Lift-off for Bitcoin as Spot ETF Approval Hopes Soar

Bitcoin Reaches $35K Mark While ETH, APT, QNT, and RUNE Gain Bullish Momentum

Bitcoin price stays close to $35K as ETH, APT, QNT, and RUNE show signs of turning bullish.

Oh, the anticipation! Just the mere possibility of the United States Securities and Exchange Commission (SEC) approving a spot Bitcoin (BTC) exchange-traded fund (ETF) sent the price of Bitcoin soaring by a whopping 27% in October. Talk about shooting for the moon!

According to Bloomberg’s senior ETF analyst, Eric Balchunas, the ProShares Bitcoin Strategy ETF (BITO), which became the first futures-based ETF to receive regulatory consent in the US this year, had its second most significant week ever with trading reaching a mind-boggling $1.7 billion. And not to be outshone, the Grayscale Bitcoin Trust (GBTC) also enjoyed massive trading volume, hitting $800 million. It’s safe to say that these existing instruments are just a taste of the incredible trading volumes we can expect from spot Bitcoin ETFs when they finally make their grand debut.

When Bitcoin starts to blast off, it tends to take the entire sector along for the ride. Just look at the strong performance of altcoins, which have seen a meteoric rise from their multi-year lows. Talk about a red-hot sector!

But let’s keep our feet on the ground, folks. After the initial rocket launch, not all altcoins will be able to keep up with the pace of the spaceship. Only a select few will have what it takes to lead the way to new heights. So, if you’re looking to ride the crypto wave to the moon, stick with the leaders. They’ve got what it takes to outshine the rest during the next bull phase.

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Now, let’s take a closer look at the charts of the top five cryptocurrencies that are poised to continue their stellar rally in the coming days.

Bitcoin: The Rocket that Keeps on Rising

Bitcoin made a brief pitstop around $35,280 on October 24, suggesting that the higher levels were attracting some profit-taking from traders. But don’t fret! The bears tried to bring Bitcoin crashing back down on October 27. However, the long tail on the candlestick we like to call “Elon’s hair” indicates that there was solid buying at lower levels. Phew!

While the rising moving averages seem to give the advantage to the buyers, keep an eye on the relative strength index (RSI), which is flirting with overbought levels. This suggests that the BTC/USDT pair may need to take a breather and engage in some much-needed consolidation.

But hey, let’s not forget the important stuff! If the price turns up from its current position and rockets above $35,280, it’s time for all the bulls to take the wheel. Hang on tight because it could be a wild ride to the next target objective at $40,000. Brace yourselves!

Ether: Flying High Above Resistance

Ether (ETH) has been channeling its inner Superman and leaped above the $1,746 resistance level on October 23. It reached the skies at $1,865 on October 26, but then… well, let’s just say it encountered some turbulence. Short-term traders got a little scared and started selling, causing the price to drop back to the breakout level at $1,746.

But hey, don’t worry, the bulls are here to save the day! The fact that they successfully defended the retest at $1,746 suggests that this level could be the new floor. With the rising 20-day EMA ($1,693) and the RSI flirting near the overbought zone, it’s crystal clear that the bulls are calling the shots. Look out below, because they’ll be aiming to push the price above $1,865. And if they succeed, buckle your seatbelts because ETH/USDT could be in for a smooth ride straight to $2,000!

But wait, the bears aren’t ready to wave the white flag just yet. If they want to rain on the bull parade, they’ll have to pull and sustain the price below $1,746. That could open the floodgates to a drop to the 20-day EMA. Hold on tight, folks!

Aptos: Making a Comeback, One Bull at a Time

Talk about a classic comeback story! Aptos (APT) has been staging an impressive rally in the past few days, much to the delight of the bulls. They’re not giving up without a fight! The APT/USDT pair faced some profit-booking resistance near $7. But hey, even though the bulls didn’t gain too much ground, they’re showing incredible resilience. Minor dips? No problem! They’re buying them up like hotcakes. It’s like they can’t get enough!

Now, keep your eyes peeled on that pesky $7 obstacle. If the bulls succeed in overcoming it, get ready for the pair to leap towards $8. But, and this is a big but, if the price does a 180-degree turn from $7, it’s a sign that the bears are flexing their muscles. That could mean more sideways shuffling for the pair, trapped in a tight range between $7 and $6.20. Uh-oh. A break below this support could signal a deeper correction. Brace yourselves, friends!

Quant: Riding the Waves of Rejection

In the world of Quant (QNT), rejection can be a difficult pill to swallow. But fret not, fellow investors! Quant decided to take a stand and rode the waves of rejection, rising above the breakdown level of $95 on October 23. The markets collectively said, “We don’t want none of that!” And the bulls, oh, those mighty bulls, propelled the price above the downtrend line on October 25. Talk about a game-changer!

But hold your horses, folks. The short-term bulls have been enjoying their victory party a little too much, and profit-booking seems to be on the horizon. This could pull the price down to the downtrend line. Cue suspenseful music! Now, pay close attention because this is where it gets interesting. If the pair holds its ground and refuses to budge from the current level, it’s a sign that the bulls are here to stay. That’s good news because it improves the odds of a rally to $3 and, dare we say it, possibly even to the dazzling height of $3.23. But beware, the bears won’t back down without a fight. They’ll try to pull the price below $2 to spoil the party. Stay vigilant, my friends!

THORChain: A Journey to the Heavens

Ladies and gentlemen, fasten your seatbelts because THORChain (RUNE) is embarking on a journey to the heavens! On October 23, this mighty token broke and closed above the overhead resistance of $2, completing a bullish inverse head and shoulders pattern. Oh, the anticipation!

But don’t get too carried away just yet. While the moving averages are sloping upwards and the RSI is in the overbought zone, indicating that the bulls are still in control, we can expect a minor correction or a period of consolidation. Let’s call this the calm before the storm. And let’s hope it’s only a small squall!

Now, pay close attention, my friends. If the pair refuses to give up much ground from the current level, it signals that the bulls aren’t ready to surrender. This raises the likelihood of a rally to $3 and, who knows, maybe even higher to the dazzling target of $3.23. But if the bears have their way and manage to yank and sustain the price below $2, it’s back to the drawing board for the bulls. Keep those fingers crossed, folks!

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So there you have it, my fellow digital asset enthusiasts! We’ve taken a tour through the wild world of Bitcoin, Ether, Aptos, Quant, and THORChain. These digital wonders continue to amaze us with their incredible performance and potential. But remember, not every star will shine as brightly as these leaders. So buckle up, do your research, and choose your investments wisely. Happy hodling, and may the crypto gods be with you!

Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Invest at your own risk.

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