Bitcoin Price Analysis: BTC Expected to Extend Uptrend This Month as October Has Historically Been a Strong Month for Cryptocurrencies

Bitcoin has failed to remain above the $64560 resistance level, signaling that higher levels attract profit-booking.

Bitcoin started a downtrend on Monday after US Central Bank Chairman Jerome Powell hinted that the Federal Open Market Committee may not lower interest rate by 50 bps at its upcoming meeting. As a result, BTC dropped below $64,000. Despite the decline, the coin managed to close September in the green for the first time in nine years.

Considering that October, also known as Uptober, has historically been a strong month for cryptocurrencies, Bitcoin is expected to continue its uptrend. If history repeats itself, BTC could rally at least 22% by the month’s end. Such gains would help the coin set a new all-time high.

Meanwhile, CK Zheng, Chief Investment Officer at ZX Squared, has highlighted that the US presidential election could serve as a bullish trigger since both the Democratic and Republican candidates have failed to “address the increasing American debt in their campaigns.”

It’s interesting to note that Bitcoin surged 169% in Q4 of 2020 when the US held its presidential election. It remains to be seen whether a similar scenario will unfold this year.

So, what are the key levels on the upper side that we must watch if Bitcoin resumes its uptrend? Let’s analyze the charts to find out.

Bitcoin Price Analysis:

Bitcoin has failed to sustain above the $64,560 resistance level, indicating that higher levels are attracting profit-booking. It’s currently trading at $63,752. A further downturn will make the 20-day EMA at $62,803 a crucial level to watch. If defended successfully, buyers could initiate a rally toward the $66,300 resistance and later to $69,990.

However, if $62,803 breaks down, it will suggest that the bulls are losing their momentum. In that case, Bitcoin might drop below the 50-day SMA at $60,215 or even head toward $58,786.

Ethereum Price Analysis:

Ethereum has come under moderate selling pressure in the last 24 hours after on-chain lookers reported that its founder, Vitalik Buterin, had transferred over $1.75 million worth of ETH to a centralized exchange, hinting at intentions to sell.

Although Ether has reversed from the crucial resistance level of $2,701.93, it’s still trading above the 20-day EMA at $2,567, indicating that the bulls are still in control. If a rally begins now and the coin crosses $2,701.93, it could ascend to $2,852.45, where selling activity is to be expected.

On the other hand, if Ethereum breaks below $2,567, it may drop below the support at the 50-day SMA at $2,528.09 and head toward $2,500.37.

BNB Price Analysis:

While many expected the release of former Binance CEO Changpeng Zhao from prison to drive up BNB’s price, that hasn’t been the case. Instead, the token has continued consolidating between the $580 – $620 range, indicating indecision among traders. However, a breakout above $620 would signal the bulls’ determination to take charge and push the Binance Coin above the $634.87 resistance, thus triggering a rally to $721.

Conversely, a breakout from $580 would put the support at the 20-day EMA at $574.11 at risk of collapsing. If this happens, BNB might dip to $502.94 and later to $460.28.

Solana Price Analysis:

After cooling off for a few days, Solana seems to have resumed its uptrend. However, intense selling near the $164.03 resistance has been a stumbling block for the bulls. But if the bears are finally defeated, SOL could cross $164.03 and surge to $187.58 or even $204.63.

On the downside, a break below the $150.30 support enhances the probability of a bearish move to the 20-day EMA at $146.98. If this level gives way, Solana might dip to the 50-day SMA at $142.11.

XRP Price Analysis:

XRP failed to sustain above $0.6429, a vital resistance level, on September 29th after news emerged that the US Securities and Exchange Commission planned to appeal the court’s verdict on XRP sales. The American regulator has until October 7th to do so.

XRP is valued at $0

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