Published on oktober 8, 2024, 12:23 am
Image source: Fox News
```json { "TLDR": "Bitcoin started the week positively, facing a hurdle to surpass between $65,000 to $66,500. Despite strong performance this year, outflows seen in digital investment products due to unexpected economic data. Altcoins like ETH, BNB, Solana, XRP, DOGE, TON, and ADA are closely monitored for potential movements based on market sentiments and key levels." } ```
Bitcoin kicked off the week on a positive note while altcoins and stocks showed green signals. Despite the momentum, Bitcoin is facing a challenging hurdle between $65,000 to $66,500 that it needs to surpass to continue its upward trajectory.
Bitcoin has remained one of the best-performing assets this year, even during what is traditionally seen as a weaker quarter. Meanwhile, Metaplanet in Japan has been steadily building its Bitcoin holdings, recently acquiring around 108.78 Bitcoin at approximately $63,600 each.
However, not all sentiment toward Bitcoin is bullish in the short term. Reports from CoinShares indicate that digital investment products experienced significant outflows last week due to unexpected strong economic data potentially reducing the likelihood of significant rate cuts.
As for altcoins, there is speculation on whether Bitcoin’s strength could attract buyers into this category. Analysts are closely watching key levels and patterns in the market performance of popular cryptocurrencies like Ether (ETH), Binance Coin (BNB), Solana (SOL), XRP, Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA).
ETH has been consolidating within a symmetrical triangle pattern, indicating indecision among buyers and sellers. BNB has been locked in a trading range between $460 and $635 with a tough battle ongoing. Solana shows potential upside if it can surpass key resistance levels. XRP remains in a range but may see movement depending on market trends.
Dogecoin’s symmetrical triangle pattern suggests uncertainty about its next move while Toncoin struggles below moving averages with potential resistance at $6 or support at $4.72. Cardano seems to be forming a base between $0.31 and $0.40 with potential upward moves if key resistances are breached.
The article emphasizes that it does not provide investment advice and encourages readers to conduct their own research before making any decisions in the cryptocurrency market landscape.
Original article posted by Fox News
