Bitcoin (BTC) soared past $73,000 earlier today as it rose to $73,544, reaching levels last seen when it posted its all-time high over eight months ago amid growing optimism in the markets, a potential Republican victory in the upcoming US elections, and positive technical indicators. Analysts believe BTC is poised to post a new all-time high as early as this week if current positive trends persist.
Several other altcoins have also increased substantially over the past 24 hours. These include Ethereum (ETH), Dogecoin (DOGE), Tron (TRX), Toncoin (TON), Cardano (ADA), Aptos (APT), Uniswap (UNI), and several others. The crypto market cap also registered a noticeable jump, rising by 1.34% to $2.43 trillion.
Speaking about market developments, ChangeNOW CMO Pauline Shangett stated,
“With Bitcoin breaking key resistance levels, the market appears primed for potential new highs, especially with a favorable technical and political backdrop. However, it’s crucial to watch how the market responds to any sudden shifts in sentiment—particularly as BTC approaches psychological levels that have triggered corrections in the past.”
Bitcoin (BTC) Soars As Markets Prepare For All-Time High
Bitcoin (BTC) surged past $73,000 earlier today before declining and slipping below $72,500. BTC’s recent price action has prompted crypto analysts to predict that the world’s largest cryptocurrency could post a new all-time high as early as this week if current trends continue. James Butterfill, the head of research at CoinShares, stated current price trends are being influenced by US politics and the presidential elections.
Popular crypto analyst Michael van de Poppe has stated that BTC could set a new all-time high as early as this week. The last time BTC hit similar levels was in March 2024, when it peaked at $73,750.
“#Bitcoin is correcting in the first week of October. It’s relatively standard, as it’s unemployment week. We expect to reverse from next week, through which dips are for buying!”
Others such as CryptoQuant CEO Ki Young Ju, believe BTC is witnessing an uptick in institutional demand, pointing to spot Bitcoin ETFs, which have registered a net inflow of 278,000 BTC since their launch in January. BTC’s price has been boosted by growing speculation that Donald Trump will emerge victorious in the upcoming US elections, with several online prediction markets favoring a Trump victory. Trump has promised crypto-friendly regulation, making him quite popular among crypto enthusiasts. However, Kamala Harris has also pledged to support a clear regulatory framework for crypto, with many predicting crypto will benefit regardless of the outcome.
Crypto Markets Turn Bullish
Almost all major cryptocurrencies are trading in positive territory over the past 24 hours as BTC pushed above $73,000 and the global crypto market cap surged to $2.45 trillion. While BTC is trading just below $72,500 at the time of writing, analysts believe Bitcoin bulls could drive the price to a new all-time high. VanEck’s head of digital assets, Matthew Sigel, stated that the current market is very bullish for BTC for several political and macroeconomic factors. If BTC does reach a new all-time high, some analysts predict a marginal decline in the short term as investors book profits. However, almost all analysts agree that markets will remain bullish in the coming months.
Bullish sentiment has also propelled Ethereum (ETH) above $2,600 and Solana (SOL) past $180. Popular meme coins, including Dogecoin (DOGE) and Dogwifhat (WIF), have also reported substantial increases.
South Korean Crypto-Related Stocks Soar
South Korean crypto stocks surged as BTC pushed above $73,000, with investors confident of the cryptocurrency reaching a new all-time high. These stocks include Woori Technology and Hanwha Investment & Securities, both of which have shares in Dunamu, the operator of Upbit. Woori Technology reported an increase of over 14% in its share price, while Hanwha Investment and Securities ended the day up by 7.53%.
Woori Technology is an investment firm, with interests in several Fintech and blockchain-related startups. Meanwhile, Hanwha Investment and Securities is an affiliate of the Hanwha Group, one of South Korea’s biggest conglomerates.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) surged past $73,000 and hit a peak of $73,512, hitting levels last seen when it set its all-time high in March 2024, buoyed by macroeconomic and political factors. Bitcoin whales have also gotten in on the action, and have scooped up large volumes of BTC on Binance. Market sentiment was further boosted by a golden cross between the 50-day SMA and the 200-day SMA. A golden cross forms when an asset’s short-term moving average exceeds the long-term moving average, typically occurring before a significant price jump. BTC had been trading between $55,000 and $65,000 since March.
