Crypto Price Analysis 10-23 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, POPCAT: POPCAT, UNISWAP: UNI, TRON: TRX, APECOIN: APE

Bitcoin (BTC) maintained its position above $67,000 despite registering a marginal drop over the past 24 hours and is currently trading around the $67,150 level. Almost all major cryptocurrencies, including Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Chainlink (LINK), and Polkadot (DOT), have registered substantial declines. The crypto market cap has also dropped by 0.82% and currently stands at $2.31 trillion. 

Meanwhile, spot Bitcoin ETFs continued to see inflows despite BTC’s recent price drop. On Monday, they attracted inflows worth $294 million, with BlackRock’s IBIT as the standout performer. 

Speaking about the market’s performance, ChangeNOW CEO Pauline Shangett stated, 

“Despite Bitcoin’s resilience, holding above the $67,000 mark with only a marginal dip, the broader cryptocurrency market has seen notable pressure. Major assets like Ethereum, Solana, and Ripple have all experienced significant pullbacks, contributing to a 0.82% decline in the overall market capitalization, which now stands at $2.31 trillion. This divergence highlights Bitcoin’s unique position as a relative safe haven amid broader market turbulence. The inflows into spot Bitcoin ETFs, with BlackRock’s IBIT drawing $294 million on Monday alone, further underscore institutional confidence in Bitcoin, even as other altcoins struggle to find support.”

SEC’s Approach To Crypto Comes Under Criticism 

United States Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda has flagged concerns about the regulatory treatment of cryptocurrencies and digital assets when speaking at the Los Angeles County Bar Association’s 55th Annual Securities Regulation Seminar held in Washington DC. Uyeda was highly critical of the SEC’s reliance on enforcement actions instead of clear rule-making when regulating the nascent sector. He went on to add, 

“There has been a lack of regulatory guidance in the crypto space. Instead, regulatory policy has been promulgated through settled enforcement actions and positions taken in litigation. In my view, it would have been preferable for the Commission to have considered proposing rules or issuing interpretive guidance before resorting to enforcement.”

Uyeda also discussed the consequences of the SEC’s approach, stating that a case-by-case approach through enforcement action prevents the formation of a consistent regulatory framework. 

“Rather than proactively contributing to creating a body of law regarding cryptocurrencies and digital assets by setting definitional parameters ex-ante, the SEC is instead pursuing a case-by-case approach through enforcement actions. As a result, it will take years to reach any type of legally binding precedent, as cases will need to wind their way through the judicial system before reaching a court of appeals. That type of delay is not helpful to either investors or innovators.”

Spot Bitcoin ETFs See Inflows Continue 

Spot Bitcoin ETFs registered substantial inflows worth $294 million on Monday despite a drop in the price of BTC. As expected, BlackRock’s IBIT ETF led the charge, attracting $329 million, according to data from SoSo Value. BlackRock’s IBIT has garnered significant attention from investors who are looking to gain exposure to BTC. IBIT’s recent surge in inflows has seen it cross Vanguard’s Total Stock Market ETF in year-to-date inflows. Bloomberg ETF analyst Eric Balchinas stated on X, 

“$IBIT had one hell of a week, +$1.1b in new cash, the best week since March, passed $VTI for 3rd place overall in YTD flows (insane for a new launch, especially late in the year, the rest of the top 5 in each over 20yrs and old and over $300b. $ IBIT’s aum is $26b, which is in the top 2% of all ETFs.”

Several other spot Bitcoin ETFs also witnessed significant inflows, with Fidelity’s FBTC Fund registering inflows worth $5.9 million on October 22. On the other hand, some ETFs, including Bitwise’s BITB, ARK’s ARKB, VanEck’s HODL, and Grayscale’s GBTC, faced significant outflows. As market optimism increases, the broader digital asset investment market registered $2.2 billion in inflows over the past week. The recent jump in positivity can be attributed to the expectation of a Republican victory in the upcoming US elections, given Donald Trump’s pro-crypto stance. 

Retail Demand For BTC Registers Significant Jump 

Available on-chain data has shown a significant jump of almost 13% in retail demand for Bitcoin (BTC). The spike is similar to patterns earlier seen in March 2024, when BTC was hovering around a historical high. According to an analysis by CryptoQuant, the jump in demand from retail investors, those investing between $0 and $100,000, marks a significant shift in market dynamics. The analysis showed the 30-day moving average for retail demand had markedly improved, rising by 13%. 

