With a bullish failure to sustain the early price to $73,600 last week, Bitcoin (BTC) closed at a 1.18% weekly return at a price of $68,738. The bearish turnaround resulted in a 0.64% decline in the total market and a 4% drop in altcoin market excluding Bitcoin and Ethereum.
Starting the new week, the BTC price is above $69k as Ethereum struggles to hold the fort at $2,400. As the top two crypto maintain a diverging trend, let’s find out the weekly price prediction in our technical analysis.
Bitcoin (BTC) Rejects Price Below $68k
Following a bullish failure to surpass the $73,600 resistance level last week, the BTC price took a re-test of the $68,000 level. The BTC price is now below the 78.60% Fibonacci level and is currently trading at $68,607.
With a doji candle information, the possibility of a Morningstar reversal is shaping up. However, amid the rising uncertainties due to the U.S. presidential election, a potential re-test of the 67.80% Fibonacci level at $66,167 is possible.
While the daily RSI line shows no significant divergence, the 50-day EMA is rising towards the 67.80% Fibonacci level to provide dynamic support. Hence, despite the downside risk, the Bitcoin technical indicators project a high possibility of a bullish post-retest reversal.
After the elections, the BTC price is likely to gain momentum as you get more clarity over the presidential race. In such a case, the BTC price could rebound to the $73,600 mark in an attempt for a new all-time high.
Ethereum Test of Local Support Hangs near $2,400
The Ethereum price action shows a bearish turnaround from the 100-day EMA with a 5.39% fall last Thursday. This results in an evening sharp pattern and breaks below the 50-day EMA.
The current retest of the local support trend occurs near $2,461. This is putting additional pressure over the $2,400 critical support. However, the bullish divergence in the daily RSI line increases the possibility of a rebound rally.
With the 100-day acting as the dynamic resistance, the bullish attempt to reach the $2,729 resistance level could find an in-between surge in supply. Currently, the 100-day EMA stands at $2,645, making it an area of high supply.
If the BTC price manages to reclaim the $70,000 mark, the recovery run in Ethereum is likely to challenge the $2,729 near the 200-day EMA. In case of a bullish breakout, the 50% Fibonacci level at the $3,100 mark is a potential price target.
By the end of November, a recovery run could reach the $3,500 mark. On the flip side, if Ethereum breaks below the $2,400 mark, Ethereum could reach for $2,235.
Curious to know if Ethereum can cross $3,000 this year? Find out now in Coinpedia’s insightful Ethereum price prediction for 2024 and years to come. Also, subscribe to us for the latest Ethereum updates.
BTC Mining Difficulty and Hashrate Reach ATH
In a recent X post, CryptoQuant highlighted the BTC Mining Difficulty and Hashrate reaching an all-time high. With the BTC mining competition becoming more intense, the pressure grows over the mining industry. To maintain balance, the transaction fees must grows. If not, the burden will continue to rise.
Fortunately, the transaction fees maintain healthy numbers and account for 11% of miners’ revenue. During October month, the jump in hashrate has come with a significant increase in transactions, promoting the uptrend chances in November.
Conclusion
Despite the short-term uncertainties with the US political tensions, the on-chain data supports the bull run chances. Hence, the Bitcoin and Ethereum prices are likely to surge higher and end 2024 on a bullish note.
FAQs
How will Bitcoin react if Trump or Harris win?
Post-elections, the increased clarity in the crypto market can result in a quick rebound to $73,600. Further, the upside chances are extended to $90,000 if the bull run sustains.
When will Bitcoin hit ATH?
With the increased upside chances, Bitcoin will likely create a new ATH in 2024.
What will the Bitcoin price be on US Election Day?
Bitcoin price will likely remain under $70,000 on US election day.
