Bitcoin (BTC) had a reasonably positive weekend, pushing back above $63,000 after dropping to a low of $60,031 on Thursday. The world’s largest cryptocurrency is up by almost 3% over the past 24 hours, reaching a high of $63,916 earlier today before sellers pushed the price back below $63,500. BTC is currently trading around the $63,400 mark.
Meanwhile, Ethereum (ETH) briefly climbed above $2,500 in early trading today but quickly fell below that level and is currently trading at $2,480. ETH has been up almost 3% over the past 24 hours as buyers are looking to reclaim the $2,500 level. With the crypto market recovering over the weekend, the global market cap registered an increase of 2.73% and is currently at $2.21 trillion.
Bitcoin (BTC) Facing Selling Pressure
Bitcoin (BTC) is facing selling pressure as the dollar value of long-term holders’ BTC exposure falls by billions, indicating that long-term BTC holders are not taking any risks for now. According to data from CryptoQuant, the net position change of (long-term holders) LTH entities, defined as those who hold a specific amount of BTC for 155 days or more, reported a sharp decrease in their exposure to the asset.
“There has been a recent sharp decrease of $6 billion (from $19 billion to $12 billion) in the LTH realized cap (blue), suggesting that long-term holders are likely taking profits or closing buying positions.”
Meanwhile, short-term holders (STH) are taking a different approach to the markets and are gradually increasing their stake in BTC.
“Conversely, the STH realized cap (orange) has seen a recent sharp increase of $6 billion, moving from -$17 billion to -$11 billion, indicating that short-term holders are likely taking on more risk or increasing their buying positions.”
AI Tokens Lead Weekend Rebound
Altcoins led the charge as the crypto markets recovered over the weekend, as geopolitical worries were reduced, and a blowout US Jobs report put to rest recession fears for the time being. AI-focused tokens such as Bittensor (TAO) and RNDR led the charge, registering an increase of 14% and 8%, respectively, as the weekend kicked in. TAO has been up almost 16% over the past 24 hours, while RNDR has been up nearly 3% in the same period. In a significant development, asset manager Grayscale significantly increased the weight of TAO in its AI-focused crypto fund from 3% to 27%.
Meanwhile, BTC registered a steady climb back above $63,000, thanks to a stronger-than-expected US labor market report. The report showed the addition of 251,000 new jobs in September, significantly higher than the expected 140,000 estimate. Additionally, the unemployment rate dropped to 4.1%.
Spot Bitcoin ETF Outflows Continue
Spot Bitcoin ETFs registered outflows of over $300 million after closing September, a historically weak month, with inflows worth over $1.1 billion. Around $388 million flowed out of the 12 US-based spot Bitcoin ETFs between October 1 and October 3 as the Middle East conflict escalated. Better-than-expected US payroll data brought some relief, but it was not enough to stem the impact of the three-day outflow streak.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) began the second week of October, with market watchers hoping that “Uptober” would finally begin this week. BTC is up almost 3%, while other altcoins are in the green by anywhere between 4% and 10%. BTC briefly climbed above $64,000 early on Monday but was rejected at this level and is currently trading at the $63,600 price level, indicating that $64,000 is a key resistance level. Several factors have contributed to BTC and the crypto market’s recovery. The United Aram Emirates (UAE) announced the introduction of revised VAT regulations, exempting the transfer and conversion of digital assets, including cryptocurrencies, which is a positive sign for almost all cryptocurrency traders.
Meme coins also resumed their rally, registering a significant surge over the past 24 hours. Meanwhile, political developments are also playing a key role. Polymarket revealed that Donald Trump now leads Kamala Harris with odds of 51% to 48%, the biggest lead in over a month. Given Trump’s pro-crypto stance, this leads to a bullish sentiment returning.
Looking at the price chart, we can decipher that BTC faces resistance at the $64,000 price level, thanks to the 200-day SMA. BTC was quite bearish during the previous week, registering a substantial fall on Tuesday to slip below the 20-day SMA. However, it stabilized around $60,000, a level where it has strong support. Wednesday saw BTC experience considerable volatility as buyers attempted to push the price above the 20-day SMA. However, sellers thwarted such a move after BTC reached a day high of $62,456, eventually dropping by 0.33% to $60,671. Crucially, however, buyers managed to keep BTC above $60,000.