“Retail on-chain activity returns after 4 months. In the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has remained relatively muted since registering a substantial drop on Monday, as sellers look to push the price below $67,000. Despite this week’s subdued price movements, BTC’s rally from the $58,500 mark to the $67,000 mark represents an increase of around 14%. The upswing comes as ‘Uptober’ sentiment resumes as buyers attempt to end BTC’s seven-month consolidation phase. One analyst stated that BTC’s price was forming a “cup and handle” pattern, similar to that of the S&P 500 index and Gold before they hit their latest high. Several analysts in the industry have predicted a significant price jump for BTC over the next few years, with the price potentially hitting six figures. 

Cathie Wood, one of the most bullish BTC supporters, has predicted BTC could hit $600,000 or even go up to $1,500,000 by 2030. Meanwhile, Markus Thielen predicted that BTC would reach $125,000 by the end of 2024, and BitQuant predicted that BTC would end up between $80,000 and $250,000. 

Looking at the Bitcoin (BTC) price chart, we can see that BTC made a strong start to the previous week and surged past $67,000 on Wednesday to settle at $67,519. Bullish momentum waned on Thursday as BTC registered a marginal drop to $67,302 but recovered on Friday as BTC registered an increase of 1.63% and pushed above $68,000 to settle at $68,398. Price action was mixed over the weekend as BTC registered a marginal drop on Saturday before registering an increase of 0.72% on Sunday to settle at $68,773 and end the weekend positively.

Source: TradingView

However, BTC fell back in the red as it started the current week on a bearish note. Buyers began Monday with an attempt to push above $70,000. BTC reached a day high of $69,397, but as buyers lost momentum, sellers took control, pushing the price down by 2.13% to $67,033. Tuesday saw BTC encounter significant volatility as sellers attempted to drive BTC below $67,000. As a result, BTC dropped to a day low of $66,523 before recovering to register a marginal increase and settle at $67,386. The current session sees BTC down by 0.66% as sellers attempt to drag the price below the $66,500 level. Currently, BTC is trading around the $66,800 mark.

BTC is currently trading near key levels, with sellers looking to drag the price to $65,000 and buyers looking to attempt another move above $70,000. With sellers in control at the moment, BTC could drop to $66,000 or lower before we see a recovery. On the other hand, a break above $70,000 could mark the beginning of a significant rally for BTC.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has declined for the third day in a row as it struggles to stay above $2,600, having spent all of the ongoing week in the red. ETH experienced significant volatility last week despite starting very strongly after registering an increase of 6.54% on Monday. However, it fell back into the red on Tuesday after experiencing significant volatility. By Thursday, ETH dropped to $2,604 as sellers looked to lower the price. However, bullish sentiment returned on Friday as ETH rose by 1.41% and settled at $2,641, as buyers prevented a drop below $2,600. Saturday saw a marginal increase, which allowed ETH to move to $2,647.

Source: TradingView

However, markets picked up once again on Sunday, and ETH surged by almost 4%, going past the crucial $2,700 price level and settling at $2,746. ETH attempted to push to $2,800 on Monday, but with strong selling pressure between $2,700 and $2,800, it lost momentum. As a result, sellers took over, and ETH dropped by almost 3% to $2,666. Bearish sentiment persisted on Tuesday as ETH continued to drop, registering a fall of 1.73% and settling at $2,620. The current session sees ETH down by 0.37% as sellers look to drive the price below $2,600.

If sellers can push ETH below $2,600, it could drop down to $2,500. A break below this level could see ETH drop back to $2,400 or $2,300. On the other hand, if buyers can keep ETH above $2,600, we could see another attempt to push towards $2,700.

Solana (SOL) Price Analysis

Solana (SOL) continues to trade below $170 as bears look to drive it below $160, with the price firmly in the red during the ongoing session. As we can see in the price chart, SOL made a robust recovery after dropping to a low of $147 before settling at $150 on Thursday. As buyers returned to the market at this level, SOL registered an increase of 2.92% on Friday, pushing back above the 200-day SMA and settling at $154. Bullish sentiment persisted over the weekend as SOL rose over 3% on Saturday and settled at $159, just below the crucial $160 price level.

Source: TradingView

Sellers attempted to take control of the session on Sunday, pulling SOL to a low of $157. However, with bullish sentiment picking up, SOL made a strong recovery and rose by almost 5% to surge past $160 and settle at $167. With the resistance at $170 coming into play, SOL saw significant volatility on Monday as buyers attempted to push above $170 while sellers tried to drag the price below $160. Eventually, sellers came out on top but could push SOL down only by 0.71% to $166. Volatility persisted on Tuesday as well, albeit to a lesser degree, as sellers thwarted another attempt to push above $170 while buyers foiled another attempt to drag the price below $160. SOL ultimately registered an increase of 0.79% and settled at $167.

