Bitcoin is at risk of ending October in the red for the first time in seven years, with several altcoins dropping to crucial support levels. Analysts are divided on BTC’s future, with net outflows of $959.1 million from BTC ETFs indicating caution among institutional investors. November’s average return is 46.02%.
BTC bounced off support near $107,000, but faces resistance at the 20-day EMA. A break below $107,000 could lead to a double-top pattern and a drop to $100,000. Conversely, a close above the 20-day EMA may keep BTC in a range between $107,000 and $126,199.
Ether bounced off support on Thursday, but could face selling at the moving averages. Buyers need to push the price above the moving averages to stay inside the descending channel pattern. A break and close above the resistance line could signal the start of an uptrend for Ether.
BNB is seeing a battle between bulls and bears at the 50-day SMA. A close below the 50-day SMA could lead to a deeper correction, with support levels at $1,021 and $932. Conversely, a close above the 20-day EMA could pave the way for a rally to $1,156 and $1,239.
XRP fell below the 20-day EMA, indicating bearish sentiment. Sellers may aim for the $2.32 to $2.19 support zone, with a potential drop to $1.90. Bulls need to push the price above the moving averages to turn the tide and signal a trend change for XRP.
Solana is trading inside a symmetrical triangle pattern, with support at $155. Buyers are expected to defend this level, while a break below could lead to a drop to $140. A break above the 20-day EMA could indicate a longer consolidation period for Solana.
Dogecoin is facing pressure from bears, with support at $0.17. A break below could lead to a drop to $0.14, while a breakout above $0.21 could pave the way for a rally to $0.29. Buyers need to push the price above resistance to gain momentum.
Cardano broke below support at $0.59, signaling bearish control. A drop to $0.50 is possible if the price remains below this level. Bulls need to push and maintain the price above the 20-day EMA to shift the momentum in favor of Cardano.
Hyperliquid is facing resistance at $51.50, with sellers pulling the price down to the 20-day EMA. A break below this level could lead to a drop to $35.50. A breakout above $51.50 could signal a rally to the all-time high of $59.41.
Chainlink is struggling to break above the 20-day EMA, with potential support at $15.43. Buyers need to push and maintain the price above the 20-day EMA to signal strength. A climb to the resistance line is critical for Chainlink.
Bitcoin Cash is range-bound between the 20-day EMA and the resistance line. Bulls need to push the price above the resistance line to indicate a potential trend change. A break below the 20-day EMA could lead to a drop to $500 and $475.
Read more at Cointelegraph: Bitcoin Range Trades As Altcoins, Spot BTC ETF Sell-off