Crypto Price Analysis 10-14 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, POLKADOT: DOT, INJECTIVE: INJ

Bitcoin (BTC) registered a weekend bounce after briefly dropping below $60,000. The world’s largest cryptocurrency has been up by almost 3% over the past 24 hours and is currently trading around the $64,500 mark, with buyers eying the $65,000 price level. Ethereum (ETH) also registered a significant jump over the past 24 hours and is up by almost 3%, with its price finally pushing above the $2,500 mark.

The crypto markets have started the week strong, with almost all major cryptocurrencies in the green. Solana (SOL) is up by nearly 5%, while Ripple (XRP) is up by 0.5%. The overall crypto market cap has also registered an increase of 1.45% and currently sits at $2.22 trillion. 

Bitcoin (BTC) Reserves Plummet To All-Time Low

Bitcoin (BTC) exchange reserves have hit an all-time low, which indicates that investors are increasingly looking to hold their BTC instead of keeping them on platforms or selling them. A decline in exchange reserves is often seen as a bullish sign and a signal of reduced selling pressure on the asset. Long-term investors continue to buy BTC, while short-term holders show signs of selling. 

According to analysts, long-term trends may remain positive when the accumulation patterns of seasoned investors and declining exchange reserves are considered. Despite BTC’s recent price action, the fundamentals around the asset remain robust. 

Russian Bitcoin Mining Hotspot To See Energy Boost

Russian Bitcoin mining hotspot Buratiya is set to get a significant energy upgrade, with a revamped thermal power plant set to commence operations by 2029. According to the state-run news agency, the power plant will generate heat and electricity. The agency added that the move will allow Buratiya to create a power reserve and help the region’s capital, Ulan-Ude, deal with increasing pressure on the power grid. 

The increasing load on the power grid in the region has been blamed on a sharp jump in crypto mining. Russian President Vladimir Putin has noted that Buratiya and several other areas have faced considerable strain on their power grids thanks to a jump in BTC mining. The Gusinoozerskaya TTP currently serves the Buratiya region. The power plant suffered damage in 2022 when a transformer outage and subsequent fire cut off power. Local officials, confident about the plant’s success, have claimed that it will give the region an additional reserve and that it would also be able to provide power to Mongolia. 

“The project will [let us add] two more power units at Gusinoozerskaya. There will be an additional reserve.”

Robert Kiyosaki And The Everything Crash 

Renowned author Robert Kiyosaki has predicted a catastrophic stock market crash and the collapse of the “Everything Bubble.” Kiyosaki pointed out that gold is at an all-time high, but high gold prices mean investors are becoming pessimistic and moving to safer and more defensive assets, adding that higher gold prices are not necessarily a good sign, and he was expecting a major stock market crash. 

“If a major stock market crash occurs … which I am expecting … because the stock market has been high for too many years. This is not good news for people who do not own gold, silver, and bitcoin,” he opined. The acclaimed author then encouraged people to prepare by studying, joining investment clubs, and watching for post-crash bargains. “Then in a few years … when another bull market rises … you will be one of the richer, smarter investors.”

Kiyosaki also warned of the “Everything Bubble” in a follow-up post, stating, 

“The Everything Bubble is going to turn into ‘The Everything Crash.’ Simply said, everything will crash, including gold, silver, and bitcoin.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) registered a sharp recovery over the weekend, allowing it to reclaim the $63,000 price and $64,000, as investor fears regarding inflation cooled. The cryptocurrency shot up over 7% after dropping below $60,000 on Friday, although the asset is stuck in a multi-month consolidation phase, which extends in a wide range of $55,000 to $71,000. BTC is looking to break out of its recent bearish phase, which began at the end of September after a failed attempt to push above $66,000. As a result, it dropped to a low of $59,907 on October 3 before recovering and settling at $60,802. 

By the beginning of the previous week, BTC reached a high of $64,481 as buyers pushed it above the 20 and 200-day SMAs. However, with intense selling pressure at this level, BTC turned bearish as sellers pushed the price back below the moving averages to $62,253, a drop of 0.95%. By Thursday, BTC slipped below the 50-day SMA and dropped to a low of $58,927, losing the crucial $60,000 support level. However, buyers pushed the price back above $60,000, eventually settling at $60,312, a drop of 0.52% compared to the previous day.

