With BTC’s recent recovery, market watchers are speculating whether it can reach a new all-time high in October. Several signs point to BTC continuing its rally as positive sentiment builds in the market. Spot Bitcoin ETFs continued to see inflows for the third consecutive day, with $253 million in net inflows on Monday and $555 million on Tuesday, accounting for $926 million in three days. 

Meanwhile, BTC whales have continued to scoop up BTC, with institutional wallets purchasing over 67,000 BTC over the past month. According to data from CryptoQuant, whales are accumulating over Coinbase and Bitfinex, while Binance and Bybit continue to be predominantly short. The disparity reflects a dynamic where large investors continue to absorb BTC while retail traders are exhausted. Bullish speculation has also resulted in a rise in open interest, currently at $38.4 billion. 

Looking at the price chart, we can see that BTC has made an impressive recovery since slipping below the 50-day SMA and dropping to a day low of $58,927 on Thursday before settling at $60,312. BTC’s recovery began on Friday as it registered an increase of 3.54% to push above the 50-day SMA and settle at $62,446. Buyers also attempted to go above the 20 and 200-day SMAs but were unsuccessful. The weekend began with BTC pushing above the 20-day SMA after a 0.98% increase, pushing it past $63,000 to $63,055.

Source: TradingView

However, with the 200-day SMA acting as a dynamic level of resistance, BTC could not push higher and fell back in the red on Sunday, dropping by 0.67% to $62,635, back below the 20-day SMA. Despite ending the weekend on a bearish note, BTC started the current week on a bullish note thanks to a broader market recovery. As a result, BTC surged past the 20 and 200-day SMAs, going above $65,000 and settling at $65,992 following an increase of 5.36%. The asset faced considerable volatility on Tuesday, with significant resistance at $66,000. As a result, BTC fell to a low of $64,779 before recovering and registering an increase of 1.53% to push to $67,000, its highest level in weeks.

The current session sees BTC marginally down as buyers and sellers struggle to establish control. A bullish MACD indicates buyers have the upper hand, and BTC could continue to push higher as markets remain bullish. If buyers can regain control of the session, BTC could move towards $70,000 and possibly set a new all-time high. On the other hand, sellers will look to drive the price back below $65,000 and towards the 20 and 200-day SMAs. The RSI is close to the overbought zone, and if it crosses over, we may see a small correction before BTC resumes its push to $70,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH)’s recent recovery has stalled over the past couple of sessions as buyers struggle to gain momentum and push towards $2,700, a level ETH was rejected from just yesterday. ETH’s latest recovery began on Thursday, and it posted a marginal recovery after dropping to a low of $2,330. It eventually ended the day at $2,384, registering an increase of 0.65%. Bullish momentum picked up on Friday as ETH pushed above the $2,400 level, rising by 2.27% and settling at $2,438. Buyers also attempted to push above the 50-day SMA on Friday but were unsuccessful. ETH continued to move higher on Saturday, going above the 50-day SMA to $2,477 after registering a 1.60% increase.

Source: TradingView

With strong resistance at this level, buyers lost momentum on Sunday. As a result, ETH registered a marginal drop and settled at $2,468. The current week began with ETH surging past the 20 and 50-day SMAs after a 6.54% increase, which also saw it go past $2,500 and $2,600 to settle at $2,630. $2,600 is a crucial level at which ETH faced significant resistance. Not surprisingly, ETH experienced significant volatility on Tuesday as buyers attempted a move to $2,700 while sellers attempted to drive ETH below $2,500. As a result, ETH registered a day high of $2,686 and a day low of $2,538 before settling at $2,607.

The current session sees ETH marginally up as buyers and sellers struggle to establish control. Sellers will look to drive ETH back below $2,600, while buyers could attempt another move to $2,700. A break above this level could see ETH rise to $2,850.

Solana (SOL) Price Analysis

Like Ethereum, Solana (SOL) has also seen its recovery stall over the past couple of sessions as it struggles to push above $160. SOL had made a strong recovery on Friday after dropping to a day low of $135 the day prior, rising by almost 5% to push above the 50-day SMA and settle at $145. With the 20-day SMA acting as a dynamic resistance level, SOL’s momentum slowed over the weekend. However, it still registered a marginal increase on Saturday and a 0.91% increase on Sunday to push above the 20-day SMA and finish the weekend on a positive note at $147.

Source: TradingView

SOL surged on Monday as the current week began, with crypto markets making a broad recovery as macroeconomic developments sparked a significant price jump. As a result, SOL rose by almost 7%, pushing above the 200-day SMA and the crucial $150 price level to settle at $157, with buyers eying $160. SOL has been rejected from $160 thrice since August and fared no better this time, as the bulls stalled after reaching $159 after coming across strong resistance. As a result, SOL fell to a day low of $150 on Tuesday before buyers propped up the price. SOL eventually ended the day at $154, a drop of almost 2%. The current session sees SOL marginally down as buyers and sellers look to establish control.

