Bitcoin, the oldest and largest cryptocurrency in the world, was sideways all week, as traders waited for the US elections results, and the upcoming economic reports, as they believed that these would be the catalysts to drive the price higher.
As liquidity moved into the altcoin markets, some altcoins experienced notable gains.
APE, SPX6900, and RAY were the three top altcoins at the time this article was written.
The overall cryptocurrency market cap has risen above $2.4 trillion, after falling below that level in earlier weeks.
Bitcoin gained ground after dropping to a low of $65,441 for the week on October 23. However, it remained mostly stable within a small range between $66,000 and $69,000 all throughout the past seven days.
The price briefly rose to $70,000, but has now slowed down, hovering at $68,400. This represents a modest gain of 1% over the last 24 hours.
Experts agree that two key events are likely to ignite Bitcoin’s rally: the October 31 release of the personal spending report and the November 1 jobs report.
All eyes will be on the Federal Reserve when it announces its next rate on November 7, two days following the election.
Both whales and retail investors continued to accumulate despite Bitcoin’s slow movement.
Data from IntoTheBlock revealed negative netflows in exchanges. This means that more Bitcoins were withdrawn than deposited during the last week.
Andre Dragosch is the Director of Bitwise’s Research for Europe. He cited Glassnode statistics showing a rise in the number of addresses that fall into the category “whale”.
Dragosch said that the increase in Bitcoin could be due to anticipation of an all-time record high.
The majority of analysts on X pointed to the larger picture and suggested that the flagship cryptocurrency was ready to enter the price discovery mode in the near future.
In a smaller timeframe, the pseudonymous “Unknown Trader” analyst observed strong resistance at around $69,000.
According to their analysis, BTC could reach $71300 if it manages break through the resistance level and holds above $69350.
If Bitcoin’s current levels of support are not able to be maintained above $68,000 then multiple analysts predict a possible drop down towards $65,000.
A chart by “Mexican whale” shows that Bitcoin met strong resistance shortly after closing briefly above $68,000, but this was a false break.
Analysts suggest that this false upward trend could result in a downward spiral if Bitcoin is unable to hold support at $68,000.
If the pressure to sell increases, it is possible that the price will drop towards the range of $63,000-$62,000, signaling an eventual bearish turn in the near term.
Rekt capital, a prominent analyst, highlighted the fact that, if Bitcoin closes the weekly chart at $66,300 or higher, this would indicate that the bull market is still intact. This could lead to accelerated upward movement.
The top performers of the past week are listed below:
ApeCoin
ApeCoin, or APE (ApeCoin), was the top weekly gainer with a 69% increase in the last 7 days. Its market capitalization stood at $881.55 million as of writing.
At the time of press, its daily trading volume hovered around $669 millions.
CoinMarketCap
The majority of these gains occurred on October 20th, following the long-awaited launch of Layer-3 Blockchain network ApeChain.
After the news broke, altcoins soared by 132% to $0.75 and $1.74.
The launch of LayerZero, the interoperability protocol on ApeChain following the mainnet’s go-live was another development which added to the rally.
This integration allows APE Tokens to be interoperable on multiple blockchains, further increasing their utility.
Raydium
Raydium (RAY), which was trading at $2.36 Monday, has risen to $2.95 today, a gain of over 42 percent. This token is up by 83% since its low this month. Its market capitalization was $764m.
CoinMarketCap
RAY’s biggest boost came when news spread that Solana, the decentralised exchange based in Solana, had exceeded Ethereum daily revenue. This was a huge feat for many given the altcoins size. DeFiLlama reports that Raydium’s fees surpassed Ethereum on October 21 by $3.4 million.
A second catalyst would be Circle’s stablecoin EURC, which is backed by Euro. This could inject a large amount of liquidity.
SPX6900
At the time of publication, SPX6900’s (SPX), price was $0.814 and it had gained 470% in the last 7 days. Market cap for the altcoin was $756 million, while daily volume of trading was $27.8 millions.
CoinMarketCap
The recent listing of SPX on the perpetual trading market at decentralised exchange LogX can be blamed for its price increase.
The meme coin has also been added to Wormhole. This crosschain protocol will enable traders to connect SPX across multiple blockchains. It increases its liquidity, and allows for trading opportunities and stakes.
The token has also benefited from the wider hype surrounding meme coins, although it’s peers such as MOODENG or GME have seen gains of over 100% during the last week.
The post BTC trades sideways as APE, RAY and SPX6900 beat the market may change as new information becomes available.
