Bitcoin’s resilience has led to increased buying in select altcoins.
Bitcoin’s price has seen a 15% increase last week and a 10.45% increase the week before.
Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.
The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it is expected to be short-lived.
Expectations of the United States Securities and Exchange Commission approving a spot Bitcoin exchange-traded fund have fueled gains in Bitcoin.
Traders chasing prices higher increases the risk of a short-term pullback.
Important support levels for Bitcoin and altcoins need to hold for bullish sentiment to remain.
The S&P 500 Index remains in a strong downtrend, with a strong support zone between 4,050 and 4,100.
The U.S. dollar index rebounded off the 50-day simple moving average, indicating buyer interest at lower levels.
Bitcoin has entered a consolidation phase between $33,390 and $35,380, with bulls in no urgency to book profits aggressively.
Ether has maintained above the breakout level of $1,746, but demand dries up at higher levels.
BNB has been stuck in a range between $235 and $203, with bulls having a slight edge.
XRP cleared a hurdle and may climb to $0.66 if it overcomes resistance at $0.59.
Solana resumed its uptrend and may reach $38.79 if it breaks above $33.90.
Cardano is sustaining above the breakout level of $0.28 but struggles to clear resistance at $0.30.
Dogecoin is witnessing a battle between bulls and bears near the $0.07 mark.
Toncoin broke below moving averages but selling dries up at lower levels.
Summary:
– Bitcoin’s resilience attracts buying in altcoins.
– Bitcoin has decoupled from the S&P 500 Index.
– Expectations of a spot Bitcoin exchange-traded fund approval fuel gains in Bitcoin.
– Important support levels need to hold for bullish sentiment.
– Altcoins like Ether, BNB, XRP, Solana, Cardano, Dogecoin, and Toncoin have their own price analysis and levels to watch.
