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Bitcoin (BTC) Starts the Week Strong, Maintains Above $70,000 Level

The first week of November has been a positive one for Bitcoin (BTC) as it continues to hold above the $70,000 mark. Analysts are optimistic about a potential reversal this week after five consecutive days of negative inflows into spot Bitcoin exchange-traded funds (ETFs) last week.

Goldman Sachs has reported a high demand for their future and options offerings from their clients. According to Max Minton, head of digital assets for Goldman Asia Pacific, larger clients are showing a heightened interest in the crypto industry since the launch of spot Bitcoin ETFs.

The demand for spot Bitcoin ETFs is expected to remain strong unless there is a significant drop in Bitcoin’s price. This could result in shallow retracements as market participants will be quick to buy the dips.

So, what are the key resistance levels to keep an eye on for both Bitcoin and altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index continues to climb within the ascending channel pattern, indicating that the buyers are still in control.

Resistance at the top of the channel may cause a pullback in the upward movement. If this occurs, the index could remain within the channel. However, a break above the channel could lead to a surge towards 5,450.

On the other hand, if the price drops below the 20-day exponential moving average (5,147), it suggests that the bulls are exiting. This could lead to further selling and a possible drop to the 50-day simple moving average (5,018). The RSI’s negative divergence also signals a potential correction in the near future.

U.S. dollar Index price analysis

The U.S. dollar Index (DXY) was pushed below the 20-day EMA ($103) on March 20 by the bears, but they were unable to maintain the lower levels.

However, on March 21, the index saw a sharp uptrend, crossing back above the moving averages and indicating strong buying interest at lower levels. This could potentially lead to a rise towards the solid resistance at 105. If the price faces a rejection at this level, the index may continue to trade within the range of 102.50 and 105.

Alternatively, if buyers continue to push the price above 105, it could mark the beginning of a trending move towards 107. Although there is a minor resistance at 106, it is likely to be surpassed.

Bitcoin price analysis

The recent breakout from the pennant formation suggests that the bulls have taken control of the Bitcoin market.

If the bulls can keep the price above $69,000, the BTC/USDT pair is expected to surge towards the resistance at $73,777. This level could prove to be a significant obstacle, but if the bulls are successful, the pair might even reach $80,000.

On the other hand, a reversal from the current level would indicate a potential bull trap. The bears will attempt to push the price below the pennant, potentially causing a drop towards the 50-day SMA ($59,018).

Ether price analysis

On March 25, Ether (ETH) broke out of the 20-day EMA ($3,521), signaling the dominance of the bulls.

If the price remains above the 20-day EMA, it suggests the end of the corrective phase. The ETH/USDT pair could potentially climb to $3,679 and then continue to the resistance at $4,094.

However, if the price falters at $3,679 and falls below the 50-day SMA, it could indicate a more significant correction to $3,056 and then $2,868.

BNB price analysis

BNB’s (BNB) rally has surpassed the resistance at $590, a crucial level to monitor.

The rising moving averages and positive RSI indicate that the path of least resistance is upwards. If the price remains above $590, the BNB/USDT pair is likely to gain momentum and reach $645. This level may present a significant challenge, but if surpassed, the next target could be $692.

To prevent an upward movement, bears will need to push the price below the 20-day EMA ($534). If successful, the pair could drop to the 50% Fibonacci retracement level at $500.

Solana price analysis

After bouncing off the 20-day EMA ($168) on March 24, it is clear that the sentiment towards Solana (SOL) remains positive as traders continue to buy on dips.

The bulls are determined to push the SOL/USDT pair towards the strong resistance at $205. However, if the price fails to break above this level, we may see a drop back down to the 20-day EMA, creating a temporary trading range between these two levels.

A successful break and close above $205 would signal the beginning of the next leg of the uptrend, with potential targets at $243 and $260. On the downside, the 20-day EMA offers strong support, while a break below it could see the pair test the 50-day SMA ($134).

XRP price analysis

For the past few days, XRP (XRP) has been trading near the 20-day EMA ($0.62), indicating a battle between buyers and sellers. However, the flat 20-day EMA and the RSI near the midpoint do not give a clear advantage to either side. As a result, the XRP/USDT pair is likely to continue swinging between the uptrend line and $0.67 in the near future.

If the bulls manage to push the price above $0.67, the pair could see a rally towards the resistance level at $0.74. However, this level is expected to be strongly defended by the bears. On the other hand, if the uptrend line is broken, the bears will take control and the pair could potentially drop to $0.52.

Analysis of Dogecoin’s Price

The recent rally in Dogecoin (DOGE) has reached a critical resistance level at $0.19, where bears are expected to put up a strong fight.

The 20-day Exponential Moving Average (EMA) at $0.15 is trending upwards, and the Relative Strength Index (RSI) is in positive territory, indicating that bulls are currently in control. If buyers are able to hold their ground, the chances of a break above $0.19 are high. This could lead to a potential surge to $0.23 and even $0.30 for the DOGE/USDT pair.

However, if the price sees a sharp decline from its current level, it could suggest that the pair will continue to trade within the $0.12 to $0.19 range.

The Latest Update on Cardano’s Price Analysis

The ongoing recovery of Cardano (ADA) has reached a critical resistance level at the 20-day EMA ($0.66).

If the price fails to break above this resistance, it could indicate that the bears are still viewing relief rallies as opportunities to sell. In this case, the ADA/USDT pair may drop back down to $0.57. A break below this support could confirm a bearish head-and-shoulders pattern.

On the other hand, if the price manages to climb above $0.70, it would signal the return of the bulls. They will then aim for the next resistance level at $0.81, with a potential target of $0.92.

Avalanche price analysis

The demand for Avalanche (AVAX) has remained strong as it has stayed above the breakout level of $50 in recent days.

The positive slope of both moving averages and the bullish RSI indicate that the bulls are in control. While there may be a minor obstacle at $58, a breakthrough could lead the AVAX/USDT pair to retest the critical resistance at $65. The bears are expected to put up a strong fight at this level, but if it is surpassed, the pair could continue its uptrend towards $87.

To prevent an upward movement, the bears will need to push the price below $50, potentially triggering selling pressure and causing the pair to drop to the 50-day SMA ($44).