Bitcoin (BTC) price has surged in several steps to $ 63,000 today for the first time since April 18. Perhaps the reason for the recent rise in prices is due to the fact that several documents indicate the final approval of the BTC futures ETF by US Securities. and exchange commission. According to these documents, the regulator may be close to using the green light to list the Valkyries Bitcoin Strategy ETF on the Nasdaq.

Analysts noted that the gold price rose sharply ahead of the launch of the first US ETF in 2004. Thereafter, the rally continued, with the price of gold rallying more than 300% since the ETF was approved before reaching a major peak. The similarities between gold and bitcoin as a store of value seem to have sparked a lot of excitement with the launch of the bitcoin ETF.

Daily cryptocurrency market performance. Source: Coin360
It looks like traders were actively trading bitcoin before the bitcoin ETF was announced. Open interest in bitcoin futures on the Chicago Mercantile Exchange hit a new all-time high on October 14, surpassing the previous high of $ 3.02 billion on April 14.

Will Bitcoin be able to break record records and continue its journey north, and will altcoins join the party? Let’s examine the charts of the top 10 cryptocurrencies to find out.

On October 14, Bitcoin formed a Doji candlestick pattern, indicating hesitation of bulls and bears above the $ 58,000 level. Today’s sensational uncertainty was resolved and the congress resumed.

BTC / USDT daily chart. Source: TradingView
The 20-day exponential moving average ($ 52,868) is slightly higher and the Relative Strength Index (RSI) is in overbought territory, indicating that the bulls are in control. However, the all-time high of $ 64,854 could prove to be a difficult obstacle to break.

If the BTC / USDT pair breaks this resistance, the first support you see from below is the 20-day moving average. A strong rejection of this support would indicate that the sentiment is still positive and traders are buying on the dip.

This will increase the likelihood of resuming the $ 75,000 target. The first sign of weakness will be a break and close below the 20-day moving average, which could lead to a drop to the 50-day single moving average ($ 48,514).

Ether (ETH) on October 13 jumped over the 20-day moving average ($ 3,479) and broke its neck as a result of an inverted head and shoulders (H&S) pattern on October 14.

ETH / USDT daily chart. Source: TradingView
Both moving averages slope upward and the RSI has broken through the downtrend line, indicating that the bulls are back in control. The ETH / USDT pair could now rally to $ 4,027.88 and then test the all-time high of $ 4,372.72.

Contrary to this assumption, if the price falls below the current level or upper resistance and breaks the neck level, it will indicate that the bears continue to sell on the rally. Then the pair may dip to the moving average. A break and close below $ 3,257 would indicate bulls may lose control.

Binance Coin (BNB) broke out and closed on its neck on October 13, completing the reverse H&S pattern. The target for this bullish setup is $ 554.

BNB / USDT daily chart. Source: TradingView
The bears have tried to push price below the breakout level, but a long tail in the light of the day indicates buying at lower levels. The moving averages have completed the bullish cross, and the RSI is in positive territory, indicating a bullish advantage.

If the price breaks out of the current level and exceeds $ 518.90, it will signal a resumption of the trend. Bears need to keep the BNB / USDT pair below the moving average to dampen the bullish momentum.

The bulls are trying to bring Cardano (ADA) back into the symmetrical triangle, but the bears are not holding back. They aggressively defend the guide and the 20-day EMA ($ 2.21).

Daily ADA / USDT chart. Source: TradingView
If the price falls below the current level and falls below $ 2.07, ADA / USDT could drop to $ 2 and approach $ 1.87. A break below this important level could push the pair towards the $ 1.63 target pattern.

Alternatively, if the bulls are pushing the price and holding it above the 20-day moving average, the pair could rise to the triangle’s resistance line. The breakout and end of the triangle could clear the way for a rally to $ 2.47, followed by a move to $ 2.80.

Source: CoinTelegraph