Bitcoin (BTC) maintains its position above $67,000 despite a brief dip to the $65,000 range during the week. BTC currently trades around the $67,000 level, and major altcoins, such as Ethereum, Solana, Ripple, Polkadot, and Dogecoins, have experienced volatile trading weeks.
Bitcoin is at the end of a volatile week, ranging between two important levels – $65,000 and $69,000. BTC has been on a downward trajectory after failing to break above the $70,000 level, with major altcoins following its lead.
Despite price fluctuations sending BTC below $65,000 before recovering, Bitcoin appears to be stabilizing.
ChangeNOW CMO Pauline Shangett commented on market conditions, stating:
“Bitcoin is expected to rise drastically, and altcoins will likely follow this trajectory. With Former US President Donald Trump quickly becoming the favourite in the election, we could soon have a pro-crypto administration overseeing matters.”
US and Nigeria Partner to Fight Crypto Crime
The United States and Nigeria have entered into a joint venture to combat crypto crime. The venture launched the Bilateral Liason Group on Illicit Finance and Cryptocurrencies to counter cybercrime and illicit financial activity. The US Department of Justice and Nigerian authorities spearhead the project to improve cross-border cybercrime investigation capacity as digital finance advances globally.
Coinbase Partners with Golden State Warriors After FTX Fallout
Coinbase is now the official partner of the Golden State Warriors and Chase Center. Coinbase stepped into the role after the crypto exchange FTX collapsed. The new deal places Coinbase at the center of the warrior’s digital strategy and is the basketball team’s exclusive “crypto platform and blockchain ally.”
Hacker Reportedly Returns Funds of US Government Crypto Wallet
An attacker drained a wallet controlled by the US government on October 24 of $20 million. The wallet included funds seized from the 2016 Bitfinex hack.
On-chain analytics firm Arkham Intelligence reveals the attacker sent funds to a wallet beginning with “0x348”, which included USDC, UST, aUSDC, and ETH. Arkham said the attacker started converting stablecoins into ETH and laundered the funds through addresses likely associated with a money-laundering service. According to blockchain analyst ZachXBT, approximately $19 million has been returned.
Bitcoin (BTC) Price Analysis
Bitcoin to a big hit Wednesday, with BTC slipping below $65,000. The world’s largest cryptocurrency initially dropped over 2.50% before recovering and jumping back above $67,000. Wednesday’s decline in the crypto market mirrors the decline in the stock market. BTC’s drop again highlights the volatility of the crypto market and its interconnectedness with traditional markets. The crypto market’s decline is likely associated with the drop in tech stocks. Tesla stocks suffered particularly as the company prepares to release its latest earnings and analysts predict a decline in share price.
After an extremely bullish week prior, BTC has followed a downward trajectory since Monday. Substantial gains from last Monday and Tuesday pushed BTC’s price above $68,000 on Friday. After settling at $68,398 on Friday, the upward trend appeared to stall, with BTC declining marginally on Saturday, settling at $68,278. BTC, however, recovered on Sunday after a 0.72% increase, pushing the price to $67,773.
BTC appeared to begin the current week on a strong note as buyers pushed BTC to a day high of $69,401—buyers encountering strong resistance allowed sellers to step in. BTC recorded a 2.13% decline on Monday and settled at $67,307.
A volatile session on Tuesday saw BTC drop to a day low of $66,523 before recovering and settling at $67,386. Intense selling pressure on Wednesday allowed sellers to drag BTC to a day low of $65,225. BTC, however, recovered from this level when buyers entered the market. The price eventually settled at $66,658, a marginal drop of 1.09%. Thursday’s session saw Bitcoin reach a high of $68,831 and a low of $66,510. Ultimately, BTC rallied to gain 2.29% and settled the session at $68,191.
Seller took control of Friday’s as BTC dropped to a low of $65,664 before recovering slightly and settling at $66,696, a 2.19% decline. Buyers stepped in on Saturday, resulting in a 0.58% gain to settle at $67,086. The current session sees buyers in control, with BTC reaching a day high of $68,004.
