30s Summary

Bitcoin bulls held onto their assets on October 29-30, anticipating higher prices, following a significant $827 million influx into Bitcoin exchange-traded funds in the U.S. Some predict Bitcoin hitting $100,000 by 2025. Other cryptocurrencies like Ether, BNB, Solana, Toncoin, and Cardano experienced positive trading patterns, while Dogecoin and Shiba Inu saw significant price increases. Traders anticipate a price spike if Trump wins the U.S. presidential election. However, experts warn investors to tread carefully given the inherent risks in cryptocurrency investments.

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On October 29, Bitcoin bulls couldn’t quite drive the price to a new all-time high, but they didn’t lose much ground to the bears on October 30 either. This tells us that the bulls are hanging onto their stakes, hoping for a price hike soon.

On October 29, Bitcoin exchange-traded funds in the U.S. saw a huge inflow of $827 million. This makes it clear that investors are betting on an upward trend. In fact, 10x Research, a crypto research firm, predicts that Bitcoin could hit the $100,000 mark by January 2025.

Traders are lining up in anticipation of a price spike if Donald Trump manages a victory in the upcoming U.S. presidential election on November 5. However, seasoned traders know to tread carefully as people often “buy the rumor and sell the news.”

Let’s take a quick look at how some other cryptocurrencies are performing.

The price of Bitcoin grew after breaking the $69,520 resistance on Oct. 28. Though it didn’t quite reach a new all-time high on Oct. 29, it indicates that there could be potential for the price to move upwards.

Ether has been trading within a rising channel pattern for a few days. Bulls bought the dip to the support line on Oct. 25 and cleared the hurdle of the 20-day EMA ($2,565) on Oct. 28.

Buyers tried to push BNB toward the overhead resistance of $635 but are facing selling near $612. But the upward slope of moving averages suggests that buyers might have a slight advantage and could rally to $635.

Solana broke the $179 resistance on Oct. 28, but the higher levels brought out strong selling by the bears.

The bulls’ attempts to start a recovery in XRP is facing heavy selling, indicating selling on rallies.

After breaking out of the $0.15 resistance on Oct. 28, Dogecoin gained momentum and reached the $0.18 level on Oct. 29.

Toncoin bounced off the $4.44 to $4.72 support zone on Oct. 25, indicating aggressive buying at lower levels.

Cardano bounced off solid support at $0.31 on Oct. 25, indicating buying at lower levels.

Avalanche fell below the support line of the symmetrical triangle pattern on Oct. 25, but the bears couldn’t sustain the lower levels.

Shiba Inu turned up from the 50-day SMA ($0.000017) on Oct. 26 and hit the resistance of $0.000020 on Oct. 29.

Remember that investing in cryptocurrency always involves risk, so make sure to do your own research and don’t invest more than you can afford to lose.

Source: Cointelegraph