Stephen Wundke, the Director of Strategy & Revenue at quantitative digital asset investment firm Algoz, predicted BTC could hit $75,000 by the US elections before witnessing a marginal decline and then rallying to $85,000-$90,000 by Christmas.
“Always remember, there are only 21 million and only 12% of the world has a digital wallet currently. There aren’t enough BTC coins to go around.”
Looking at the price chart, we see BTC made a strong recovery over the weekend despite registering a substantial decline towards the end of the previous week. BTC dropped to a low of $65,234 on Wednesday before recovering and moving to $68,167 on Thursday after an increase of 2.28%. However, bearish sentiment returned on Friday as BTC dropped by almost 2%, plummeting to a low of $65,660 before climbing back above $66,000 and settling at $66,816.
Market sentiment began changing over the weekend and BTC registered a marginal increase on Saturday, rising by 0.51% and moving to $67,154. The price continued to push higher on Sunday, rising by 1.22% and settling at $67,972. Bullish sentiment picked up on Monday as BTC pushed above $69,000, rising by 2.63% and settling at $69,761, with bullish sentiment increasing thanks to a golden cross on the price chart.
Source: TradingView
With investor sentiment building, BTC surged past $70,000 on Tuesday, rising to $73,512 and coming within touching distance of setting a new all-time high. However, the price declined marginally after pushing above $73,000, dropping to $72,627, increasing just over 4%. The current session sees BTC marginally down as the price sees a marginal correction due to the RSI being in the overbought zone and investors booking profits. However, bulls remain in control, and analysts are confident BTC could set a new all-time high following the US elections, potentially climbing above $75,000. The MACD is also bullish, pointing to growing investor confidence.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has hit a turning point after enduring a difficult month, as it made a strong recovery after dropping to a low of $2,386 towards the end of last week. Exchanges also reported $750 million in ETH withdrawals and a surge in trading volume, as it attracted renewed attention from investors. Data from CryptoQuant has revealed that ETH reserves have declined significantly, with over $4 billion removed, $750 million of which was in the past week. Analysts believe the biggest driver of the sudden investor interest is Ethereum’s renewed focus on scalability, with co-founder Vitalik Buterin unveiling a planned upgrade to improve scalability, streamline data storage, and reduce protocol complexity. Ethereum is also planning to implement another upgrade that allows nodes to run on everyday devices.
Let’s look at ETH’s price chart. ETH registered a substantial drop on Wednesday to slip below the 20-day SMA. Buyers attempted a recovery on Thursday but were unsuccessful. Bearish sentiment intensified on Friday as ETH dropped by almost 4%, going below the 50-day SMA and settling at $2,438, but not before hitting an intra-day low of $2,386. The price recovered over the weekend, rising by 1.71% on Saturday and moving to $2,480. ETH continued to push higher on Sunday, pushing above $2,500 and settling at $2,505 after an increase of 1.04%.
Source: TradingView
Bullish sentiment picked up on Monday as ETH pushed above the 20 and 50-day SMAs after an increase of 2.43% and settled at $2,566. The price reclaimed $2,600 on Tuesday rising by almost 3% and settling at $2,637. Buyers also attempted to push above $2,700 on Tuesday but were unsuccessful, reaching a day high of $2,680 before losing momentum. The current session sees ETH up by 0.76% as buyers look to push above $2,700. However, sellers are attempting to take control and drive the price back below $2,600.
So, can ETH’s latest rally last? Several technical indicators hint at an impending breakout from a multi-month downward trend. Despite registering a significant increase over the past few days, the RSI remains well below the overbought zone, indicating ETH has plenty of room to continue its upward trajectory before a correction. The MACD has also flipped to bullish, indicating bulls are gaining the upper hand. Should ETH break above $2,700, it could push to the crucial $2,850 level by the end of the year.
Solana (SOL) Price Analysis
Solana (SOL) briefly pushed above $180 on Tuesday as markets surged. However, it could not stay above this level and fell back after hitting an intra-day high of $183. As we can see in the price chart, SOL was quite bullish last week, climbing to an intra-day high of $170 on Thursday. However, it couldn’t push higher and registered a substantial drop of almost 7% on Friday, dropping to a low of $159 before settling at $164. Sellers attempted to drag SOL lower on Saturday but could not do so as buyers countered the selling pressure. As a result, SOL registered an increase of 3.60% and settled at $170. Buyers continued to push SOL higher on Sunday, registering an increase of 3.42% and settling at $176 to end the weekend positively.