Ethereum (ETH) Price Analysis
Ethereum is battling intense selling pressure after spending most of the week in the red. ETH faced significant volatility during the previous week, with a sharp increase of 6.54% on Monday sending ETH to $2,630. Continued pressure during the week continued until the altcoin bounced back on Friday to gain 1.41% and settle at $2,641. After reaching a day high of $2,675, ETH attempted to push to the $2,700 level. ETH did not see much change on Saturday but managed a marginal increase before a rapid surge of 4% on Sunday allowed it to break through $2,700 and settle at $2,746.
The current week began with a substantial drop of almost 3%, which sent the price back below $2,700 to settle at $2,666 eventually. Momentum further declined on Tuesday as ETH dropped 1.73% to settle at $2,620. The bearish sentiment intensified on Wednesday as sellers dragged ETH below its crucial support levels and the 20 and 50-day SMAs to a day low of $2,451. Buyers attempted a recovery, pushing the price back above $2,500 to close the session at $2,522. Throughout Thursday, ETH maintained its price above $2,500, gaining 0.39% to settle at $2,535. On Friday, buyers could not keep ETH above the $2,500 level, resulting in ETH closing at $2.441 and experiencing a 3.73% decline. The weekend began on a bullish note when ETH gained 1.69% on Saturday to settle at $2,482. Today’s session looks promising. Buyers continued their momentum and pushed ETH back above $2,500, which currently trades around the $2,500 level.
Solana (SOL) Price Analysis
Solana has been on a continued bull run after recovering from its day low of $147 on Thursday. SOL managed to gain nearly 3% on Friday, moving it beyond the 200-day SMA and settling at $154. Bullish sentiment continued Saturday, resulting in an over 3% gain to settle at $159. Another good 5% surge on Sunday allowed SOL to move above $160 to close the week at $167.
SOL started the current week with extreme volatility as buyers eyed the $170 resistance level. On Monday, buyers attempted to move SOL past $170 while sellers tried to drag the price below $160. Back-and-forth movement saw SOL drop to a low of $161 and climb to a high of $171 before settling at $166. Volatility persisted on Tuesday, with buyers and sellers fighting for control. Buyers ultimately gained control and pushed SOL up by 0.80% to $167. SOL finally broke the $170 level on Wednesday after an increase of 1.96% pushed the price to $170.77. Buyers continued their momentum on Thursday, pushing SOL up by 3.65% to settle at $177.16. Sellers overwhelmed Friday’s session, resulting in a massive 6.81% decline to $165. Buyers stepped in on Saturday, allowing SOL to gain 3.35% and climb to $170. The current session sees buyers still in control, and SOL is up by over 3%, trading in the $176 range.
Dogecoin (DOGE)
Dogecoin underwent a recent bullish surge, which appears to have stalled. The world’s largest memecoin by market cap is battling to push above $0.150. DOGE has been on a bullish run since the beginning of the previous week after it bounced back from a day low of $0.111. DOGE surged past its 200-day SMA on Friday after a 6% increase resulted in DOGE settling at $0.137. Bullish sentiment continued over the weekend, with DOGE gaining almost 5% on Saturday and breaching the $.140 level to settle at $0.144. On Sunday, sellers stepped in and took control of the session as DOGE fell to a day low of $0.137. DOGE recovered to push above $0.140 to settle at $0.142.
Intense volatility on Monday saw buyers try to push DOGE above $0.150 while sellers wanted to drag it below $0.140. Buyers emerged victorious but failed to push DOGE above $0.150, closing the session at $0.143. Tuesday saw another volatile day as buyers again tried to push DOGE above $0.150 while sellers tried to drag it below $0.143. Sellers won control of this session and pushed DOGE down by 2.30% to settle at $0.140. On Wednesday, buyers were in control, resulting in a 0.3% increase to end the session at $0.140. Buyers maintained control on Thursday as DOGE gained 1.3% to settle at $0.141. DOGE took a severe knock on Friday as sellers overwhelmed the session, resulting in a massive 7.13% decline to $0.131. Buyers stepped in on Saturday, resulting in DOGE gaining 4.30% to $0.137. The current session sees DOGE up by nearly 5% and trades in the $0.140 range.