Source: TradingView
BTC registered a marginal increase on Thursday as buyers and sellers struggled to establish control. However, with traders buying the dip, BTC made a strong recovery on Friday, registering an increase of 2.14% and settling at $62,214. Saturday saw a marginal decline before markets recovered again on Sunday, allowing BTC to push above the resistance at $62,500 and settle at $62,813. The current session sees BTC up by 1.16% and trading just above $63,500 as buyers look to push above the local resistance at $64,000.
A break above $64,000 could see the resumption of BTC’s bullish trajectory and push the price above $65,000. On the other hand, sellers will look to push BTC back down to $60,000. A break below this level will suggest that sellers have the upper hand.
Ethereum (ETH) Price Analysis
Ethereum (ETH) ’s failure to push above $2,700 last weekend led to a significant bearish turn, as ETH spent almost all of last week in the red, slipping below crucial support levels and the 20 and 50-day SMAs. The most substantial fall of the previous week was recorded on Wednesday when ETH tumbled almost 6% to slip below the 20 and 50-day SMAs and $2,500 to settle at $2,448. Buyers attempted a recovery on Wednesday but were unsuccessful, as sellers took control once again and pushed the price down by 3.40% to $2,365, below the crucial $2,400 level. ETH experienced considerable volatility on Thursday as sellers attempted to push the price below $2,300, with ETH dropping to a low of $2,311. However, buyers prevented a further decline, ensuring the price remained above $2,300. ETH eventually settled at $2,350, registering a decrease of 0.64%.
Source: TradingView
Friday saw ETH rebound as it registered an increase of 2.76% to climb back above $2,400 and settle at $2,415. ETH marginally declined on Saturday as sellers attempted to push it back below $2,400. However, buyers were back in control on Sunday, with ETH registering an increase of 1.05% to settle at $2,440. The current session sees ETH continue to recover, with the price up almost 2% and trading just under $2,500. As we can see in the price chart, buyers attempted to move past $2,500 but could not keep the price above this level.
Buyers will look to make another attempt to push above the 50-day SMA and $2,500. Given the recent market recovery and growing bullishness, a move above these levels seems likely. However, should sellers regain control, they will look to drive ETH back below $2,400. A break below this level could see ETH tumble to 2,300 before rebounding.
Solana (SOL) Price Analysis
Solana (SOL) is looking to push back above $150 as markets recover strongly after a difficult week. As we can see in the price chart, SOL spent most of the previous week in the red after being rejected from $160 last Sunday. As a result, sellers took over, dragging SOL below $150 on Tuesday. By Wednesday, SOL had dropped below the 20 and 50-day SMAs to $140 after registering a drop of 3.44%. Volatility increased on Thursday as sellers attempted to drive SOL below $140. As a result, SOL fell to a day low of $133 before posting a marginal recovery and settling at $136, a drop of 2.40% from the previous day.
Source: TradingView
Markets took a positive turn on Friday as SOL registered a sharp recovery of 4.62%, which pushed it back above the 50-day SMA and $140 to $142. Saturday saw a marginal decline as sellers unsuccessfully tried to drive SOL back below $140 and the 50-day SMA. With the 50-day SMA now acting as a dynamic level of support and attracting buyers, SOL posted a 2.73% increase on Sunday to end the week on a positive note at $146, just below the 20-day SMA.
The current session sees SOL up by almost 2% as buyers attempt to push back above $$150, with the price currently at $148. If buyers push above $150, SOL could retest the resistance at $160. On the other hand, should sellers retake control, they will look to drive SOL back below $140.
Polkadot (DOT) Price Analysis
Polkadot (DOT) is looking to push back above the $4.50 price level and the 20 and 50-day SMAs as it looks to chart a path back to $5. DOT failed to push above $5 last weekend as buyers lost momentum at a critical point. As a result, DOT turned bearish, registering a substantial decline of almost 7% last Monday and a further 6.32% on Tuesday to slip below the 20 and 50-day SMAs and $4.50 to settle at $4.16. Volatility increased on Wednesday as buyers sought to reverse the bearish trend while sellers attempted to lower the price. Eventually, DOT dropped by 1.44% and settled at $4.10.
