We are seeing a lot of price movement as we wait for the approval of Bitcoin Futures-based EFT. With approval looking more likely than ever, many are anticipating a spike in prices once that happens. Coinposters reported that the United States Securities and Exchange Commission (SEC) appears to be softening its stance on the investment vehicle.
Market sentiment is becoming bullish by the days. The Fear and Greed index reading is at 78 – a huge improvement from yesterday’s 72. Traders are extremely greedy as of this time as the EFT approval draws near.
While we wait for the official listing, American provider of specialized exchange-traded products, ProShares, is set to roll out the U.S.’s first bitcoin futures ETF. The Maryland-based firm made this revelation in a post-effective amended prospectus filed on Friday, October 15. ProShares was one of the firms that filed for its Bitcoin Strategy ETF this past summer.
The global cryptocurrency market cap has increased by 8% over the week. The top gainer over the last seven days is STX as it amassed gains of up to 22%. Other gainers in the top 20 include WBTC, LINK, LTC, BCH and SHIB.
The top 100s is not painted green as many may expect. Most of the cryptos on this list have peaked mid-week resulting in the total cryptocurrency market cap hitting a high of $2.51 trillion. Let’s us examine how some coins in the top 100 performed this week.
Bitcoin has gone up by more than 10% in the last seven days. The most valued coin has been causing a lot sleepless nights for the bears as a daily candle during the last trading session is the proof of BTC hitting $60,000.
The sellers’ sleepless nights extend as BTC is at the treshold of a new all-time. The most valued coin peaked at $62,933 during this time – marking the highest since April. As per calculation, short accounts worth $20 million are liquidated daily.
The week was not all bullish for the king coin as prices dipped as low as $53,879 – raising concerns as to if the uptrend is over. On the part of the indicator, three indicators are flashing warnings as Bitcoin continues its run.
The Relative Strength Index (RSI) is the latest to join the list of indicators blaring warnings. Bitcoin crossed 70 on the RSI chart, making it an oversold asset. The Pivot Point Standard suggests that the king coin is very bullish as it is trading above the second pivot resistance.
With bitcoin trading above the pivot resistance at $58k, the price mark is now a short-term support for the largest crypto. The bulls must fend off any attack at this support as there is non until $56k. BTC will look to hit a new ATH in the coming days.
The largest alt is eyeing the $4k mark as attaining the it will guarantee a retest of the all-time. Ether value per unit got as high as $3,971 – the highest in the last seven days. Prices dipped as low as $3,370 as the coin progressed to gaining more than 10% in the last seven days.
It has been reported that the a drop in supply and stability of demand in reaction to ETH hitting $3,800 for the first time in the last seven days. The analysis concluded with an assertion that if the dwindling supply persists, we may see the largest alt surge higher than $4,000 as scarcity increases. A filling of the gap between demand and supply may result in a revert to the dull movement the coin once had.
Ether daily supply as of this time is more than 6,000; indicating the bridging of the gap between demand and supply. As a result, we noticed the gradual drop in the price of ether as it is about closing the week below $3,800.
Amidst the drop in price, the bulls must defend the $3,700 support. Although it is shortterm support, it is critical for the buyers to hold prices at this point and fend off attacks. After the highlighted price mark, a long-term support lies at $3,500.
A previous analysis stated that the stochastic oscillator is hinting at a stalemate at $460 and $480, we may expect that with market fundamentals becoming bullish BNB can surpass the set mark.
Unfortunately, the improvement in market sentiment was not enough to help the Binance coin remain above the two barriers. We noticed a drop in prices after BNB exceeded $500 as predicted.
The price dip is ongoing as the third largest coin is trading at $466 as of the time of writing. The bulls will take care to fend off any threat to the $45o support as a flip of this level could result in the largest exchange token dipping below $430.
Cardano is down by 3.3% over the last seven days. The coin hit a low of $2.07 and a high of $2.24 marking another week with no clear breakout amidst the general market being bullish. ADA is on its way to ending its second week of losses.
Looking at the chart, it is almost impossible not to notice that the docile movement of price has resulted in the fourth largest coin trading below the 50-day MA. Continuous trading below this mark is also causing a slight drop in this MA.
With the gap between the 50-day MA and 200-day MA closing, a death cross is imminent. A sudden drop in price may speed up the process and we may it happen in the coming week. A safe point to cushion the effect of any massive sellers’ congestion is at $2 as it is the strongest support before a drop to the subs.
Following two weeks of successive gains, XRP is about to close the week at a loss of 1.48%. The coin traded within confines $1.18 and $1.06 over the last seven days. On the part of the indicators, the Ripple coin remains bullish.
The sixth largest coin is trading above both Moving Averages. Using the Pivot Point Standard, the XRP/USD pair is bullish as it is trading above its pivot point at $1.06. Ripple coin will look to flip the first pivot resistance at $1.29 as market condition favors an uptrend.
© 2015-2023 Coinposters. All rights reserved!