BTC is charging towards the $35k resistance. Will altcoins follow this push?

25.10.2023

Dear traders,

If BTC stops at the resistance, can altcoins manage to break the old resistance and bring in volume for a significant push upward?

Jake
TOP Trader

BTC has paused at the $35k resistance and is now consolidating below it, preparing for the next move. Will altcoins follow suit and break the old downtrend resistances?

ETH is currently grappling with a substantial resistance at $1830. It needs to break above this level to continue its bullish trend and return to the $1900 channel. Caution should be exercised if a large volume of selling pushes the price lower.

XRP has successfully broken a strong resistance at $0.54 and is now approaching the older resistance at $0.585. It needs to maintain levels above $0.54 for a strong bullish push upward.

LINK has broken the old resistance at $9.5 and is now gearing up for a significant upward movement, aiming to re-enter a wider trading range. Sustaining levels above $9.5 is essential for significant bullish momentum.

SOL is showing bullish momentum and has breached the $29 support level. This level must be maintained for a more substantial upward push. The bullish momentum can only continue if the $29 support level remains intact. A major resistance at $33.5 needs to be strongly pushed above for bullish continuation.

EOS is still struggling with a formidable resistance level at $0.6. Maintaining levels above this resistance is crucial for a more extensive upward movement. Achieving a sustained price increase depends on a significant surge in buying volume.

LTC is currently breaking into the $70 resistance level, and only a push above and holding it could drive the price higher. There is still a risk if the price doesn’t stay above $70.

DXY is losing momentum and must maintain levels above 106.2 to sustain its bullish trend.

Crypto/stock daily news:

PRICES ARE PUMPING! HERE’S WHY…

The crypto market was 50 Shades of Green yesterday…

Light Green. Dark Green. Emerald Green. Hookers Green**. You name it.

**My editor removed 4 consecutive jokes about this because, and I quote, “We’ve made it this far, don’t get canceled right as prices start pumping again.”

But I did get to snap a selfie…

So, why did prices pump so much? Two words… Bitcoin ETF.

And there were 3 big things that happened yesterday:

1/ BlackRock obtained a CUSIP number and could start buying BTC this month in prep for its ETF launch

BlackRock recently updated its ETF filing and there were two amendments that caught everyone’s attention:

They’ve obtained a CUSIP number. This is a unique ID that gets assigned to all securities in the U.S. and Canada so they can easily be tracked.
They may start “seeding” the ETF this month. This is when initial funding is provided by a bank/broker-dealer and is used to purchase a few “creation units” (in this case BTC) in exchange for ETF shares which can be traded in the open market on Day 1.

You can think of a CUSIP number like a social security number and “seeding an ETF” like a mini-IPO.

And the fact that BlackRock is this far along with both is a positive sign that a spot Bitcoin ETF could be coming sooner than people originally expected…

2/ Blackrock’s Bitcoin ETF is listed on the Depository Trust and Clearing Corporation (DTCC).

The DTCC is a financial services company that provides clearing and settlement offerings for financial markets, like the NASDAQ.

Well yesterday, BlackRock’s ETF (called iShares Bitcoin Trust) appeared on the DTCC website. And it had a new trading ticker too… $IBTC.

Side note – iBTC?! Laaaaame…

Missed opportunity to do something cool, like $GRDT (Get Rich or Die Trying).

3/ A U.S. Court of Appeals issued a mandate that the SEC needs to review its decision about Grayscale’s Bitcoin ETF.

Just as a quick refresher…

Grayscale’s been trying to launch a spot Bitcoin ETF for a while now.
The SEC denied all its applications.
So Grayscale sued the SEC, arguing that the regulating agency didn’t have a legitimate reason to deny them.
Then, judges ruled in favor of Grayscale, while using phrases like “absence of a coherent explanation”, and “arbitrary and capricious” to describe the SEC’s decision-making. (fighting words)

Yesterday, the U.S. Court of Appeals for the District of Columbia Circuit issued a formal mandate that the SEC needs to review Grayscale’s application again and either:

a) Accept it, and work with Grayscale in launching its spot Bitcoin ETF.

b) Find a new reason to deny it, and drag the process out even longer.

It’s no longer if it’s coming. It’s when.

But for now, let’s enjoy those green prices.