Bitcoin (BTC) faced resistance shortly after reaching highs of $56,100 on Oct. 9. Bitcoin’s rejection around the $56k highs didn’t come as a surprise to Crypto analyst William Clemente: “Not surprising to see this $56–$58K area providing some resistance as there is a good amount of overhead supply there from earlier this year”.
As Bitcoin battles resistance on its way to achieving new all-time highs, select Altcoins are facing selling at higher levels, indicating that short-term traders may be booking profits after the recent rally.
Despite this, Altcoin tokens, XRP (XRP, +9.50%), Klatyn (KLAY, +20.50%), Bittorrent (BTT, +11.12%) XYO, Stacks (STX, +12.16%), UMA (UMA, +13.02%), Secret (SCRT, + 27.21%), BinaryX (BNX, +27.21%), Verasity (VRA, +8.54%) have put up impressive performances in the last 24 hours.
XYO (XYO), a decentralized network of devices that anonymously collects and validates geospatial data, revived its upside run from lows of $0.023 on Oct. 9, exploding nearly 100% to reach highs of $0.045 today.
Klaytn (KLAY) is seeing a tremendous upside movement since the start of October and has appreciated more than 338% during the timeframe. KLAY extended its upside pressure today, rallying nearly 180% to highs of $4.38 on Binance.
XRP shot up to highs of $1.20 on Oct. 9 amid the recent positive sentiment surrounding its price. Ripple recently announced it had been named on this year’s CBInsights Fintech250 again.
The largest financial institution in the Middle East and Africa, the Qatar National Bank (QNB) is set to launch a remittance service in partnership with Ripple to enhance cross-border payments by reducing transactional delays for QNB customers.
The XRP-SEC Lawsuit is progressing as Judge Netburn Orders the SEC to submit for in-camera review the two documents related to the SEC’s meetings with law firms and the email chain concerning discussions with a third party who received guidance from the SEC. The email chain could prove ex-SEC Director William Hinman’s 2018 speech on Ethereum not being security was not merely a personal opinion but the SEC’s policy.
Verasity (VRA), an e-sports-focused blockchain protocol focused on increasing engagement and advertising revenues for video publishers rose to all-time highs of $0.063 and has marked 11 out of 12 days in the green since Sept. 29.
BinaryX Protocol is a decentralized derivatives contract based on BINANCE Smart Chain and Ethereum. The BNX token rose to all-time highs of $68.38 on Oct. 9 amid recent CMC airdrops and updates in the BinaryX NFT marketplace.
What Analysts Say on BTC’s Near Term Move
Bitcoin’s failure to hold $56,000 calls for questions as to where the lead asset may trend next. October has started on a positive note no doubt, what holds for Bitcoin in the near term?
The upcoming week may be decisive for Bitcoin price amid fresh economic data releases and Fed speak. Traders would be watching to see what President Biden does regarding renominating Fed Chair Powell. A decision could happen on or before October 13th, when Randal K. Quarles, Vice Chair for Supervision term expires.
This decision may be important, recalling earlier comments from U.S. Fed Chairman Jerome Powell that he does not intend to ban cryptocurrencies. Powell also said he’d “misspoken.” when asked about his comments about CBDCs replacing private crypto.
October 13 seems to be the most important day of the week amid the release of FOMC minutes and what Fed’s Brainard says at the Fed Listen Event. Analysts opine that Bitcoin may shrug off these concerns amid positive speculations that U.S. regulators will soon approve a futures-based Bitcoin ETF. BTC seems to be on a solid footing as seen from its bounce from $40,000 and decoupling from stocks.
In the case of a retracement, Cryptoanalyst William Clemente notes “~$53K would be a logical area to buy a dip.” However, a price under $53,000 may weaken the immediate bullish case.
Pankaj Balani, CEO of Delta Exchange believes BTC’s price outlook remains strong, stating “There has been fresh spot buying activity in BTC and looking at the price action, we expect to see a fresh all-time high in the coming weeks.”
Bitcoin attained its present all-time highs of $64,899 in April.