Polkadot (DOT) Price Analysis
Polkadot (DOT) registered a significant decline in recent days, erasing all the gains it had made the previous week. DOT dropped to $4 on Friday but recovered to trade in the $4.10 range. Buyers attempted to push DOT above the crucial $4.50 level in the previous week to settle at $4.57. Polkadot (DOT) kicked off the week with a substantial gain of over 5% on Monday. As a result, DOT climbed above the 20 and 50-day SMAs to settle at $4.37. A volatile session on Tuesday saw DOT dip to a day low of $4.30 and reach a high of $4.53 before eventually settling at $4.41. Buyers, however, lost momentum after taking control of Tuesday’s session. Under sellers’ control, DOT saw a substantial decline to $4.32. Bearish sentiment intensified on Thursday, pushing DOT down by 3% and below its 20 and 50-day SMAs to close the session at $4.19. After a rough few days, which sent the altcoin into a spiral, DOT made a strong recovery on Friday, rising back above the 20 and 50-day SMA after an increase of 2.63%. Bullish sentiment continued the next day as DOT rose 2.84% on Saturday to close the session at $4.44. Buyers had the upper hand on Sunday, breaking through the crucial $4.50 level. During the session, $DOT reached a high of $4.59 before dropping back to $4.57, registering a 3.30% increase.
After a bullish run over the weekend, buyers again lost momentum. Monday saw a 4.38% decline, pushing DOT below its crucial $4.50 level to settle at $4.37. A volatile session on Tuesday saw buyers and sellers fight for control as DOT rose to a day high of $4.43. Sellers won control of the session, pushing $DOT down by 1.14% to $4.32. Selling pressure intensified on Wednesday, and sellers dragged the price to a low of $4.10. However, DOT recovered and closed the session at $4.21. Another volatile session on Thursday saw the altcoin drop to a day low of $4.16. DOT registered a slight recovery before closing the session with a marginal decline of 0.17% at $4.20. Friday’s session saw sellers in complete control, resulting in a massive decline of 4.88%. DOT dropped to a day low of $3.9 before slightly recovering to close the session at $4.00. DOT did not see much movement on Saturday but briefly dipped below $4 to a day low of $3.9 before making a marginal recovery. DOT gained 0.84% on Saturday to settle at $4.03. DOT has strong support at $4, but if sellers push the price below this level again, we could see the altcoin drop to its multi-year support of $3.62. Strong demand for DOT at these low levels results in buyers stepping in. In the current session, DOT is up by around 2%, trading in the $4.10 range.
Ripple (XRP) Price Analysis
Ripple is fighting to recover after a substantial decline during the week, which resulted in XRP trading below its moving averages. On Monday, XRP could not move beyond its 50-day SMA and sellers eventually dragged the price down before settling the session at $0.54. Increased selling pressure on Tuesday saw XRP drop by 2.24% and fall below its 20 and 200-day SMAs. Intense selling pressure on Wednesday saw sellers drag XRP to a day low of $0.51. XRP recovered slightly and settled at $0.52, registering a decline of 1.39%.
Buyers stepped in on Thursday, pushing XRP up by 1.18% to close the session at $0.53. The bullish momentum Thursday was fleeting as sellers dragged XRP into the red. Intense selling pressure on Friday dragged XRP down by 5.58% to close the session at $0.50. XRP turned bullish on Saturday, resulting in a 2.20% increase. XRP closed the session at $0.51. The bullish sentiment carried into the current session as XRP made a marginal gain of 0.5% and is trading in the $0.51 range.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
