Bitcoin Surges Past $68,000 Bolstering SOL, DOGE, RUNE, and BGB Markets — Insights from TradingView

Bitcoin BTCUSD experienced a slight drop of just over 2% over the past week. However, the resilience of buyers is evident as they did not let the price settle below the $65,000 mark. This led to a rebound which saw the cryptocurrency push past $67,500 on Oct. 27. Kraken’s experts have voiced optimism, stating that Bitcoin’s trajectory looks positive as long as it remains above $66,500.

Despite this upward trend, not all market watchers are confident about the short-term future of Bitcoin. In a recent statement, crypto analyst Luca speculated that Bitcoin might face a downturn to the $60K level before establishing a solid base for a rebound.

A number of analysts anticipate a surge in altcoins should Bitcoin’s dominance strike the 60% mark. The crypto trader known as Willy Woo commented on X platform, predicting that while an altcoins season is likely, its magnitude could wane with each passing cycle since the 2017 altcoin peak.

With Bitcoin potentially on its way to crossing the $70,000 threshold, the crucial question is whether this opens a window for short-term altcoin investment opportunities. We delve into the prospects of the top 5 cryptocurrencies showing strength on the charts.

Bitcoin price analysis

During the last attempt, Bitcoin successfully defended its position above the 20-day exponential moving average ($66,201), hinting at a positive market sentiment where investors are keen on buying during price dips.

To indicate a continued upward push, buyers need to sustain the price above $69,550, which may then lead to the next resistance at the peak of $73,777. The $70,000 mark presents itself as a resistance level, but it appears likely to be eclipsed. The BTCUSDT pair is on a trajectory that might peak at $72,000, where it is expected to encounter significant pushback from the sellers.

On the flip side, should the price consistently close below $65,000, the sellers would gain an advantage, potentially dragging the pair towards the 50-day simple moving average ($63,259) and then to the pivotal $60,000 level.

The 4-hour chart exhibits a flattened set of moving averages, with the relative strength index (RSI) hovering just above the midpoint, suggesting a balance in supply and demand dynamics.

For bullish momentum to be clear, buyers must drive the price beyond the downturn line. This could lead to a potential hike towards $70,000. In contrast, a closure below $66,500 would tip the balance in favor of the bearish scenario, possibly dragging the stakes down to the critical $65,000 threshold. Support crumbling at this juncture could trigger a plummet to $62,000.

This document is for informational purposes only and does not represent financial advice or any form of trading recommendation. It’s crucial for readers to perform their own due diligence when making financial decisions, as every investment and trading action bears its own set of risks.