Price analysis 10/20: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC
Bitcoin (BTC) rose above $30,000 on Oct. 20, indicating that the path of least resistance is to the upside. Grayscale Investments filing a new application with the United States Securities and Exchanges Commission for a new spot Bitcoin ETF may have acted as a bullish trigger.
In another positive news for the cryptocurrency space, the SEC sought to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. This will increase expectations that the regulator may slow down its attack on the cryptocurrency entities due to a string of recent setbacks.
As the market sentiment improves, Bitcoin’s long-term holders (LTHs) have been increasing their Bitcoin stockpile. Glassnode data shows that 76.2% of the available Bitcoin is locked up in long-term storage. This is likely to cause a supply crunch in the market, which is bullish for Bitcoin’s price.
Could Bitcoin maintain its momentum and rise higher? Will the altcoins also follow? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin broke and closed above the $28,143 resistance on Oct. 16 and the bulls held the level successfully during the retest on Oct. 17 and 18. This indicates that the buyers flipped the level into support.
The 20-day exponential moving average ($27,769) has turned up and the relative strength index (RSI) is in the overbought zone, indicating that the bulls have the upper hand. The buyers will try to sustain the price above $30,000 and challenge the stiff overhead resistance zone between $31,000 and $31,805. Sellers are expected to protect this zone with vigor.
Time is running out for the bears. If they want to prevent the upside, they will have to quickly yank the price back below $28,143. If they do that,
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