30s Summary

Bitcoin has crossed the $69k resistance level amid increased purchases of Bitcoin exchange-traded funds in the US and the influence of the country’s elections and Federal Reserve interest rate decisions on crypto markets. The number of “whale wallets” has also increased lately, suggesting a possibility of Bitcoin breaking past $70k. Meanwhile, the S&P 500 Index shows a positive trend while the US Dollar Index rally is weakening. Other cryptocurrencies like Ether, BNB, Solana, XRP, Dogecoin, Toncoin, and Cardano are also showing significant growth but high volatility cautions the need for research before investment.

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Bitcoin (BTC) started this week strong, with prices going over the $69k resistance level. That’s a good sign it’s going to keep on climbing.

One reason for Bitcoin doing well is a lot of people in the US buying Bitcoin exchange-traded funds. Bitcoin analyst Alessandro Ottaviani has said that these funds have seen inflows of $3 billion over the past two weeks.

In addition, the US elections and the Federal Reserve’s interest rate decisions are having a big impact on crypto markets this month.

There are some big players – Bitcoin “whales” – who seem to be buying more Bitcoin while the price isn’t moving much. Research shows that the number of “whale” wallets (those with 100 or more Bitcoin) has grown by 1.9% in the past two weeks.

Could Bitcoin go over $70k and encourage more buying and selling in other cryptocurrencies? Let’s take a look at some charts to see what might happen.

A strong point for sellers is that the S&P 500 Index (SPX) didn’t drop below its current level of increase last week. The trend is generally still upward as long as the price stays above that level. If the price keeps rising and it breaks past the 5,879 resistance level, the positive trend is likely to go on. The index might then climb toward 6,000 and then 6,221.

The US Dollar Index (DXY) rally is starting to slow down around the resistance level of 104.80. The next support level is 103.93. If prices drop past that level, the index could fall to the 20-day exponential moving average of 103.25. We’re looking at a potential rise to 106 if it doesn’t.

Bitcoin is slowly getting closer to the resistance of $70,000, which suggests more demand at higher prices. Buyers have the upper hand right now, according to indicators. The $70,000 level could be a stumbling block, but it’s likely that it’ll be overcome. If so, Bitcoin prices could shoot up to $72,000.

Bitcoin isn’t the only cryptocurrency doing well. Others like Ether (ETH), BNB, Solana (SOL), XRP, Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA) are pulling in impressive numbers. However, it’s crucial to note that these markets are highly volatile and an investment always involves some risk. It’s advised to do your research before making a decision.

Source: Cointelegraph