Crypto Technical Analysis Report | 25th October 2024
Bitcoin (BTC), the oldest and most valuable crypto, held steady in the $67,000 range early Friday, marking its third consecutive day at this level. Meanwhile, other major altcoins like Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) experienced a mix of gains and losses. The overall Market Fear & Greed Index remained neutral at 56 out of 100, according to CoinMarketCap data. Among the top movers, the SAFE token surged nearly 35% over the past 24 hours, making it the biggest gainer, while Popcat (SOL) saw the largest decline, falling about 9%. The global crypto market cap stood at $2.32 trillion, reflecting a slight 0.12% decrease over the last 24 hours. Moreover, weak U.S. real estate data, released on Oct. 23, heightened concerns about a potential slowdown in the worlds largest economy. The Mortgage Bankers Association reported that applications for home purchases and refinancing dropped to their lowest levels since August during the week ending Oct. 18, marking the third consecutive week of decline. This decrease was largely attributed to rising mortgage rates, which have made borrowing more expensive for potential homebuyers.
Between Oct. 23 and Oct. 24, Bitcoin rose 4% after successfully retesting the $65,200 support level. This rebound is partly attributed to the reversal of outflows seen in spot Bitcoin exchange-traded funds (ETFs) the previous day. However, other key influences, such as a favourable macroeconomic landscape and a surge in tech stocks, have played a significant role in increasing investors willingness to take risks. The $79 million in net outflows from U.S. spot Bitcoin ETFs, on Oct. 22, had raised some concerns, especially as Oct. 23 saw the U.S. Dollar Index (DXY) reach its highest level in three months, suggesting a shift towards cash by some traders seeking safety. While Bitcoins price drivers can differ from those of tech stocks, the 50-day correlation between Bitcoin and the stock market has remained above 80% throughout October. Although spot Bitcoin ETF inflows helped support the recent price rise, it seems that positive momentum in tech stocks and a resilient job market were the primary drivers behind Bitcoins gains on Oct. 24.
Ethers price fell by 9.6%, between Oct. 20 and Oct. 23, after facing strong resistance at the $2,700 mark, wiping out the gains from the previous 10 days. Now hovering around $2,500, Ethers 30-day performance remains in the red, down 6%. The likelihood of ETH reclaiming the $2,800 support level is fading, with on-chain data indicating that high transaction fees are driving users away from the Ethereum network, which in turn has weakened demand for native staking. Part of this recent decline can be linked to a 5% drop in the overall crypto market cap over the two days leading up to Oct. 23. Additionally, trading volumes on Ethereum-based decentralised exchanges (DEXs) fell by 13% in the week ending Oct. 23, despite the broader market showing signs of recovery. Notably, both Uniswap and Curve Finance saw an 18% decrease in activity on the Ethereum network during this period. Meanwhile, Solana-based DEXs, such as Raydium, saw a 42% increase in volume, and Lifinity recorded a 77% jump compared to the previous week.
In the week ending Oct. 19, new unemployment claims in the US fell by 15,000, according to the Labor Department. At the same time, continuing claims, which represent those still receiving benefits after their initial week, rose by 28,000. This increase in continuing claims points to a strong job market, potentially setting the stage for further interest rate cuts by the Federal Reserve. Meanwhile, the tech sector provided an additional boost to traditional markets. SK Hynix, a memory chip supplier for NVIDIA, announced record quarterly profits, fueled by strong demand from the generative artificial intelligence sector. This positive earnings report has bolstered investor sentiment and optimism in the market.
Technical Outlook:
BTC
BTC has been trading in the Descending Channel pattern over the past Six months. The asset has also struggled to give a weekly closing above the $70K mark in the past. Once the price breaks the channel on the upside and gives a weekly closing above $70,000, we can then expect Bitcoin to give further rally.
ETH
ETH, after taking multiple support at the key level of $2,150, started to move upwards and the price rallied almost by 26% up to $2,728. However, the bulls are struggling to break the long held resistance of $2,850. Once the asset gives a breakout above this resistance then we may expect it to further rally up to $3,000 $3,350.
SOL
SOL, after taking multiple support at the key level of $120, started moving upwards. The asset was facing stiff resistance at $165. SOL, this week, has given a breakout above the resistance of $165 and has made the weekly high of $179. It has a minor resistance at $185 to $190. Once it breaks and sustains above these levels then we can expect it to further rally up to $205 to $210.
Weekly Snapshot:
| USD ($) | 17 Oct 24 | 24 Oct 24 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $67,400 | $68,161 | 1.13% | $68,375 | $60,046 | $69,463 | $65,188 |
| ETH | $2,604 | $2,535 | -2.65% | $2,685 | $2,380 | $2,766 | $2,457 |
| SOL | $150.32 | $177.16 | 17.86% | $158.72 | $138.76 | $179.00 | $149.40 |
| Crypto | 1w % Vol. Change (Global) |
|---|---|
| Bitcoin (BTC) | -11.16% |
| Ethereum (ETH) | -0.57% |
| Solana (SOL) | 35.73% |
| Resistance 2 | $73,777 | $3,350 | $205 | $650 |
|---|---|---|---|---|
| Resistance 1 | $68,500 | $2,850 | $190 | $600 |
| USD | BTC | ETH | SOL | BNB |
| Support 1 | $66,000 | $2,400 | $160 | $525 |
| Support 2 | $62,0002`1 | $2,150 | $135 | $450 |
Market Updates:
- On Oct. 21, decentralised exchange (DEX) Raydium beat the Ethereum network based on 24-hour revenue levels. Raydium, which is hosted on the Solana blockchain, clocked $3.4 million in fee revenue during the day versus $3.35 million for Ethereum.
- Vietnam has officially released a National Blockchain Strategy. The Ministry of Information and Communications (MIC) announced the strategy on Oct. 23, outlining several key objectives to develop the countrys blockchain capabilities.
- Tesla reported its Q3 2024 earnings on Oct. 23, revealing that the company has not sold any of the $184,000,000 in digital asset investments during the quarter, and has not sold any crypto for five consecutive business quarters.
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