Price analysis 10/13: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC
A trending move in an asset class attracts traders, while a dull price action drives investors to the sidelines. Bitcoin (BTC) has largely been stuck in a range for the past several months, which could be one of the reasons for the drop in spot volumes. Bloomberg reported on Oct. 11 that Coinbase’s spot trading volume plunged 52% in Q3 2023 compared to Q3 2022.
While the short-term remains uncertain, traders need to be watchful because long consolidations are generally followed by an explosive price action. The only problem is that it is difficult to predict the direction of breakout with certainty. Considering that the bulls have not allowed Bitcoin to dip back below $25,000 in the past few months, it increases the likelihood of an upside breakout.
Investing legend Paul Tudor Jones said in a recent interview on CNBC that he is not bullish on the equities markets as he believes that an escalation in the Israel–Hamas conflict may bring about a risk-off sentiment. If that happens, it will be bullish for gold and Bitcoin, Jones added.
Wil bears sink Bitcoin below the immediate support and could that cause a further? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin sliced through the 20-day exponential moving average ($27,148) on Oct. 11 but the bears could not tug the price below the 50-day simple moving average ($26,634).
The bulls successfully defended the 50-day SMA on Oct. 11 and Oct. 12 but they are struggling to start a rebound. This suggests a lack of demand at higher levels.
The bears will next attempt to sink the price below the 50-day SMA and come out on top. If this level gives way, the BTC/USDT pair could retest the strong support at $26,000. This level is likely to witness aggressive
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