Crypto Price Analysis 10-29 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, CHAINLINK: LINK, APTOS: APT, FANTOM: FTM

Bitcoin (BTC) touched $71,000 earlier today as it inches toward record highs. BTC hit $70,000 for the first time since late July and peaked at $71,460 before declining back to $71,000. Currently, BTC is trading around the $70,950 price level and has registered a substantial increase of almost 5% in the past 24 hours. Other major cryptocurrencies including Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Polkadot (DOT), and several others have also registered substantial increases. 

Market analysts expect BTC to set a new record high, with the upcoming week filled with significant events that could impact the markets. These include the US elections, scheduled for November 5, the US Gross Domestic Product (GDP) report, and the Federal Open Market Committee (FOMC) meeting, set for after the election. The overall crypto market cap has also registered a significant jump, up by 4.51%, and is currently at $2.4 trillion. 

Speaking about the market recovery, ChangeNOW CMO Pauline Shangett stated, 

“Bitcoin’s sharp rise to $71,000 signals renewed investor confidence in the cryptocurrency market. This bullish movement is especially notable as BTC approaches record highs, potentially setting the stage for a new breakout. The increase in major altcoins like Ethereum, Solana, and Polkadot suggests a strong, broad-based rally that could lead to further gains in the near term.”

Where Does Bitcoin (BTC) Go From Here?

With Bitcoin (BTC) back above $70,000 for the first time since July, analysts wonder how its price could move. With bulls currently in control, analysts and investors are optimistic of BTC reaching a new all-time high, especially with Republican presidential candidate Donald Trump remaining a strong favorite to win the presidential election. Additionally, risks seem tilted towards an easing of tensions between Iran and Israel, with Israel’s recent strike not targeting nuclear facilities and allowing Iran to de-escalate. These developments were key in propping up crypto prices and US equities. 

Investors also hope that core PCE, ISM PMI, and official jobs reports paint a positive picture and prove the economy is strong yet disinflationary, along with mega-cap earnings, especially after Tesla’s numbers boosted investor risk appetite. 

DOJ Targets Crypto Tycoon 

The United States Department of Justice has announced the indictment of Maximiliano Pilipis on charges related to the operations of Aurumxchange, an unlicensed crypto exchange. The charges were announced by the U.S. Attorney’s Office for the Southern District of Indiana and cited two counts of failure to file tax returns and five counts of money laundering. Court documents stated, 

“From approximately 2009 through 2013, Pilipis created and operated Aurumxchange to allow individuals to exchange bitcoin and other virtual currencies for U.S. dollars, and other government-issued and virtual currencies. Aurumxchange and Pilipis collected fees worth millions of dollars for facilitating these transactions, including amassing over 10,000 bitcoins, worth approximately $1.2 million at the time.”

Authorities have claimed Aurumxchange was used to conduct over 10,000 transactions, some of which were related to Silk Road, an anonymous dark web marketplace that shut down in 2013. 

“Aurumxchange was used to conduct over 100,000 transactions, resulting in the transfer of over $30 million in funds.”

Crypto Gaining Popularity In Indonesia 

A report by local Indonesian media outlets has revealed that cryptocurrency is becoming increasingly popular among young Indonesians, particularly in the age range of 18-30. Data from Indonesia’s Commodity Futures Trading Regulatory Agency revealed almost 27% of investors in the age group of 18-24 invested in crypto, with the figure rising to 35% in the age group of 25-30 years. The head of Indonesia’s Commodity Futures Trading Regulatory Agency stated that young Indonesians showed considerable enthusiasm for digital assets, viewing them as a viable alternative to traditional assets like stock and gold. 

However, he highlighted the need for more financial literacy, especially for those who understand crypto, adding that people needed to stay updated on the latest technological and financial developments. 

“Financial literacy, including an understanding of crypto, is very important so that the younger generation can choose the right investment and avoid unnecessary financial risks.”

Meanwhile, a similar survey called “The Indonesia Millennial and Gen Z Report 2024” revealed that 38% of Millennials and 41% of Gen Z Indonesians prepare a monthly financial budget, while 32% of Millennials and 26% of Gen Z set aside money for investment in traditional assets as well as crypto. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has seen a stunning increase during the ongoing session, up over 5% as it edges towards $72,000, with market watchers hopeful of a new all-time high as markets turn positive as the US elections draw closer. According to data from TradingView, BTC hit a peak of $71,335 earlier today and continues to trade around the $71,000 mark, with its latest bull run being driven by institutional investors, as shown by a surge of inflows into spot Bitcoin ETFs. Data from CoinShares shows the week ending October 25 recorded net inflows worth $920 million, bringing the annual total to a staggering $25 billion. 

