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What’s Next For Bitcoin, Ethereum and Solana Price? BTC Eyes $65k Without Hitting New ATHs

Andras Crow-Hreidar by Andras Crow-Hreidar
November 1, 2024
in Crypto, News
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The world of cryptocurrency is always dynamic, with fluctuations and trends that demand attention. Recently, analysts have observed Bitcoin facing a rejection from a significant resistance zone. This development has sparked a short-term bearish divergence, indicating potential downward pressure. Similarly, Ethereum and Solana are encountering hurdles in maintaining their upward momentum, facing challenges that could influence their price trajectories.

Short-Term Bearish Trends in Bitcoin

Bitcoin, the flagship cryptocurrency, is currently experiencing resistance within the $72,000 to $74,000 range. According to Josh, an analyst at Crypto World, this pullback was anticipated. While support levels are present around $66,700 to $68,300, a further decline could lead Bitcoin to test the crucial support level of $65,000. The market’s current volatility is a reminder of the complexities and uncertainties inherent in cryptocurrency trading.

blockdag 70m

Institutional Interest in Bitcoin

Despite the short-term bearish signals, there is no shortage of institutional interest in Bitcoin. A significant inflow into Bitcoin ETFs, especially from industry giant BlackRock, highlights this trend. On a single day, BlackRock recorded an inflow of over $872 million, contributing to a total of nearly $900 million in spot Bitcoin ETF inflows. This robust institutional interest suggests optimism and confidence in Bitcoin’s long-term value, even amid present price challenges.

Longer-Term Bullish Outlook for Bitcoin

In the broader perspective, Bitcoin’s long-term trend remains bullish. The four-day Bitcoin chart has recently confirmed a bullish flip in the super trend indicator, signaling potential upward momentum. As long as Bitcoin sustains levels above $65,000, the bullish cup-and-handle pattern remains intact, offering hope for future price appreciation.

Ethereum Price Analysis

Ethereum (ETH) is currently trading within a sideways range, reflecting a neutral stance on larger time frames. In this Ethereum price prediction, ETH faced rejection at the $2,700 to $2,800 range, solidifying this area as a formidable resistance. Presently, support is established between $2,550 and $2,580. A drop below this support could lead Ethereum to the next support zone around $2,440 to $2,475. Should Ethereum fall below $2,440, it might signal a bearish trend, potentially pushing prices down towards the $2,280 to $2,320 range.

Solana Technical Analysis

Solana (SOL) is not immune to the current market challenges, as it faces resistance between $183 and $187. In terms of Solana price prediction, the support is currently situated in the range of $159 to $163, with a drop below $159 signaling a bearish outlook. Despite this, the larger trend for Solana remains bullish, marked by higher lows and highs. However, a bearish divergence on the RSI suggests potential for a short-term pullback, warranting caution for traders.

Conclusion

In conclusion, while Bitcoin, Ethereum, and Solana face short-term resistance and bearish signals, the underlying interest from institutional investors and the broader bullish trends paint a complex picture. Traders and investors must navigate these waters carefully, keeping an eye on both technical indicators and market sentiment.

Tags: AltcoinsBitcoinCrypto newscryptocurrencyPrice Analysis
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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