Crypto Price Analysis 10-31 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, OPTIMISM: OP, COSMOS: ATOM, APECOIN: APE

Bitcoin (BTC) is teasing a record high after it peaked at $73,464 on October 30, bringing it within touching distance of its all-time high of $73,750. However, the cryptocurrency has registered a marginal decline during the ongoing session and is trading just above $73,200. 

Meanwhile, spot Bitcoin ETFs continued to see significant inflows with BlackRock’s IBIT recording over $629 million in single-day inflows on the back of BTC almost posting a new all-time high. BTC’s recent jump can be attributed to pre-election market volatility fueling market volatility. The overall crypto market cap registered a marginal decline of 0.07%. Speaking about the surge in spot Bitcoin inflows, ChangeNOW CMO Pauline Shangett stated, 

“With Bitcoin nearing its all-time high, investors are capitalizing on pre-election market volatility by reallocating into digital assets, as shown by the substantial inflows into BlackRock’s IBIT. This activity underscores Bitcoin’s emerging role as a safe haven in volatile markets.”

Spot Bitcoin ETFs Register Record Inflows 

US-based spot Bitcoin ETFs registered over $870 million in net inflows on Tuesday, the third-highest figure since their January launch. BlackRock’s IBIT led the charge with over $629 million in inflows, followed by Fidelity’s FBTC, which registered $133 million. Bitwise’s BITB registered inflows of $52 million, while Grayscale’s Mini Bitcoin Trust attracted $29 million in inflows. Rounding up the lot were VanEck’s HODL ($16 million) and Ark’s ARKB at $12 million. On the other hand, Grayscale’s GBTC was the only ETF that registered net outflows of around $17 million. 

The spurt in demand came as BTC fell just short of setting a new all-time high as markets surged ahead of the US elections. Investors expect a surge in volatility as next week’s elections draw closer, with many predicting a jump to $80,000 in November, regardless of the outcome. Bloomberg ETF analyst Eric Balchunas has said he expects a surge in ETF inflows over the next few days on account of investor FOMO. 

“$IBIT traded $3.3b today, the biggest number in 6mo, which is a bit odd bc BTC was up 4% (typically ETF volume spikes in a downturn/crisis). Occasionally the volume can spike if there is a FOMO-ing frenzy (a la $ARKK in 2020). Given the surge in price past few days, my guess is this is the latter, which means look for (more) big inflows this week.”

NYSE Arca Wants SEC Nod For Grayscale’s Crypto Index ETF 

NYSE Arca has filed with the Securities and Exchange Commission (SEC) to list a Grayscale ETF featuring various cryptocurrencies as it pushes to expand institutional access to digital assets. Grayscale’s Digital Large Cap Fund, a crypto index portfolio, includes popular cryptocurrencies like BTC, ETH, and SOL. The application comes after Grayscale filed to convert the fund into an ETF. If approved, the Grayscale Digital Large Cap Fund ETF will allow investors to access various digital assets and position itself as an alternative to Bitcoin and Ethereum-focused ETFs. 

Grayscale’s new offering will compete against offerings from Hashdex and Franklin Templeton, both of whom have filed for index ETFs. VanEck, 21Shares, and Canary Capital have also submitted multiple filings to list spot ETFs related to SOL, XRP, and Litecoin (LTC). 

Analysts Urge Traders To Be Cautious 

Almost all crypto analysts agree that a Trump victory in the US presidential elections could trigger a significant crypto rally. However, some have warned investors to exercise caution in the days and weeks leading up to election day, citing several other factors that could impact market sentiment. Swyftx lead analyst Pav Hundal stated that a Trump Victory could give markets a dopamine hit but warned of volatility leading up to and after the election.

Others, such as Derive founder Nick Forster, urged traders to approach the markets cautiously as it is currently pricing in considerable volatility. There could be a significant upside, but the risks of a downside are equally high. Forster added that traders prepare for significant price movements as the election draws closer. 

“The increased buying of calls indicates some traders are indeed betting on a bullish outcome, potentially expecting a ‘buy the rumor’ scenario, but the reality could pivot quickly to a ‘sell the news’ dip depending on actual election outcomes.”

Forster urged traders to implement a diversified strategy instead of outright buying, given the market’s sensitivity to domestic and global factors. However, Hundal isn’t worried about traders timing their trades unless they want short-term arbitrage opportunities on the US election results. 