Source: TradingView

BTC made a strong recovery on Friday as it rebounded from its support levels, rising by 3.54% to push back above the 50-day SMA and settle at $62,446. Buyers did attempt to push BTC above the 20 and 200-day SMAs as well, but momentum stalled after it reached a day high of $63,430. BTC continued its recovery on Saturday, registering an increase of 0.98% to go above the 20-day SMA and settle at $63,055. However, with the 200-day SMA acting as a dynamic level of resistance, BTC fell back in the red on Sunday, dropping to a low of $61,787 before recovering and settling at $62,635 after a decline of 0.67%.

The current session sees BTC up by 2.35% and trading just above the $64,000 mark after markets made a strong start to the new week, with inflation fears cooling. BTC is currently trading above the $64,000 level. Buyers will look to build momentum and push BTC past $65,000. Should such a move materialize, BTC could push towards $70,000. On the other hand, sellers will look to push BTC back below the 20 and 200-day SMAs. If the price dips below the moving averages, it could drop back to $60,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is currently up by almost 3% over the past 24 hours, having made a strong recovery after a relatively muted price during the previous week. ETH had started the month on a bearish note after dipping below the 20 and 50-day SMAs on October 1. While the price stabilized around the $2,300 mark despite attempts by sellers to drag the price lower, buyers had been unable to build momentum and push ETH above the moving averages and $2,500. By Wednesday, sellers had managed to drag ETH to a low of $2,369 as bearish sentiment around ETH intensified.

Source: TradingView

Thursday saw ETH hit a day low of $2,330. However, it recovered from here on as buyers entered the market, ending Thursday at $2,384 after an increase of 0.65%. ETH continued to push higher on Friday, rising by 2.27% and settling at $2,438. However, buyers were unable to push ETH above the 50-day SMA. A move past the 50-day SMA happened on Saturday after ETH rose to $2,447, following an increase of 1.61%. However, with sellers active at this level, ETH fell back into the red on Sunday, dropping to a low of $2,438 before settling at $2,468, a drop of 0.37%.

With markets starting the new week on a positive note, ETH has made a strong start as well, currently up by almost 3%, and has pushed above the crucial $2,500 level. Ethereum and the larger crypto market’s recovery is down to a dovish China inflation report that has acted as a catalyst and spurred a recovery. The recovery is the first time ETH has pushed above $2,500 since October 14. ETH can continue to go higher if spot ETFs continue to attract buyers. If the prices continue to recover, ETH could push towards the $2,600 mark and even $2,700. On the other hand, if sentiment changes, ETH could find itself back below $2,500.

Solana (SOL) Price Analysis

Solana (SOL) has surged since the weekend and is up almost 4% over the past 24 hours as the crypto markets make a strong recovery after a testing week. SOL has been quite bearish since the beginning of September, going below key support levels, moving averages, and hitting a low of $133 on October 3. A recovery from this level pushed SOL to a day high of $152 on October 7. However, SOL could not push above the 200-day SMA, allowing sellers to regain control. As a result, it turned bearish, dropping below the 50-day SMA. By Thursday, SOL dropped to a day low of $135 before sellers pushed the price back to $139.

Source: TradingView

SOL made a strong recovery after dropping to $139, rebounding, and registering a jump of almost 5% on Friday to push back above $140 and the 50-day SMA to $145. The weekend saw SOL push higher, although price action remained muted thanks to intense selling pressure. Despite the selling pressure, SOL rose by 0.66% on Saturday and 0.91% on Sunday to end the weekend on a positive note at $147. The current session sees bulls firmly in control, with SOL up by over 3% as buyers look to keep it above $150 and go past the 200-day SMA.