Several macroeconomic factors have also turned favorable despite the world’s largest cryptocurrency facing considerable volatility in the weeks leading up to the election, with the price registering a substantial uptick since the weekend. The current US political landscape also favors BTC, with prediction markets such as Polymarket giving Donald Trump a sizable lead over Kamala Harris, although traditional polls predict a significantly tighter race. Analysts believe BTC has finally emerged from a drawn-out consolidation period that kept the price between $55,000 and $65,000, and a potential rally to a new all-time high is on the cards. 

As we can see in the price chart, BTC struggled to push above $68,000 during the previous week, unable to break past a stubborn level of resistance. BTC dropped to a day low of $65,234 on Wednesday before recovering on Thursday and moving past $68,000 to settle at $68,167 after an increase of 2.28%. However, it could not stay above this level and fell back in the red on Friday, dropping to $66,816, falling by almost 2%, but not before hitting an intra-day low of $66,499. Buyers returned to the market over the weekend as sentiment began shifting. As a result, BTC registered a marginal increase on Saturday before registering an increase of 1.22% on Sunday to settle at $67,972.

Source: TradingView

BTC finally pushed above $68,000 on Monday as markets made a strong recovery, rising by almost 3% and settling just shy of $70,000 at $69,761. The current session saw BTC go past $70,000 as it peaked at $71,335 before declining marginally. Currently, the price is up by 1.65% and trading just under $71,000. As seen in the price chart, the MACD has flipped to bullish, indicating that bulls have the upper hand. If buyers can continue the current momentum, we could see BTC push toward $73,000 and potentially set a new all-time high if macroeconomic factors remain favorable.

Market indicators point to a significant uptick in price, with the price consistently posting higher highs, suggesting strong bullish sentiment. However, the RSI is inching towards the overbought zone, meaning we could see a decline in the short term before BTC resumes its upward trajectory.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has also made a strong recovery this week, buoyed by positive market sentiments, and is currently up by 5.37% as it looks to move back toward $2,700. ETH registered a sharp decline during the previous week after failing to push above $2,700, starting the previous week with a sharp drop of almost 3%. By Wednesday it slipped below the 20-day SMA, falling to a low of $2,451 before recovering and settling at $2,522 after a decline of 3.74%. Buyers attempted a recovery on Thursday but could not push above the 20-day SMA as ETH registered only a marginal increase and settled at $2,535. Bearish sentiment returned on Friday as ETH fell by almost 4%, slipping below the 50-day SMA and $2,500 to settle at $2,438.

Source: TradingView

However, sentiment began changing over the weekend as ETH registered an increase of 1.71% and moved to $2,480. The price remained positive on Sunday as well, rising by 1.04% to push above the 50-day SMA and $2,500 to settle at $2,505. The current week began with bullish sentiment intensifying, allowing ETH to go above the 20-day SMA after an increase of 2.43% and settle at $2,566. ETH reclaimed $2,600 during the ongoing session, with the price up by almost 2% and hovering around $2,612. If markets remain bullish we could see ETH continue to push higher and retest the resistance at $2,700. A break above this level could see the price move to the crucial $2,850 level. On the other hand, if sellers retake control, ETH could slip back below $2,500. 

Solana (SOL) Price Analysis

Solana (SOL) is on the brink of pushing above $180 as its recent resurgence continues after hitting a low of $159 on Friday. SOL had been quite positive last week, despite starting it with considerable volatility. By Wednesday, SOL had shrugged off its volatility and pushed to $170 after registering an increase of almost 2%. Bullish sentiment persisted on Thursday as SOL rose by 3.71% and moved to $177 as it looked to push above $180. However, a move above this level failed to materialize as bearish sentiment returned to the market on Friday. As a result, SOL plummeted to a low of $159 before climbing above $160 and settling at $164, a substantial decline of almost 7%.

Source: TradingView

The weekend saw buyers return to the market as SOL registered an increase of 3.59% despite considerable volatility and settled at $170. Buyers continued to maintain control of the session on Sunday and SOL registered an increase of 3.41% and settled at $176. Sellers attempted to take control on Monday as SOL dropped to a low of $172. However, buyers countered the selling pressure and SOL registered an increase of 0.98% to settle at $178. The current session sees SOL up by just under 1%, as buyers look to push above $180. If SOL can push and stay above this level, a move to $200 could materialize if markets remain bullish. For now, bears are defending $180 fiercely. While the MACD is bullish, the RSI is getting close to the overbought zone, hinting at a marginal decline in the short term.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) is struggling to push above the 20-day SMA, with intense selling pressure pushing the popular Solana-based meme coin to an intra-day low of $2.24 on Monday. As we can see in the price chart, WIF slipped below the 20-day SMA last Tuesday when it dropped below $2.50 to $2.41. It registered a quick recovery, rising by 3.70% on Wednesday and 1.95% on Thursday to move to $2.55. However, despite the uptick, it could push above the 20-day SMA and registered a substantial drop on Friday, falling by almost 10% and settling at $2.31.

