The Bitcoin price is trading bearish near $20,600 during the Asian session, having bounced off the $20,000 support level. Similarly, Ethereum has gained over 4% to $1,585 and is heading north toward the 78.6% Fibonacci retracement level.
Early on October 29, major cryptocurrencies were trading in the green, as the global crypto market cap surpassed $1 trillion, up from $979.72 billion the day before.
DeFi’s total volume was $4.00 billion, accounting for 4% of the crypto market’s total 24-hour volume.
Top Altcoin Gainers and Losers
Mina (MINA), Dogecoin (DOGE), and Shiba Inu (SHIB) were the top performers in the last 24 hours. MINA’s price has increased by more than 29% to $0.77, while DOGE’s price has increased by nearly 15% to $0.086. At the same time, SHIB has gained more than 12% to trade at $0.000011.
TerraClassicUSD (USTC) has dropped more than 4% this week to $0.041. Casper (CSPR) has fallen by more than 3% to around $0.042.
The current Bitcoin price is $20,686, and the 24-hour trading volume is $48 billion. Bitcoin has surged over 8% in the last seven days. CoinMarketCap currently ranks first, with a live market cap of $397 billion, up from $388 billion yesterday.
Although Bitcoin exhibited a slight bearish correction yesterday, it’s again showing an upward trend. The BTC/USD pair is now consolidating in a wide trading range of $20,000 to $21,000, which is being extended by 38.2% to 61.8% Fibonacci retracement levels.
The RSI and MACD are still holding in a buying zone, supporting the chances of a bullish trend continuation. Alongside, the 50-day moving average also suggests buying above $19,750.
As a result, a break of the 61.8% Fibo level has the potential to extend the buying trend to $21,900. If the current upward trend continues, Bitcoin could reach $22,500.
On the downside, Bitcoin’s immediate support remains close to $19,900. Today, investors may look for a buying position above the $20,250 level and vice versa.
The current price of Ethereum is $1,585, with a 24-hour trading volume of $19 billion. In the last 24 hours, Ethereum has pumped over 4%. CoinMarketCap currently ranks #2, with a live market cap of $194 billion, up from $184 billion yesterday.
On the technical front, the ETH/USD pair has completed a 61.8% Fibonacci retracement at $1,550 and is now it’s crossing above this level, suggesting chances of a bullish trend correction. On a daily timeframe, ETH has violated the previously placed high of $1,595 level which is a signal of strong bullish power. If the price of ETH rises above $1,595, it could reach the $1,655 or $1,700 levels.
Leading indicators such as the RSI and MACD are in the buying zone. As a result, the chances of a bullish correction remain strong above $1,550. While support continues to stay at $1,404 today.