Ripple (XRP) Price Analysis

Ripple (XRP) price action remains muted as the altcoin continues to trade sideways despite a strong recovery in the broader crypto markets. XRP has been trading sideways since dropping below the 200-day SMA on October 2 and hitting a low of $0.507 on October 3, Despite having a strong level of support at $0.50, which has prevented a further price decline, buyers have been unable to build momentum and push above the 200-day SMA, which has since acted as a dynamic level of resistance. XRP’s most recent attempt to go above the 200-day was on Thursday, when it rose to a day high of $0.544.

Source: TradingView

However, it could not push above the 200-day SMA and settled at $0.530 after registering an increase of 1.24%. Friday saw XRP continue to push higher with an increase of 1.55% to $0.538. With selling pressure increasing, XRP could only register a marginal rise on Saturday before dropping back into the red and ending a weekend at $0.432 after a drop of 1.35%. The current session sees XRP up by 1.13% as it looks to make another attempt to push above the 200-day SMA.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) pushed above $0.110 over the weekend and is now attempting to move above the 200-day SMA, with the current session experiencing considerable volatility as buyers and sellers look to establish control.  The world’s most popular meme coin has made a strong recovery after dropping to a low of $0.102 on Thursday, slipping below the 50-day SMA and a crucial support level. However, buyers pushed the price back above the moving average as DOGE settled at $0.106 after a drop of 1.67%. Despite ending Thursday in the red, DOGE made a strong recovery on Friday, rising by almost 5% and settling at $0.111.

Source: TradingView

With the 20-day SMA acting as a dynamic level of resistance, DOGE could only register a marginal increase on Saturday before dropping back in the red on Sunday and ending the weekend at $0.111. The current session sees DOGE up by almost 1% as buyers look to push it above the moving average and towards $0.115. On the other hand, sellers are looking to drive DOGE back below $0.110. If DOGE slips below this level, it could drop to $0.106, where the 50-day SMA could stabilize the price.

Polkadot (DOT) Price Analysis

Polkadot (DOT) ’s recovery is gathering momentum as it looks to push above the 20 and 50-day moving averages, having made a strong start to the new week. DOT slipped below the crucial $4 level on Wednesday as sellers dragged it to a low of $3.95. However, it recovered from this level, rising back above $4 and settling at $4.02. Sellers dragged DOT below $4 once again on Thursday, but it made a strong recovery, increasing by 1.49% and settling at $4.08. DOT continued its upward trajectory on Friday, rising by 2.21% and moving to $4.17.

Source: TradingView

Price action was mixed over the weekend as DOT reached a high of $4.26 on Saturday before dropping and settling at $4.20 after an increase of 0.72%. Despite a strong recovery, DOT fell back in the red on Sunday thanks to strong resistance at $4.20. Sellers dragged the price to a day low of $4.09 before DOT recovered marginally and settled at $4.16, a drop of 0.95%. The current session sees DOT up by 2.40%, with the price having pushed to $4.26. Buyers will look to push DOT above the 20 and 50-day SMAs. We could see a surge to $4.50 if it can move past these levels. A break above $4.50 could set DOT on the way to $5. However, should sellers retake control, DOT could drop back to $4.

Injective (INJ) Price Analysis

Injective (INJ) has started the week on a bullish note despite falling into the red over the weekend and experiencing considerable volatility. INJ dropped to a low of $18.53, slipping below $20 and the 50-day SMA after a highly bearish week. Buyers were able to push INJ up marginally as it ended Thursday at $19.20. INJ made a strong recovery on Friday, rising by 6.43%, reclaiming $20 and going above the 50-day SMA to settle at $20.44. Buyers attempted a move past the 20-day SMA on Saturday as INJ reached a day high of $21.05.

Source: TradingView

However, it could not push above the moving average thanks to strong selling pressure. As a result, buyers lost momentum, with INJ falling from its day high and registering a marginal drop to settle at $20.42. Sellers attempted to push INJ below the 50-day SMA on Sunday as it dropped to a low of $19.66. However, it recovered from this level and settled at $20.30, registering only a marginal decline. The current session sees INJ up by 6%, buoyed by a strong recovery in the crypto markets. Buyers will look to push INJ above the $21.50 resistance level. A break above this could push INJ to $23, where the 200-day SMA could act as resistance.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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