If sellers retain control of the session, SOL could drop below $150 and drop to $140. On the other hand, if buyers regain control, SOL could test $160 again. A break above this level could see SOL rally to $180-$190.

Bittensor (TAO) Price Analysis

Bittensor (TAO) has fallen back after briefly pushing above $650 over the weekend, as buyers could not push toward $700. However, a correction was expected, given that the RSI showed that TAO was close to the overbought zone. TAO rebounded from the 20-day SMA on Friday, surging by 10.58% and settling at $622 after reaching a day high of $643. Bullish sentiment persisted on Saturday as TAO pushed to a day high of $682 before settling at $656 after an increase of 5.58%. Crucially, TAO ended the day above $650.

Source: TradingView

However, it could not stay above that level and fell back in the red on Sunday as sellers drove the price down by 2.29% to $641. TAO attempted a recovery on Monday as the broader market recovered and rose to a day high of $678. However, sellers retook control of the session and drove the price back below $650 to $632, a drop of 1.41%. Bearish sentiment intensified on Tuesday as TAO dropped by 5.48%, slipping below $600 and settling at $597. However, it found support at the 20-day SMA and is currently up by 1.26% as buyers look to push back to $650.

Chainlink (LINK) Price Analysis

Chainlink (LINK) is looking to push above the resistance at $11.50 and move towards $12 after starting the week on a positive note. LINK’s price action was mixed last week, dropping to a day low of $10.24 on Thursday before making a marginal recovery. With the price close to its support level, buyers entered the market on Friday as LINK rose by 3.35% and moved to $10.90. With the 50-day SMA acting as a dynamic level of resistance, momentum stalled on Saturday as LINK registered an increase of 0.85% to push to $11 before falling back on Sunday, dropping by 2.31% and settling at $10.74.

Source: TradingView

LINK finally pushed above $11 and the 50-day SMA on Monday after rising by 5.03% and moving to $11.28. Volatility increased on Tuesday as buyers attempted to push LINK above $11.50 while sellers attempted to drag LINK back below $11. Ultimately, buyers gained the upper hand and pushed LINK up by 1.50%, allowing it to go above the 20-day SMA and settle at $11.45. However, LINK is back in the red during the ongoing session after failing to push above the resistance at $11.50. It is down by almost 2% and trading at $11.25. Buyers will look to keep LINK above the 50-day SMA and attempt to regain control of the session. Should LINK flip the current bearish sentiment, we could see another attempt to push above $11.50.

Ripple (XRP) Price Analysis

Ripple (XRP) finally pushed above the 200-day SMA on Monday but still faces uncertainty regarding its price action, which remains muted compared to the rest of the market. As we can see in the price chart, XRP had been trading in a narrow range spanning from $0.50 to $0.55 since October 3. XRP attempted to push above the 200-day SMA several times during the previous week but was unable to do so, with its latest attempt being on Friday when it pushed to $0.538.

Source: TradingView

Once again, momentum stalled near the 200-day SMA as XRP registered only a marginal increase on Saturday before falling back on Sunday and ending the weekend on a negative note at $0.530, down by $0.532. XRP finally pushed above the 200-day SMA on Monday after a 3.10% increase pushed it to $0.548. However, it could not push higher and fell back in the red on Tuesday after facing significant volatility. Ultimately, XRP dropped by 1.20% and settled at $0.541, just above the 200-day SMA. The current session sees XRP marginally up as buyers look to push above $0.55 while sellers look to drive XRP below the 200-day SMA.

Hedera (HBAR) Price Analysis

Hedera (HBAR) started the week on a positive note but has also faced significant volatility as it attempts to consolidate above the 20- and 50-day SMAs. HBAR started the previous week in the red, dropping to a low of $0.048 on Thursday. However, it quickly recovered, registering an increase of 1.73% to push to $0.050. It continued to push higher on Friday, rising by almost 3% to $0.051. Momentum stalled over the weekend as volatility increased, with buyers unsuccessfully attempting to go above the 20-day SMA on Saturday. HBAR eventually dropped by 1.30% and remained at $0.051. Sellers attempted to drag the price below $0.050 on Sunday as HBAR fell to a day low of $0.049. However, it made a recovery of sorts and settled at $0.050 after registering a marginal decline.

Source: TradingView

The current week began with volatility persisting as sellers attempted to drag HBAR below $0.050. However, buyers countered the selling pressure, and HBAR eventually registered a 3.84% increase, which settled at $0.052, just above the 50-day SMA. Bullish sentiment picked up on Tuesday as HBAR surged past the 20-day SMA after rising by 6.43% to settle at $0.056. Buyers attempted to push towards $0.060 but were unsuccessful, with the price stalling after reaching a high of $0.058. The current session sees HBAR down by just over 3% as sellers look to drive it back below the 20 and 50-day SMAs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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