From cointelegraph by Rakesh Upadhyay
Bitcoin BTC$71,253 bulls failed to push the price to a new all-time high on Oct. 29, but a positive sign is that they have not ceded much ground to the bears on Oct. 30. This suggests that the bulls are holding on to their positions in anticipation of a move higher.
United States Bitcoin exchange-traded funds witnessed massive inflows of $827 million on Oct. 29, according to CoinGlass data. This suggests that investors expect the sideways price action to resolve to the upside. Crypto research firm 10x Research projects Bitcoin to hit $100,000 by January 2025.
Bitcoin traders are positioning themselves for a breakout in anticipation of a Donald Trump victory in the United States presidential election on Nov. 5. However, caution is warranted because experienced traders often “buy the rumor and sell the news.”
Could Bitcoin traders defend the $70,000 level during the pullback? Will altcoins continue their up move or enter a consolidation? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin accelerated after breaking out of the $69,520 resistance on Oct. 28. The price came close to hitting a new all-time high on Oct. 29, but the bears held their ground.
The upsloping 20-day exponential moving average ($67,617) and the relative strength index (RSI) near the overbought zone indicate that the path of least resistance is to the upside. A break and close above $73,777 will signal the resumption of the uptrend. The pattern target of the breakout from the large range is $93,554.