“I’m not sure timing your trades matters too much in this environment unless you’re a sophisticated investor looking for short-term arbitrage opportunities on the US election result. It’s entirely probable that the market will whipsaw on the US election result. But the underlying market fundamentals are pointing toward growth.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has maintained its position above $72,000 despite registering a marginal decline after pushing above $73,000 a day prior. Analysts have predicted a significant rally as the US elections draw nearer, with expectations that BTC could set a new all-time high and push on to $80,000 in November. Analysts from 10x Research have been bolder with their predictions, stating that the world’s largest cryptocurrency could hit $100,000 by January 2025. This forecast has been attributed to positive market signals, rising institutional interest, and increasing Bitcoin dominance compared to other altcoins. 

Institutional investors increasingly view BTC as a stable asset, with major players in the financial ecosystem, such as BlackRock, contributing to this perception. Investor confidence in the asset can be gauged by the performance of spot Bitcoin ETFs, which registered inflows worth $4.1 billion in October alone. 

Looking at BTC’s price chart, we can see a marginal decline over the past couple of sessions. However, buyers have managed to keep the price above $72,000 so far. BTC’s price picked up over the weekend after registering a substantial drop of 1.98%, falling to a low of $65,660 before settling at $66,816. It recovered over the weekend, rising by 0.51% on Saturday and 1.22% on Sunday to settle at $67,972. Bullish sentiment saw a considerable increase on Monday as BTC registered a rise of 2.63% to push above $69,000 and settle at $69,761.

Source: TradingView

With markets turning bullish, BTC surged past $70,000 on Tuesday, rising to an intra-day high of $73,512 before declining and settling at $72,627, registering an increase of just over 4%. With strong resistance above $73,000, BTC registered a marginal drop on Wednesday, falling by 0.37% and settling at $72,358. The decline can also be attributed to profit booking. The current session sees BTC remain in the red, trading around $72,290. With the RSI in overbought territory, market watchers expected a marginal decline in the short term. This means BTC’s current drop is not unexpected. With markets still bullish, BTC could recover as the US elections draw closer.

BTC could set a new all-time high as early as this week if election results are favorable (Trump victory). However, some analysts have predicted that BTC will push toward $80,000 should it set a new all-time high, irrespective of election results. This view stems from the fact that Kamala Harris also promised clear crypto regulation if elected to office. With the RSI currently above 70, BTC could decline further. However, a bullish MACD indicates buyers remain in control, and BTC could see an explosive rally once the elections have concluded.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has stalled at $2,700 yet again, with the price in the red during the ongoing session. The world’s second-largest cryptocurrency is down just over 1% in the past 24 hours as it faces considerable resistance at the $2,700 mark. ETH has been quite bullish since recovering from a substantial decline of almost 4% on Friday, going below a crucial support level and the 50-day SMA, dropping to a low of $2,386 before settling at $2,438. However, it recovered over the weekend, rising by 1.71% on Saturday and settling at $2,480. Buyers remained in control on Sunday, pushing ETH above the 50-day SMA to $2,505 after an increase of 1.04%. Bullish sentiment registered a considerable increase on Monday as ETH rose by 2.43% to move above the 20-day SMA and settle at $2,566.

Source: TradingView

Buyers maintained control on Tuesday, pushing ETH up by almost 3% to $2,637. ETH also attempted a move to $2,700 but could not push above an intra-day high of $2,680. Buyers tried to go above $2,700 on Wednesday as ETH surged to an intra-day high of $2,721. However, buyers lost momentum thanks to strong resistance at this level and fell back, dropping to settle at $2,659, an increase of 0.81%. The current session sees ETH marginally down as sellers look to drive the price below $2,600. However, if buyers can regain control, ETH could retest the resistance at $2,700. A break above this level could set the stage for a move to the crucial $2,850 level.

Solana (SOL) Price Analysis

Solana (SOL) has continued its decline as sellers look to drag the price below $170. SOL turned bearish on Wednesday after failing to push above $180 despite a strong recovery over the weekend. As we can see in the price chart, SOL rebounded impressively after falling to a low of $147 on October 17. By Thursday, it had surged past $170 and settled at $177. However, it registered a substantial decline on Friday, dropping by almost 7% to $164. SOL made a strong recovery over the weekend, rising by 3.60% on Saturday to reclaim the $170 level. Sunday saw an increase of 3.42% push SOL to $176 as it sought to move past $180.

Source: TradingView

SOL faced considerable selling pressure on Monday, dropping to an intra-day low of $172 before recovering and moving to $178, registering an increase of 0.96%. Buyers attempted to push above $180 on Tuesday, and SOL rose to a high of $183 before losing momentum, dropping back below $180 and settling at $179. Bearish sentiment took hold on Wednesday in the face of strong resistance at $170, and SOL dropped by 2.44% to $174. The current session sees SOL remain in the red as sellers attempt to drag the price below $170. On the other hand, if buyers can regain control, SOL will retest $180. A break above this level could allow SOL to push to $200.