The current session sees SOL down by 1.22% as sellers look to drag it below $160. If SOL slips this level, we could see a drop to $150. On the other hand, buyers will attempt to keep the price above $160 and attempt another move past $170.

Popcat (POPCAT) Price Analysis

Popcat (POPCAT) has been trading above the 20 and 50-day SMAs since the beginning of September and is looking to push above $1.50, with an upward-sloping 20-day SMA acting as a dynamic level of support. POPCAT attempted to go above $1.50 on October 12 but failed to do so, losing momentum after reaching a day high of $1.55 before settling at $1.48. By Wednesday of last week, POPCAT had fallen to $1.22, marginally above its day low of $1.22. The price rebounded from the 20-day SMA, rising by over 100% on Thursday and settling at $1.35. Friday saw volatility increase, but POPCAT registered an increase of 1.64% and settled at $1.37.

Source: TradingView

Bearish sentiment returned on Saturday as POPCAT fell by 8.47% to $1.26. However, it quickly recovered on Sunday, rising over 8% and settling at $1.36. POPCAT was back in the red on Monday, dropping by 5.23% and settling at $1.29, before making another strong recovery and rising by almost 11% on Tuesday and settling at $1.43. However, POPCAT finds itself back in the red during the ongoing session, with the price down by almost 5%.

Uniswap (UNI) Price Analysis

Uniswap (UNI) is back in the red during the ongoing session after registering a significant jump on Tuesday, which saw the price reach a day high of $8.80 before retreating. UNI was quite bearish during the previous week and slipped below the 20-day SMA on Thursday when it settled at $7.34. However, it recovered on Friday, pushing back above the 20-day SMA to $7.45, before falling below the moving average on Saturday after a decline of almost 2%. Despite recent bearish price action, UNI surged on Sunday, rising by almost 6% and going back above the 20-day SMA to $7.74.

Source: TradingView

The price experienced significant volatility on Monday as buyers attempted to push above the 200-day SMA while sellers attempted to drag the price back below the 20-day SMA. Ultimately, UNI registered a marginal increase of 0.61% and settled at $7.78. UNI registered a huge jump on Tuesday as it surged past the 200-day SMA and key resistance levels to reach a day high of $8.80. However, it fell back below $8 after buyers failed to sustain momentum and consolidate above this level, eventually settling at $7.99 after an increase of almost 3%. The current session finds UNI back in the red as sellers look to drive the price down towards $7.50. UNI is currently down just over 3% and trading around $7.75, having slipped below the 200-day SMA.

Tron (TRX) Price Analysis

Tron (TRX) has made a strong recovery this week after spending almost all of last week in the red. TRX failed to push above $0.165 the previous weekend and turned bearish, dropping substantially since last Sunday. By Friday, TRX had dropped to $0.158, and it managed to stay above the 20-day SMA. However, bearish sentiment intensified over the weekend after a failed attempt to go past $0.160. As buyers lost momentum, sellers took control and drove TRX below the 20-day SMA to $0.156 on Saturday. TRX continued to drop on Sunday, ending the weekend on a bearish note.

Source: TradingView

However, after dropping to a day low of $0.155 on Monday, TRX made a strong recovery, rising by 1.51% to push back above the 20-day SMA and settle at $0.159. Buyers also retained control on Tuesday, as TRX registered an increase of 0.86% and settled at $0.160. However, it is back in the red during the ongoing session, currently down marginally, as sellers look to push the price back below $0.160.

Apecoin (APE) Price Analysis

Apecoin (APE) has seen unprecedented price action over the weekend but has found itself back in the red over the past couple of sessions. As we can see in the price chart, APE registered an increase of almost 4% on Friday, rising to $0.73. Bullish sentiment picked up over the weekend, as APE rose by over 18% on Saturday to go past the 20 and 50-day SMAs and settle at $0.87. While an 18% increase is impressive by all accounts, APE registered an unprecedented increase on Sunday, rising by a staggering 70.99% to surge past the 200-day SMA and $1 to settle at $1.48. Bulls reached a day high of $1.72 before dropping back and settling at $1.48.

Source: TradingView

Monday saw an increase in volatility as sellers attempted to retake control and buyers tried to push above $1.50. APE rose to a day high of $1.76 before settling at $1.56 after an increase of 5.35%. However, buyers lost momentum on Tuesday, and APE fell back in the red, dropping by almost 14% and going back below $1.50 to settle at $1.35. The current session sees the price down by almost 7% as sellers continue to push APE back towards $1. Buyers will look to keep APE above $1. If the price can rebound from this level, we could see a push back above $1.50. On the other hand, if APE slips below $1, we could see the price drop to $0.80 or $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.