Source: TradingView

With the 200-day SMA acting as a dynamic level of support, WIF recovered on Saturday, rising by just over 2% and settling at $2.35. Bullish sentiment picked up on Sunday as WIF rose by 5.50% and settled at $2.48. However, WIF fell back into the red on Monday after failing to push above the 20-day SMA yet again. As a result, it dropped to an intra-day low of $2.24 before buyers propped up the price and pushed it back above the 200-day SMA. WIF ultimately registered a drop of 0.96% and settled at $2.46.

The current session sees WIF up by almost 7%, having pushed above the 20-day SMA and $2.50. The popular meme coin is currently trading at $2.64.

Chainlink (LINK) Price Analysis

Chainlink (LINK) has rebounded after declining substantially during the previous week, slipping below crucial support levels and the 20 and 50-day SMAs. LINK registered a sharp drop on Wednesday, declining by 5.52% and settling at $11.31. It also fell to a day low of $11 but recovered thanks to strong demand at lower levels. The price recovered on Thursday, rising by a healthy 2.61% but fell back in the red on Friday, dropping over 4% to slip below the 20 and 50-day SMAs and settling at $11.11. Sellers dragged LINK to an intraday low of $10.80, as volatility also saw a substantial increase, but once again, it was able to recover thanks to strong demand at lower levels.

Source: TradingView

LINK continued to face volatility and decline over the weekend, dropping by 1.13% on Saturday despite buyers attempting to turn the tables on sellers and push back above the moving averages. Sunday also saw a marginal decline as LINK ended the weekend on a bearish note at $10.97. The current week began with LINK dropping to a low of $10.70. However, as market sentiments became positive, LINK recovered and registered an increase of almost 2% to end the day at $11.18, just under the 20 and 50-day SMAs. LINK has continued its upward trajectory during the ongoing session, and has moved past the 20 and 50-day SMAs. The price is currently up by just over 3% at $11.53.

Aptos (APT) Price Analysis

Aptos (APT) is looking to push back above the 20-day SMA as it recovers after a substantial decline towards the end of the previous week. As we can see in the price chart, APT has been trading in a narrow range since October 13, as it struggled to push above $10.50 despite several attempts. On Friday, APT registered a substantial uptick in bearish sentiment. As a result, the price dropped over 12%, going below $10 and the 20-day SMA to a low of $8.46 before ultimately settling at $8.96. APT recovered on Saturday, registering an increase of 3.69% and moving back above $9 to $9.29. However, it was back in the red on Sunday, dropping by 0.97% and ending the weekend on a bearish note at $9.20.

Source: TradingView

Sellers attempted to drag APT back below $9 on Monday as it dropped to an intra-day low of $8.70. However, it recovered thanks to strong lower-level demand and pushed back above $9 to settle at $9.21 after a marginal increase. The current session sees APT up by almost 5% as bullish sentiment returns, with buyers looking to push it above the 20-day SMA and $10.

Fantom (FTM) Price Analysis

Fantom (FTM) has also seen a significant uptick since the weekend as markets register a substantial jump buoyed by BTC’s recent price movements and several macroeconomic factors. FTM dropped below the 20-day SMA on Wednesday after a drop of just over 3% saw the price decline to $0.68. Buyers attempted a recovery on Thursday but could not push back above the 20-day SMA, with FTM ultimately registering only a marginal increase. Bearish sentiment registered a substantial increase on Friday as FTM dropped almost 10%, going below the 50-day SMA, falling to a low of $0.58 before settling at $0.62.

Source: TradingView

However, market sentiment changed over the weekend as FTM registered an increase of 3.45% to push back above the 50-day SMA and settle at $0.64. Sunday saw an even bigger increase as FTM rose by 6.56% and moved to $0.68. However, despite the substantial increase, buyers could not push above the 20-day SMA. Monday saw sellers attempt to establish control as FTM dropped to a day low of $0.65. Buyers countered the selling pressure, allowing FTM to recover and register a marginal increase of 0.56%. The current session sees FTM up by just over 3% as it trades above the 20-day SMA at $0.70.

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.