Bitcoin (BTC) experienced a surprising surge above the $31,000 to $32,400 resistance zone on Oct. 23, defying expectations of consolidation or hesitation near resistance levels. Market participants are optimistic about the approval of a Bitcoin spot exchange-traded fund (ETF) and believe that prices will surge once approval is received. However, a spokesperson for the Depository Trust & Clearing Corporation (DTCC) clarified that the listing of BlackRock’s spot Bitcoin ETF does not indicate regulatory approval. Analysts anticipate a 74.1% rally in Bitcoin’s price after the launch of a Bitcoin ETF in the United States.
Bitcoin price analysis:
Bitcoin surged above the $31,000 to $32,400 resistance zone, indicating a resumption of the uptrend. The relative strength index (RSI) is in the overbought territory, which can be sustained in the initial stages of a new bull move. The important support levels to watch are $32,400 and $31,000. If the price bounces from this zone, the bulls will aim for $40,000. However, a fall below $31,000 could indicate a bull trap.
Ether price analysis:
Ether broke above the $1,746 resistance, suggesting a potential change in trend. The important level to watch on the downside is $1,746, as a rebound from this level could lead to a rise above $1,855. A break above $1,855 may open the doors for a rally to $1,900 and $2,000. On the other hand, a fall below $1,746 could extend consolidation for a longer period.
BNB price analysis:
BNB rallied above the $223 resistance but failed to clear the hurdle at $235. A break below $223 could indicate a prolonged period of consolidation between $203 and $235. However, if the price turns up from $223, it could signal strong buying on dips, improving the chances of a rally to $250 and eventually $265.
XRP price analysis:
XRP broke above the $0.56 resistance, but the long wick on the candlestick suggests that bears are trying to defend the level. If the price reaches the moving averages, it may remain within the $0.56 to $0.46 range. However, a break above $0.56 could indicate the start of a new up-move, with targets at $0.66 and $0.71.
Solana price analysis:
Solana reached the pattern target of $32.81 and has started a correction. However, the sentiment remains bullish as minor dips are being bought.