30s Summary

Bitcoin continues to gain momentum, with its price surpassing the resistance level of $68,500 on October 18. The surge came as investors poured $2.1 billion into US-based Bitcoin exchange-traded funds within five trading days. The current trend has resulted in over $20 billion in net inflows. Other cryptocurrencies such as Ethereum, Binance Coin, Solana, XRP, Dogecoin, Toncoin, Cardano, and Shiba Inu also showed varied trends, including fluctuations and slow climbs. Experts have mixed opinions on future price predictions, emphasizing that investing in cryptocurrencies always comes with risks.

Full Article

People are snapping up Bitcoin (BTC) and pushing its price up past the recent resistance level of $68,500 as of October 18. This uptrend is backed by buyers splurging big time – with a cool $2.1 billion flowing into US-based Bitcoin exchange-traded funds within just five trading days, as shared by Farside Investors data. This surge means there’s now more than $20 billion floating in net inflows, as Eric Balchunas, a bigshot analyst at Bloomberg, notes.

Yet, there’s a bunch of mixed opinions going around on what Bitcoin’s price might do next. Some reckon the climbing Bitcoin futures open interest is a red flag that could trigger a steep drop while others, like Coinglass, think it shows a major price swing is ahead.

As Bitcoin’s price flirts with its all-time high, traders are being a little more careful about their next move. Bitcoin’s price has been roller coasting sideways for a few months now, there’s a good chance sellers might jump at the opportunity to unload aggressively as the price nears resistance.

Testifying to the movements of the top 10 cryptocurrencies, Bitcoin price showed a slight fallback on October 17 but climbed back up, breaking past $68,500 on the 18th. As for Ethereum (ETH), it’s been holding steady near the triangle’s resistance line for the last few days.

In terms of Binance Coin (BNB), it’s had a slow climb towards the $635 overhead resistance. Moving onto Solana (SOL), it’s been trying to hold steady at the 20-day EMA ($148).

Meanwhile, XRP found itself pushed above the moving averages on October 17 but couldn’t hold onto the high numbers. Dogecoin (DOGE) also managed to rise above the symmetrical triangle pattern on October 18, demonstrating the bulls’ upper hand.

Buyers have struggled to boost Toncoin (TON) above the moving averages. However, it’s not all doom and gloom as the bulls haven’t handed over control to the bears. As for Cardano (ADA), it’s been a game of tug-of-war between the bulls and the bears as it stays within a close range between $0.33 and $0.37.

Avalanche (AVAX) hit a bump roads as it turned down from the symmetrical triangle pattern’s resistance line on October 14, but the bulls intend to maintain their hold on the 20-day EMA ($27.30).

Finally, Shiba Inu (SHIB), has been hanging tight just below the $0.000020 overhead resistance, showing that the scenario is still in favor of the bulls. That’s a quick snapshot of recent cryptocurrency movement – let’s see where the market heading next! Please do keep in mind though that investing always has its risks and you should look into these things yourself when making any decisions.

Source: Cointelegraph