Bittensor (TAO) Price Analysis

Bittensor (TAO) has continued its downward trajectory and slipped below $500 and the 50-day SMA on Wednesday. TAO was extremely bullish going into October and surged to $682 by the middle of the month. However, it has since entered a downward trajectory, facing considerable selling pressure and slipped below crucial levels and moving averages. TAO registered a substantial drop of over 10% on Friday to slip below the 50-day SMA and $500 to settle at $493. However, it recovered on Saturday, rising over 5% to push back above $500 and settle at $512.

Source: TradingView

Sunday saw a jump in volatility as buyers and sellers struggled to establish control. Eventually, TAO registered a marginal decline and settled at $510. Volatility persisted on Monday as sellers drove TAO to an intra-day low of $490. Despite the selling pressure, TAO recovered to push back above $5 and registered a marginal increase to settle at $512. Buyers tried to go above $550 on Tuesday as TAO rose to an intra-day high of $554. However, it could not sustain momentum and dropped back to settle at $520, an increase of 1.63%. Selling pressure returned on Wednesday as TAO fell below the 50-day SMA and $500 after registering a drop of over 5% to settle at $493. The current session sees TAO marginally up as buyers look to push the price back above $500 and the 50-day SMA.

Optimism (OP) Price Analysis

Optimism (OP) has fallen into the red during the ongoing session as it stalled on Wednesday after failing to push above the resistance at $1.80. OP registered a significant drop on Friday, falling almost 8% to slip below the 20 and 50-day SMAs and key support levels and settle at $1.55. Buyers attempted a recovery on Saturday but could only push the price up marginally. However, the recovery gathered pace on Sunday as OP rose over 2% and settled at $1.59. OP faced considerable selling pressure on Monday, falling to an intra-day low of $1.53. Despite the selling pressure, it recovered thanks to strong lower-level demand and registered an increase of 1.52% to go above $1.60 and settle at $1.61.

Source: TradingView

Bullish sentiment increased substantially on Tuesday as OP surged past the 20 and 50-day SMAs after an increase of almost 5% and settled at $1.69. OP reached an intra-day high of $1.79 as buyers attempted to push above $1.80. However, buyers lost momentum thanks to strong resistance at upper levels. As a result, OP fell back and settled at $1.71, eventually registering an increase of 1.20%. The current session sees OP back in the red, with the price down almost 3% as buyers struggle to keep it above the 50-day SMA.

Cosmos (ATOM) Price Analysis

Cosmos (ATOM) is facing significant volatility since dropping over 9% on Friday and slipping below the 20 and 50-day SMAs. The volatility began on Saturday as sellers attempted to drive ATOM below $4 and buyers tried to push back above the 20 and 50-day SMAs. Ultimately, sellers gained the upper hand but could only push ATOM down by 0.95% to $4.37. Buyers attempted a recovery on Sunday as the price rose by 1.86%. However, it could not move past the  20 and 50-day SMAs and settled at $4.45. Volatility returned on Monday as ATOM dropped to an intra-day low of $4.27 before recovering thanks to lower-level and returning to $4.45.

Source: TradingView

Buying activity picked up on Tuesday, and ATOM pushed above the 20 and 50-day SMAs to settle at $4.53. However, sellers drove the price back below the moving averages on Wednesday as it fell to a low of $4.37 before settling at $4.46. The current session sees ATOM remain bearish, with the price down by just over 2%, as sellers look to drag it towards $4.

Apecoin (APE) Price Analysis

Apecoin (APE) has been trading in a narrow range extending between $1 and $1.20 since the middle of last week as buyers struggle to keep the price above $1. APE registered an almighty surge over the previous weekend, rising by a staggering 70% and reaching a high of $1.72. However, it has since fallen substantially, dropping to a low of $1.02 on Friday, with sellers looking to drive the price below $1. As a result, APE encountered considerable volatility on Saturday as buyers and sellers struggled to establish control before eventually registering a marginal increase and settling at $1.06. APE registered an increase of over 6% on Sunday as buying activity picked up and rose to $1.12.

Source: TradingView

However, it fell back into the red on Monday, dropping over 7% to $1.04. Despite the selling pressure, buyers prevented a drop below $1 and APE recovered on Tuesday, rising almost 4% and moving to $1.08. APE registered only a marginal increase on Wednesday but has fallen back into the red during the ongoing session, with the price down by almost 5% as sellers continue their attempts to drive the price below $1.

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.