Category: Cryptocurrency News

Bitcoin (BTC), the largest cryptocurrency by market capitalization, started the third week of October with a 6% daily surge. BTC’s performance has fueled bullish sentiment among crypto investors and market watchers, who suggest it might be ready to move to $70,000. Related Reading: Why Isn’t XRP Price Moving? Crypto Pundit Claims The Answer Bitcoin Reclaims Key Support Levels Bitcoin began the week reclaiming key resistance levels after a 6% surge from Sunday’s price. This performance saw BTC move from the $62,000 support zone to retest the $66,000 support area on Monday morning. Following the recent performance, Bitcoin’s October returns so far have turned green with a 3.17% monthly return, according to Coinglass data. Crypto analyst Rekt Capital highlighted Bitcoin’s recent movements, noting that BTC has been able to reclaim a 2-month downtrend as support. Per the analyst, the flagship cryptocurrency has retested a downtrend line dating back to late July since October started. BTC successfully retested and bounced from the trendline for two consecutive weeks, turning the range into support. Additionally, the analyst pointed out that Bitcoin has performed several successful retests, including a “volatile retest” of the 21-week Bull Market Exponential Moving Average (EMA). “Notice how the bottom of the green boxed area is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the top of the green box,” the analyst added. Similarly, Ali Martinez highlighted that BTC is currently making another attempt to reclaim the 200-day Moving Average after four consecutive rejections in the past two months. BTC Challenges August Highs Rekt Capital noted that BTC has solidified the $58,000-$61,000 range as a support area throughout the year: “It has done so at a Higher Low compared to last month’s downside wicking lows as well as August’s downside wicking lows.” Moreover, the analyst stated that Bitcoin challenged August highs, at around $64,200, after the recent retests of the key levels. He suggested that BTC’s recent movements are a “clear sign” that August’s level is “weakening as resistance.” Rekt Capital pointed out BTC is retesting the multi-month weekly downtrend channel top, which is also weakening as resistance. The flagship cryptocurrency successfully tested the channel’s range lows as support this month. The range lows have been 7-month confluent support with the previous all-time high (ATH) area. Nonetheless, the analyst noted that BTC must have a weekly close above the downtrend channel’s top to break out of this pattern. A weekly close above August highs, followed by a successful retest of this level, would “pose a significant buy-side pressure on the Downtrending Channel Top,” which could be accelerated if BTC’s daily close sits above $64,200. Related Reading: WIF Bulls Charge Toward $2.89 As Key Resistance Test Looms Moreover, a daily close above $65,000 and a successful reclaim of the range as a support zone could send BTC’s price toward the $70,000 resistance zone. The analyst noted that whenever Bitcoin closed the day above this level, the cryptocurrency moved within the $65,000-$71,350 range in the following days. As of this writing, BTC is trading at $65,812, a 4% and 10.3% surge in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com

AED Stablecoin LLC has received approval from the Central Bank of the United Arab Emirates (UAE) to launch its stablecoin, AE Coin. This makes AED Stablecoin the first entity in the UAE to issue stablecoins, aligning with the government’s digital strategy. AE Coin is a fiat-backed stablecoin, meaning each coin is backed by the AED […]

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Reminder: Don't Gamble on your coins, follow the Crypto Rules! In my Opinion the rules 4 , 5 , 6 ,7 are the most important. Many derivates bets got liquidated or will be liquidated. It's always for the same reasons. Those who got liquidated, put their money or coins at risk with horsebets on crypto…
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Bitcoin RSI is either on track to deliver a six-figure BTC price next year or “this time is different,” analysis says.

Monochrome Asset Management has announced the launch of the Monochrome Ethereum ETF (IETH), marking Australia’s first exchange-traded fund (ETF) that provides direct access to ethereum. Trading under the ticker ‘IETH’ on Cboe Australia, the ETF will be available on most Australian brokerage platforms, allowing local investors to gain exposure to ethereum through a direct-holding structure. […]

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An analyst has explained how Ethereum could see a run toward the $6,000 level if this historical pattern continues to hold for the asset’s price. Ethereum Ascending Channel Could Reveal Its Next Destination In a new post on X, analyst Ali Martinez has discussed a pattern that the 1-week price of Ethereum has potentially been following during the last couple of years. The pattern in question is the “Ascending Channel” from technical analysis (TA), which is a type of Parallel Channel. In a Parallel Channel, the asset consolidates between two parallel trendlines, with the upper level connecting successive tops and the lower bottoms. Related Reading: Solana Extends Rally By 4%, But This Factor Could Lead To A Top These two levels are slopped upwards in the case of an Ascending Channel, as already hinted at by its name. Thus, an Ascending Channel only forms when the asset sets higher highs and lows. The lower level of the pattern can support the price, while the upper one may act as resistance. If either of these levels break, the asset could see a continuation of trend in that direction; a surge above the top line can be a bullish sign, while a drop under the bottom line can foreshadow a bearish outcome. There is also another type of Parallel Channel, called the Descending Channel, which works much in the same way as the Ascending Channel, except for the fact that it points downwards. Now, here is the chart shared by Martinez that shows the Ascending Channel that the 1-week Ethereum price could be trading inside right now: As displayed in the above graph, the 1-week Ethereum price has recently been retesting the bottom level of this potential Ascending Channel pattern. The analyst has highlighted what happened the last few times that the coin made a retest of this line. “Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for Ethereum,” notes Martinez. Thus, if the Ascending Channel continues to hold for the cryptocurrency, it could benefit from another surge shortly “If this pattern holds, a similar move could push ETH to $6,000—provided the $2,300 support level stays intact,” says the analyst. This support level naturally corresponds to the channel’s bottom line, a drop beyond which could potentially invalidate the formation. Related Reading: Bitcoin Whales Are Going Through A ‘Generational’ Shift, CryptoQuant CEO Reveals Given this pattern forming in its weekly chart, It remains to be seen how the Ethereum price will develop in the coming months. ETH Price Ethereum has enjoyed a sharp 7% rally during the past 24 hours, which has taken its price above the $2,600 mark. Featured image from Dall-E, charts from TradingView.com

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