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Bitcoin and Ethereum experienced nice increases over the weekend, with BTC approaching $70,000 and ETH approaching $2,800.
While this rise excited investors, it was short-lived. At this point, BTC fell by 2% to $67,000, while ETH fell by 3% to $2,650.
While other altcoins, led by Bitcoin and Ethereum, have also experienced pullbacks, analysts predict a sideways week as BTC and ETH have not yet broken through important resistance levels.
At this point, Singapore-based cryptocurrency company QCP Capital stated that they expect sideways movements in Bitcoin and Ethereum this week. He said that the reason for this is that BTC and ETH cannot overcome important resistance levels and there is no catalyst for the rise in cryptocurrencies.
Analysts stated that both BTC and ETH have not yet surpassed their July peaks but are approaching the important $70,000 and $2,800 resistance levels, and said that if these levels are exceeded, interest in the retail sector will increase and the rises may continue.
Analysts recently added that if Ethereum surpasses $2,800, it could reach $3,000.
“Both BTC and ETH have yet to surpass their July highs but are approaching the key $70,000 and $2,800 resistance levels.
Breaking above these levels could attract a lot of attention from the retail sector. US elections are just 15 days away and stocks are looking strong, the market is definitely optimistic as Risk Reversals have turned in favor of Calls- Buys across all tenors.
However, with no major catalysts for cryptocurrencies this week, we expect Bitcoin and Ethereum to bounce around their current levels as they attempt to push higher.
In terms of macro data, PMI data will be released on Thursday (October 24) where the market will be looking for some reassurance on whether the Fed will stay on track to cut interest rates.
“With the surprise rally ETH experienced over the weekend, we definitely can't rule out a break higher. A break above 2800 could take ETH above 3000.”
*This is not investment advice.