Bitcoin (BTC) surged to a new all-time high today, reaching nearly $67,000. Ether (ETH) also overcame immediate resistance and started its run to an all-time high. This pushed the total market capitalization of the crypto sector to a new record high of over $2.64 trillion.
The successful debut of the Bitcoin Strategy (BITO) ProShares ETF strategy was a catalyst for raising the mood in the crypto territory. The trading volume of the ProShares ETF on the first launch day exceeded $1 billion, making it the second most successful ETF in terms of trading volume on the first day.
Daily market indices for cryptocurrency. Source: Coin360
A group of 50 fintech professionals commissioned by Finder believes that strong online fundamentals, a favorable macroeconomic environment and the approval of a Bitcoin ETF could see Bitcoin withdraw $80,000 by the end of the year.
Can Bitcoin capitalize on the positive sentiment generated by the successful launch of the Bitcoin ETF and continue its march north? Will altcoins resume growth? Let’s take a look at the top 10 cryptocurrency charts to find out.
BTC / USDT
Bitcoin broke out the immediate resistance at $62,933 on October 19, followed by another strong move today, pushing the price above the previous high of $64,854 reached on April 14.
BTC/USDT daily chart. Source: TradingView
If the bulls remain above the breakout level of $64,854, the bullish momentum could intensify. Then the BTC/USDT pair could rise to the upper resistance level of $75,000.
A strong setup in recent days has pushed the Relative Strength Index (RSI) above 78, indicating that the rally could be overstretched in the short term. This can lead to several days of consolidation or a minor correction.
If the bulls don’t give in on the big pullback from the current level, it will signal strength and improve the odds for the trend to continue.
The critical level to watch out for is $60,000. A break and close through this support would be the first sign that traders are taking profits aggressively at higher levels.
ETH / USDT
The ether rebounded from the neck of the inverted Head and Shoulder (H&S) pattern on October 19, indicating that the bulls are buying dips against this support. Strong buying pushed the price above the upper resistance to $4,027.88 today.
ETH/USDT daily chart. Source: TradingView
Moving averages and RSI rising in positive territory indicate a bullish advantage. If the buyers hold the price above $4,027.88, the ETH/USDT pair could rise to an all-time high of $4,372.72.
This level may act as a strong resistance again, but if the bulls overcome the hurdle, the pair could reach the target of the $4,657 pattern and then challenge the psychological $5,000 level.
This positive scenario will be invalid if the price reverses from the current level and falls below $3200.
BNB / USDT
Binance Coin (BNB) is gradually rising to $518.90, which was a difficult barrier twice before. Thus, the bears can try to defend this level again.
BNB/USDT daily chart. Source: TradingView
If the price drops from $518.90, BNB/USDT may drop to the 20-day moving average ($450). A strong setback from this level will indicate that the mood is positive and that traders are buying in downturns.
This will increase the probability of a breakout and a close above $518.90. After that, the pair may start moving north towards the target pattern at $554. This bullish outlook will be weakened if the price reverses and falls below the right shoulder to $392.20.
ADA / USDT
Cardano (ADA) is trying to bounce off the symmetrical triangle guide line. If the bulls push the price above the 20-day EMA ($2.19), the altcoin could rise to the triangle resistance line.
ADA/USDT daily chart. Source: TradingView
A breakout and a close above the triangle will indicate that the uncertainty has been resolved in favor of the buyers. Then the ADA/USDT pair could rise to $2.47, and if this level is exceeded, the rally could reach $2.80.
Alternatively, if the price drops from the current level or upper resistance and breaks below the triangle, this will indicate that supply exceeds demand. The pair could then fall back to the crucial support level at $1.87.