October’s Crypto Rally: Trend or Trap?

October is indeed proving to be a bullish month for crypto. With just 5 days left, BTC has been steadily climbing. Will the month close on a bullish note, or could a sudden shift in trend swing the market in favor of the bears? Let’s explore the possibilities.‍

7 Days Heatmap

‍BTC has been rising slowly and steadily, showing strength. However, with every minor correction in BTC, the broader crypto market is struggling.

BTC continues to outperform the entire market, which is a promising early phase in the making of a bull run.

7 days crypto heatmap showing mixed sentiment with BTC up by +0.5% and ETH down by -4.18%. — *Crypto Heatmap 7-Days*

BTC Analysis

‍Referring back to our previous market outlook, BTC remains within the rising channel marked in blue.

At the moment, BTC is hovering in the middle of this channel, offering no particular advantage for investors.

BTC daily chart overall bullish trading within a rising channel and currently hovering in the middle of the channel providing no edge for investors. — *BTC Chart - Daily Timeframe*

As BTC approaches the upper boundary of the channel around $70,000, a correction driven by bearish pressure is anticipated.

Conversely, as BTC nears the lower boundary and the $63,500 demand zone, a third bullish impulse is expected.

ETH Analysis

‍ETH has also remained stable, trading within its $2,500 to $3,000 range, as highlighted in our latest ETH analysis.

Currently, ETH is nearing the lower boundary of this range and the $2,400 to $2,500 support level, where we anticipate a strong bullish response.

ETH daily chart overall bullish trading within a rising flat channel and currently approaching the lower bound of the range and $2,500 round number. — *ETH Chart - Daily Timeframe*

The bulls are likely to maintain long-term control unless the $2,400 level is breached to the downside; in that scenario, the crypto market could experience further pain.

Quote of the week

‍We become what we consistently do.” “Routine is necessary for efficiency; breaking routine is necessary for adaptation.
~ Brett Steenbarger

Closing Remarks

‍In summary, October has been a strong month for crypto, with BTC steadily climbing and outperforming the market.

BTC remains within a rising channel, with potential resistance around $70,000, suggesting a possible correction. Meanwhile, support around $63,500 could trigger another bullish move.

ETH has been trading stably within its $2,500 to $3,000 range and is nearing the $2,400 to $2,500 support level, where bulls may take control. However, if ETH breaks below $2,400, a broader market downturn could ensue.

Loving in these quick updates? Explore our full market outlooks for detailed insights and analysis.