Bitcoin rose in price by 14.5% during the week from October 20 to October 27. Five of the seven sessions ended in the positive zone. The greatest growth was observed on Monday, October 23, when BTC added more than 10%. During trading on Tuesday and Wednesday, October 24 and 25, Bitcoin crossed the $35,000 mark, but could not stay there yet. On the evening of Friday, October 27, the coin was trading at $34,000-$34,100.
The main driver of growth was Grayscale’s victory over the Securities and Exchange Commission (SEC) in court. The essence of the dispute was that the regulator did not want to approve the reorganization of the GBTC trust into an exchange-traded fund, ETF. The court called the SEC’s actions capricious and even heavy-handed. To be precise, the court decision was made back in August, and on October 23 it became known that the regulator would not appeal the decision. This has clearly instilled optimism among investors, as evidenced by the over 10% increase. In addition, the precedent directly hints that approval of the first spot Bitcoin ETF is not far off.
Interestingly, on this news, BTC reached an all-time high in three other countries (not the USA): Nigeria, Turkey and Argentina. About this on X (formerly Twitter)
reported cryptanalyst Miles Deutscher. The fact itself is twofold: on the one hand, it, of course, indicates the strengthening of Bitcoin, on the other hand, that the national currencies of these countries (naira, lira and peso, respectively) are now very weak.
By the way, the positive dynamics are also supported by on-chain information. On October 26, the analytical platform Santiment posted the following
“If you are concerned about the cryptocurrency recovery, note that Bitcoin continues to maintain a high level of active addresses. In addition to this, the largest asset by capitalization is experiencing a high level of movement of tokens that have been dormant for a long time. This is usually synonymous with bullish market conditions.”
From a technical analysis point of view, Bitcoin has entered a growth phase. The coin is trading above the 200-day moving average and has broken above the yearly high. At the same time, the RSI indicator is more than 83, which indicates overbought. Thus, a correction is possible in the near future. It is worth remembering: when forming a trend, RSI gives many false signals and it is not always possible to rely on them. The current resistance level is the weekly high of $35,198 and the support level is the former 2023 high of $31,818.
Index fear and greed has soared by 17 points since last week. The current value is 70. Thus, he left the neutral zone, showing the dominance of greed over fear.
Ethereum grew slightly less than Bitcoin – by 11.5%. But the number of positive sessions here per week was more – six. The most productive day was also Monday, October 23, when Ether grew by 6.17%. During trading on Tuesday, October 24 and Thursday, October 26, ETH rose above $1,850. The price on the evening of Friday, October 27 is about $1,790.
The same ETFs are an important driving force. On October 23, the SEC accepted Grayscale’s application for a spot Ethereum ETF. Therefore, there must be a conversion of the trust to an exchange-traded fund. About it
reported President of the financial company the ETF Store Nate Geraci.
In addition, the growth of ether is facilitated by the activity of large players (whales), which reached its maximum in six months. The supply of the second largest cryptocurrency by capitalization on exchanges is only 8.41%. This is the lowest figure since 2015.
leads data analytical platform Santiment.
The situation for Ethereum looks less clear compared to Bitcoin. Of course, the coin gained more than 11.5% in a week, but it is far from the 2023 high ($2,140.8) – almost 20%. Yes, and the ether has just reached the 200-day moving average (indicated in orange), but has not yet overcome it. However, the price is well above the 50-day moving average (indicated in blue). The resistance level is the previous week’s high $1,865, and the support level is the previous resistance level, $1,755.4.
Regarding Bitcoin and Ethereum, TRON showed rather modest dynamics from October 20 to October 27. The growth was slightly more than 2.5%. Despite the fact that the number of positive trading sessions for TRON was the same as for BTC – five. But the volatility was significantly lower than that of Bitcoin.
Although the brainchild of Justin Sun did not show tremendous growth, it distinguished itself in another area. This week, independent agency Defiant News
made public report that the Tron blockchain is the leader in stablecoin transactions. The weekly number of active addresses is over 2.4 million, which is 1.75 times larger than BNB Smart Chain. Mostly USDT is transferred on the TRON blockchain, which accounts for more than 99.5%. In their
data Defiant News cites Peter Johnson, head of the investment company Brevan Howard.
Tron fans were also encouraged by Justin Sun. On October 26, he announced that The Justin Sun Group increased revenue by 14% in the third quarter relative to the second. At the same time, the profit amounted to $98 million.
opinion Sana, the fourth quarter of the year will be even more impressive. The projected revenue is $190 million and profit is $104 million. Blockchain operator Tron is part of The Justin Sun Group.
From a technical analysis point of view, bulls dominate. This is supported by the fact that the TRON coin is trading above the 50-day moving average (marked in orange). In addition, the RSI index continues to rise, being above the 50% mark and amounting to almost 68%. TRON is trading near its 2023 high set in July at $0.0945. This mark is the resistance level. Support level – $0.091.
Thus, last week’s upward trend continued. Bitcoin and Ethereum each gained more than 10%. At the same time, the situation with BTC looks more bullish. TRON, as an example of a bright altcoin, grew by only 2.5%, but its blockchain turned out to be the leader in stablecoin transactions.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
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