Stocks are up. Bitcoin is up. Altcoins are up. Cointelegraph digs into today's market breakout.
After two successive weeks of gains, the S&P 500 Index started the week on a positive note. This suggests a risk-on sentiment which is a bullish sign. The volatility is likely toThe risk-on sentiment could boost buying interest in select cryptocurrencies. One area where bullish activity is seen is the Grayscale Bitcoin Trust .on the GBTC to its lowest level since 2021.
However, the bears are unlikely to give up easily. They will try to guard the overhead zone and tug the price below 105.50. If this support cracks, the index may dip to the 50-day SMA . This is an important level for the bulls to defend if they want to keep the up-move intact. Below this level, the index could fall to 103.After trading between the moving averages for the past few days, Bitcoin made a decisive move on Oct. 16 when bulls kicked the price above the 20-day EMA .
If the price turns down from the current level, the bears will make one more attempt to sink and sustain the price below $1,521. If they succeed, the ETH/USDT pair may collapse to $1,368. This bullish view will be negated if the price turns down and plunges below the vital support at $203. The pair may then tumble to $183.) has been stuck inside the large range between $0.41 and $0.56 for the past several days. The bulls are trying to start a pullback, which is likely to face stiff resistance at the moving averages.If the price turns down from the moving averages, it will suggest that every minor relief rally is being sold into. That will increase the possibility of a drop to $0.
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