Source: TradingView
SOL saw considerable volatility on Monday as sellers attempted to drag the price below $170. However, with demand picking up at lower levels, SOL recovered and registered an increase of 0.96% to settle at $178. Buyers attempted to push above $180 on Tuesday as SOL rose to an intra-day high of $183. However, it lost momentum as selling pressure overwhelmed buyers and slipped below $180, eventually registering only a marginal increase and settling at $179. The current session sees SOL marginally down as buyers and sellers struggle to establish control.
If buyers regain control, we could see SOL make another attempt to push above $180. On the other hand, if sellers retain control, SOL could drop to $170.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is back in the red during the ongoing session after a stunning rally that saw it break above $0.150, a level it previously struggled to overcome. DOGE faced considerable selling pressure last week as it dropped to a low of $0.127 on Friday, slipping below a key support level. However, it rebounded on Saturday, registering an increase of 3.64% and moving to $0.136. Buyers continued to control the market on Sunday, pushing DOGE up by over 5% to $0.144 to end the weekend on a positive note.
Source: TradingView
Bullish sentiment intensified on Monday as the broader crypto markets turned positive. As a result, DOGE surged by almost 12%, going past the resistance at $0.150 and settling at $0.160. Bullish sentiment persisted on Tuesday as DOGE raced to an intra-day high of $0.179 before settling at $0.175, posting an increase of 9.32%. However, the popular meme coin finds itself in the red during the ongoing session as sellers look to push it back below $0.170.
Ripple (XRP) Price Analysis
Ripple (XRP)’s recovery has stalled after it failed to push above the 20-day SMA, losing momentum and falling into the red during the ongoing session. XRP made a strong recovery over the weekend despite plummeting to a low of $0.48 on Friday before settling at $0.50 after a drop of almost 6%. However, the price recovered over the weekend, rising by 2.35% on Saturday and 0.58% on Sunday to end the weekend on a positive note at $0.51.
Source: TradingView
Sellers attempted to drag XRP below $0.50 on Monday as it faced a substantial increase in volatility. However, buyers prevented a decline and XRP registered a rise of 0.46%. Buying activity picked up on Tuesday as XRP registered an increase of 1.72% and settled at $0.52. Despite a relatively strong recovery over the weekend, XRP finds itself back in the red, unable to push above the 20 and 200-day SMAs, with the price down almost 1%.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) is looking to push above the 50-day SMA and $8.50 as it recovers after dropping almost 7% on Friday. Friday’s drop came after ICP failed to move above the 50-day SMA on Thursday. As a result, sellers took over on Friday, driving the price below the 20-day SMA to $7.70. ICP also hit a day low of $7.43 but recovered thanks to strong lower-level demand. Despite considerable volatility on Saturday, ICP registered a marginal increase and moved to $7.72. Buyers retained control on Sunday, pushing ICP up by almost 1% to $7.79.
Source: TradingView
Despite the positive weekend, ICP faced considerable selling pressure on Monday as sellers dragged the price to an intra-day low of $7.60. However, the price recovered thanks to strong lower-level demand and posted a marginal increase, and moved to $7.80. ICP surged past $8 on Tuesday after registering an increase of almost 4% to push above the 20-day SMA and settle at $8.11. However, it finds itself back in the red during the ongoing session after failing to go above the 50-day SMA. ICP is currently down by 0.50% as buyers struggle to keep it above the 20-day SMA and $8.
Celestia (TIA) Price Analysis
Celestia (TIA) registered a substantial drop of 13.42% on Friday as it fell below a key support level and the 20 and 50-day SMAs. Buyers attempted a recovery on Saturday as TIA rose by 1.58% and moved to $5.38. However, it could not push above the 50-day SMA and fell back in the red on Sunday, dropping almost 5% and settling at $5.12. Monday started on a bearish note for TIA as sellers attempted to drag the price below $5. As a result, it fell to a day low of $4.76 before recovering and climbing back above $5. TIA eventually ended Monday at $5.08 after a marginal drop of 0.78%.
Source: TradingView
TIA recovered on Tuesday, registering an increase of 3.67% and settling at $5.27. However, despite the strong recovery, it could not go above the 50-day SMA. The current session sees TIA back in the red, currently down by 4.58% as buyers struggle to keep it above $5.
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.