Source: TradingView
DOT dropped to a day low of $3.99 on Thursday but quickly recovered, climbing back above $4 and settling at $4.23. The price continued to push higher on Friday, registering an increase of 1.45% to move to $4.19. The weekend was mixed for DOT as it fell by 1.19% on Saturday before registering an increase of 1.21% on Sunday to settle at $4.19 and end the previous week positively. The current session sees DOT up by 1.19% as buyers attempt to push above $5. Should DOT gather enough momentum to push back above $4.50, a move back to $5 could be back on the cards. Whether DOT can go above $5 remains to be seen. On the other hand, sellers will look to push DOT back towards its support levels. DOT has strong support at $4, and sellers will struggle to drive the price lower. Should this level be breached, DOT could drop to $3.62.
Injective (INJ) Price Analysis
Injective (INJ) registered a significant drop last week after reaching a high of $25 on Tuesday. After being rejected from the level, INJ fell almost 10%, slipping below the 20-day SMA to $29.68. Buyers attempted a recovery on Wednesday as INJ struggled to stay above $20. However, sellers retook control after INJ reached a day high of $22.35, driving the price down another 2.39% to $20.19. Selling pressure intensified on Thursday as INJ slipped below $20 and the 50-day SMA after a drop of 5.67% and settled at $19.04.
Source: TradingView
However, it rebounded on Friday, climbing back above the 50-day SMA and $20 after an increase of 7% and settled at $20.37. Sellers attempted to drive the price back below $20 on Saturday as the price declined by 2,36% and settled at $19.89. However, it rebounded from the 50-day SMA on Sunday, registering an increase of 4.29% to settle at $20.75. The current session sees INJ up by 1.26% as it looks to push above the 20-day SMA.
Akash Network (AKT) Price Analysis
Akash Network (AKT) is struggling to push above the 50-day SMA and is experiencing considerable volatility as buyers and sellers struggle to establish control. AKT was extremely bearish last week, registering a substantial decline since failing to push above $3 last weekend. After being rejected from this level, AKT turned bearish, slipping below the 20-day SMA on Tuesday after a drop of 5.42% and the 50-day SMA on Wednesday after a failed attempt to push back above the 20-day SMA. AKT eventually registered a decline of 3.82% and settled at $2.51. Thursday saw sellers drag AKT below $2.50, falling to $2.43 after a drop of 3.42%.
Source: TradingView
Markets recovered on Friday as AKT pushed back above $2.50 after an increase of almost 4% and settled at $2.52. However, AKT has been highly volatile since the weekend, with neither buyers nor sellers able to exert control. Sellers are attempting to push AKT back below $2.50 but have been unable to do so. On the other hand, buyers have also been unable to break past the 50-day SMA. The current session sees AKT marginally down after yet another failed attempt to push above the 50-day SMA.
Ronin (RON) Price Analysis
Ronin (RON) turned bearish after failing to push above $2 last Sunday, reaching a day high of $1.93 before falling into the red. As a result, the price dropped by 7.24% on Monday and almost 7% on Tuesday to slip below the 20-day SMA and settle at $1.65. Buyers attempted a recovery on Wednesday as RON reached a day high of $1.71 after pushing back above the 20-day SMA. However, RON could not sustain momentum and fell back in the red, eventually dropping by almost 3% to slip below the 50-day SMA and settling at $1.60. The price declined further on Thursday, falling by 0.92% to $1.59.
Source: TradingView
With markets recovering on Friday, RON registered an increase of 4.41% to push back above the 50-day SMA and settle at $1.66. However, it could not push above the 20-day SMA and fell back into the red on Saturday, dropping by 1.35% to $1.64. However, crucially, RON stayed above the 50-day SMA and posted a marginal increase on Sunday to end the weekend on a positive note. The current session sees RON down marginally as sellers look to drive the price back below the 50-day SMA and $1.60.
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.
