Bitcoin (BTC) has witnessed an approximate 9% increase this week, fueled by strong demand from investors. The price has encountered resistance around the $69,000 mark, but sellers are notably absent, indicating that traders expect further upward momentum.

A trading analysis firm suggested that the improving US equity markets, combined with the depreciation of the Japanese yen, may enhance ‘risk-on’ sentiment as the US elections approach. This trend is likely to support their bullish outlook for October.

The recent approval from the United States Securities and Exchange Commission for Bitcoin exchange-traded funds (ETFs) to be listed by major trading platforms is a positive development. Analysts predict that this introduction will enhance liquidity in Bitcoin markets.

Bitcoin’s robust performance has triggered buying interest in major altcoins, which appear to be on the verge of breakout. Let’s take a look at the top cryptocurrencies showing strength in the market.

Bitcoin Price Analysis

As Bitcoin approaches the significant resistance level of $70,000, it shows resilience as buyers continue to hold their ground.

The upward slope of the 20-day exponential moving average ($65,010) alongside a relative strength index (RSI) near overbought conditions suggests bullish momentum. If buyers manage to push the price above $70,000, the next potential target could be $72,000. However, sellers are likely to defend the zone between $70,000 and $73,777 vigorously.

In order for sellers to regain control, they would need to kick the price below $66,500 and the 20-day EMA. Such action could see the BTC/USDT pair decline toward the 50-day simple moving average ($61,749).

The 4-hour RSI has shown negative divergence, indicating a potential weakening of bullish momentum. If the price closes below the 20 EMA, short-term traders may realize profits, resulting in a possible pullback to the 50-SMA.

Conversely, if the price continues its upward trend and surpasses $69,000, it would demonstrate sustained positive sentiment, potentially reaching $70,000 and then $72,000.

Ethereum Price Analysis

Ethereum (ETH) has recently broken out of a symmetrical triangle pattern, signaling bullish control over the market.

The ETH/USDT pair may rise to the resistance zone at $2,850. A decline from this level, if followed by a rebound from the breakout level, would indicate a shift in trading sentiment toward buying on dips. Successful breaching of $2,850 may open the path toward $3,400.

This bullish outlook may be negated if the price experiences a swift downturn and drops below the 20-day EMA ($2,553), potentially keeping it trapped within the triangle for a longer period.

The recent price action signals strong bullish momentum, with buyers likely aiming for the $2,850 region, where substantial selling pressure is anticipated.

Moving averages are critical support levels to monitor. A break below the moving averages may indicate diminishing bullish momentum, potentially pulling the price down towards $2,550 and $2,450.

Solana Price Analysis

Solana (SOL) is approaching a crucial resistance level at $164, which bears will strive to defend.

If bulls succeed in overcoming this hurdle, the SOL/USDT pair may complete a bullish ascending triangle pattern and set the stage for a rally towards $189, and potentially to $210.

Should the price decline from $164 but find support at the 20-day EMA ($150), it would signify ongoing bullish behavior. A further attempt by buyers to breach $164 could follow. Conversely, a close below the uptrend line would invalidate this bullish scenario.

The moving averages indicate bullish pressure on the 4-hour chart, but resistance persists at $164. If buyers manage to keep the price above the 50-SMA, the likelihood of a breakout increases.

Alternatively, if the price sharply declines below the moving averages, it may indicate fatigue among bulls, potentially leading to a drop to $148 and then $144.

Dogecoin Price Analysis

Dogecoin (DOGE) recently broke out of a symmetrical triangle pattern, marking the beginning of a new upward trend.

The upward movement is currently facing resistance at $0.15. A retreat to the breakout level from the triangle might occur. If the price rebounds, it would indicate strong bullish sentiment, increasing the chances of a rally to $0.18.

Conversely, a close below the 20-day EMA ($0.12) would signal rejection of the breakout, potentially leading to a downturn towards the triangle’s support line.

On the 4-hour chart, DOGE remains above the 20-EMA, suggesting that bulls anticipate further upward movement. A push above $0.15 could see the price jump to $0.18.

If sellers regain momentum, they would need to drag the price below the 20-EMA, potentially initiating a decline towards $0.13. A close below this level could shift the favor towards bearish trends.

Shiba Inu Price Analysis

Shiba Inu (SHIB) has developed an inverse head-and-shoulders pattern that will complete with a close above $0.000020.

The upward-moving averages and the RSI near the 60 region strengthen the case for a potential breakout. Should this occur, the SHIB/USDT pair could gain momentum and aim for a target of $0.000028.

If the price declines from the current levels and breaks below the 20-day EMA ($0.000018), it could suggest waning bullish activity, possibly resulting in a drop to the 50-day SMA ($0.000016), keeping the price restrained within the range of $0.000012 to $0.000020 for a prolonged period.

The ongoing uptrend within an ascending channel indicates bullish sentiment. Key support lies at the uptrend line; a breach below this could favor bears. If the price appreciates from its current position, it would indicate active buying interest.

Should bulls manage to push above the channel’s resistance line, it would signify control over the trend, with potential further resistance at $0.000022.

This content does not provide investment advice or recommendations. All investment and trading activities carry risks, and individuals should conduct thorough research before making financial decisions.