Bitcoin (BTC) rose above $30,000 on Oct. 20, indicating that the path of least resistance is to the upside. Grayscale Investments filing a new application with the United States Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF) may have acted as a bullish trigger.
In other positive news for the cryptocurrency space, the SEC sought to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. This will increase expectations that the regulator may slow down its attack on cryptocurrency entities following a string of recent setbacks.
As the market sentiment improves, Bitcoin’s long-term holders have been increasing their stockpiles. Glassnode data shows that 76.2% of the available Bitcoin is locked up in long-term storage. This will likely cause a supply crunch in the market, which is bullish for Bitcoin’s price.
Could Bitcoin maintain its momentum and rise higher? Will the altcoins also follow? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin (BTC) broke and closed above the $28,143 resistance on Oct. 16, and the bulls held the level successfully during the retest on Oct. 17 and 18. This indicates that the buyers flipped the level into support.
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Author: Rakesh Upadhyay
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