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Bitcoin Price Holds Steady at $35K as Ethereum, APT, QNT, and RUNE Show Positive Momentum

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“The crypto market remains captivating as Bitcoin’s price lingers around $35K, while Ethereum, APT, QNT, and RUNE assert their bullish momentum, enticing both seasoned and new investors alike.”



The hopes of approval for a Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) have boosted Bitcoin’s price by 27% in October. This positive sentiment has attracted aggressive buying from crypto investors.

The ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to receive regulatory consent in the U.S. this year, saw its second biggest trading week ever at $1.7 billion. Similarly, the Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The increased volume in these existing instruments suggests that spot Bitcoin ETFs will likely see significant volumes when they are approved.

When the leader, Bitcoin, performs well, it often lifts the entire cryptocurrency sector. This can be seen in the strong performance of altcoins, which have risen sharply from their multi-year lows. However, after an initial rally, some altcoins may struggle to maintain their upward momentum, while others will lead the market higher. It is generally better to stick with the leaders as they are most likely to outperform during the next crypto bull phase.

Let’s take a look at the charts of the top 5 cryptocurrencies that may continue their rally in the coming days.

Bitcoin:
Bitcoin pulled back from $35,280 on October 24, indicating that higher levels are attracting selling pressure. However, the long tail on the candlestick on October 27 shows solid buying at lower levels. The rising moving averages indicate an advantage for buyers, but the overbought levels on the relative strength index (RSI) suggest that Bitcoin may spend more time in consolidation. The important levels to watch on the downside are $32,400 and $31,000, while a break above $35,280 could indicate a surge to $40,000.

Ether:
Ether climbed above the $1,746 resistance level on October 23 and reached $1,865 on October 26. The bulls successfully defended the retest of $1,746, indicating that this level may act as a new support. The rising 20-day exponential moving average (EMA) and the RSI near the overbought zone suggest that the bulls are in control. Buyers will aim to push the price above $1,865, which could lead to a rally to $2,000. On the downside, a break below $1,746 could open the doors for a fall to the 20-day EMA.

Aptos (APT):
Aptos has rallied sharply in recent days, indicating that the bulls are attempting to make a comeback. The bulls will try to overcome the obstacle at $7, and if they succeed, the pair may start its march toward $8. On the downside, a break below the support level at $6.20 could signal the start of a deeper correction.

Quant (QNT):
Quant rose above the breakdown level of $95 on October 23, signaling a potential trend change. However, the short-term bulls seem to be booking profits, which may pull the price down to the downtrend line. A drop below the downtrend line could suggest that the rise above it was a bull trap, while a bounce back from the line would indicate that the bulls have flipped it into support. A break above $110 could indicate a resumption of the rally.

THORChain (RUNE):
THORChain broke above the overhead resistance of $2 on October 23, completing a bullish inverse head and shoulders pattern. Both moving averages are sloping up, indicating that the bulls are in control. While a minor correction or consolidation may be possible in the short term, the bulls holding their positions would improve the prospects of a rally to $3 and beyond.

Please note that this article does not contain investment advice or recommendations, and readers should conduct their own research before making any decisions.

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