30s Summary

Bitcoin has experienced a 9% uptick as buyers remain confident despite resistance at $69,000. Trading firm QCP Capital speculates that positive US stock market trends and a weak Japanese yen could fuel riskier investments. Bitcoin’s performance has been bolstered by U.S. SEC approving Bitcoin exchange-traded funds, which will increase liquidity. Altcoins are gaining interest, with Ether potentially heading to $2,850 and Solana targeting $189 and $210. Dogecoin is showing signs of a new uptrend, while Shiba Inu is potentially set to rally toward the $0.000028 mark after forming a bullish pattern.

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Bitcoin (BTC) has seen a roughly 9% boost this week, a solid sign that buyers are going in strong. Even though it’s hitting a bit of resistance around $69,000, buyers aren’t backing down yet, hinting that they’re expecting more gains in the near term.

In some interesting news this week, trading firm QCP Capital told its followers on Telegram that the rising U.S. stock market and a weak trend in the Japanese yen are probably going to help boost a ‘risk-on’ vibe leading up to the next U.S. elections. QCP says this fits into their ‘Uptober’ narrative suggesting good news for higher-risk assets.

If that wasn’t enough, the U.S. SEC has approved options for Bitcoin exchange-traded funds on the New York Stock Exchange and the Chicago Board Options Exchange, which is another positive strike for Bitcoin. Most analysts think having these options is going to bring more liquidity (easier buying and selling) into Bitcoin markets.

Bitcoin’s success has inspired investors to consider other ‘altcoins’ (alternative cryptocurrencies) that show signs of strong potential.

Moving onto Bitcoin’s performance, it’s hitting a bit of resistance as it gets close to the $70,000 mark. But, the encouraging thing is buyers aren’t backing down.

Now, let’s take a quick look at Ether. Basically, the buyers are winning out over the sellers right now. If things go well, Ether could go up to $2,850, although that could prove to be tough resistance. And if the price bounces back from $2,850 but gets a boost off the ‘breakout’ level inside the triangle, it’s a good sign that investors are more keen on buying on the dips, rather than selling at the peaks.

Meanwhile, Solana is getting close to some heavy resistance at $164, so the sellers will need to fight hard to keep it down. If they don’t succeed, expect Solana to shoot up towards $189 and then maybe even $210.

Dogecoin has broken out of its pattern, signaling the possible start of a new uptrend. However, it is seeing some selling pressure near its $0.15 resistance level.

Finally, Shiba Inu, which has been forming an inverted head and shoulders pattern (a bullish sign), will complete the pattern if break above $0.000020 happens. If that’s the case, we may see the token pick up speed and rally toward the $0.000028 mark.

Source: Cointelegraph