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Home»ADOPTION NEWS»Bitcoin’s indecision could push investors toward SUI, APT, TAO, and WIF.
ADOPTION NEWS

Bitcoin’s indecision could push investors toward SUI, APT, TAO, and WIF.

By Crypto FlexsOctober 13, 20246 Mins Read
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Bitcoin’s indecision could push investors toward SUI, APT, TAO, and WIF.
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Bitcoin (BTC) has recovered sharply after falling below $60,000 for a week, but buyers are struggling to hold it higher. Buying on declines and selling on rallies is a signal of a narrow range forming in the short term.

One small positive is that we are seeing solid demand at lower levels. After three days of outflows, the US-based Bitcoin spot exchange-traded fund recorded inflows of $253.6 million on October 11.

Daily view of cryptocurrency market data. source: Coin360

Bitcoin is still trading sideways, but some analysts appear to be taking a bullish stance on altcoins. Based on certain indicators, analysts believe that the altcoin market may be entering an “up only season.”

If the Bitcoin price remains above $60,000, traders may increasingly focus on altcoin selection. Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.

Bitcoin Price Analysis

Bitcoin surpassed the 20-day exponential moving average ($62,119) on October 11, but the bulls were unable to push the price up to the overhead resistance of $65,000.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

BTC/USDT daily chart. Source: TradingView

Sellers are trying to drive the price below the 20-day EMA. If that happens, the BTC/USDT pair could fall towards the 50-day simple moving average ($60,727). The support zone between the 50-day SMA and $60,000 is very important for the bulls to defend. Because a break below this support zone could open the door for a decline towards $57,500.

Contrary to this assumption, if the price bounces strongly from the 20-day EMA, it means that bulls are buying on a small dip. The pair could then rise to $66,500. This level could once again be a definite challenge, but if the bulls win, the upside could reach $70,000.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

BTC/USDT 4-hour chart. Source: TradingView

Looking at the 4-hour chart, we can see that the price has fallen from the resistance line of the descending channel pattern, but is finding support at the moving average line. If the price rises from the moving average, the bulls will push the pair above the channel, starting a rally towards $65,000.

Conversely, if the price falls and remains below the moving average, this would be a sign that the pair could oscillate inside the channel for some time. The pair could then fall to $60,000.

sui price analysis

Sui (SUI) rebounded from the 20-day EMA ($1.82) on October 11 and surged above the $2.18 overhead resistance on October 12.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

SUI/USDT daily chart. Source: TradingView

The bears will try to keep the price below the breakout level of $2.18 and trap the aggressive uptrend. If successful, the SUI/USDT pair could adjust towards the 20-day EMA, which still remains an important support level to watch out for. A fall below the 20-day EMA could initiate a deeper correction towards $1.60.

Conversely, if the price remains above $2.18 by the close, it means the bulls are trying to turn into support. The next leg of the uptrend could then begin at $2.50 and then $3.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

SUI/USDT 4-hour chart. Source: TradingView

The $2.18 level is likely to witness a tough fight between bulls and bears. If the price falls below $2.18 but bounces off the 20-EMA, it means the dip is being bought. This will increase the chances of an upward breakout and resumption of the upward trend.

Alternatively, if the price falls below the 20-EMA, it means that the short-term bulls are taking profits. The pair may then fall towards the rising trend line. A break below this support could push the price down to $1.60.

Aptos price analysis

The upward move in Aptos (APT) is facing selling near the overhead resistance of $10.50, indicating that bears remain active at higher levels.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

APT/USDT daily chart. Source: TradingView

Buyers should hold the price above $9.50 to improve the prospects of a break above $10.50. Doing so could accelerate the APT/USDT pair to $14.50, triggering profits.

The downside is that if the price falls below $9.50, the pair could fall towards the 20-day EMA ($8.48). A strong bounce off the 20-day EMA could see another attempt to rally above $10.50, but a break below the 20-day EMA would signal that the bears are attempting a bounce.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

APT/USDT 4-hour chart. Source: TradingView

Looking at the 4-hour chart, we can see that the bears are trying to protect the $10.50 level, but the slightly positive thing is that the bulls haven’t given up much room. This means that buyers expect the pair to move higher. A close above $10.50 could clear the path to $12.

Instead, if the price declines and falls below the 20-EMA, it means the bulls are giving up and taking profits. The pair could then sink towards the 50-SMA.

relevant: Gate Ventures, Movement Labs, Boon Ventures launch $20 million cryptocurrency fund

Bittensor token price analysis

Bittensor (TAO) has been on the rise over the past few days. Bears tried to pull the price below the breakout level of $530, but bulls held on.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

TAO/USDT daily chart. Source: TradingView

Sellers are trying to block the upside to $680, but if the bulls don’t give up much ground, a breakout becomes more likely. The TAO/USDT pair could then move towards the overhead resistance at $760.

Rising moving averages indicate an advantage for buyers, while negative divergences in RSI indicate weakening momentum. If the price falls below the 20-day EMA ($560), it could plummet to $489.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ETF, ETF, SUI

TAO/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a bearish rising wedge pattern. If the price falls below the moving average, bears will try to pull the pair below the support line. If successful, the pair could fall to $489 and then to the pattern target of $433.

Conversely, if the price rebounds from the moving average, the likelihood of breaking through the resistance line increases. Failure of the bearish pattern is a bullish signal and could initiate an advance towards $760.

Dogwifhat Price Analysis

Dogwifhat (WIF) successfully retested the October 10 breakout level, indicating a change in the near-term trend.

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ​ETF, ETF, SUI

WIF/USDT daily chart. Source: TradingView

Bears are trying to stop the advance at $2.89, but a break above that level is likely. If buyers hold the price above $2.89, the WIF/USDT pair could surge to $3.58 and eventually $4.

An important level to watch on the downside is the 20-day EMA ($2.34). A breakout and close below this level will be the first sign that the bulls are in a hurry to book profits. The pair could then fall towards its 50-day SMA ($1.90).

Bitcoin price, market, price analysis, market analysis, Aptos, Bitcoin ETF, ETF, SUI

WIF/USDT 4-hour chart. Source: TradingView

Both moving averages are rising on the 4-hours chart and the RSI is in positive territory, indicating that the bulls have the upper hand. If buyers push the price above $2.89, the pair could reach resistance near $3.1. This level is likely to prompt selling, but if the strength continues, the pair could gain momentum and surge to $3.58.

This positive view will be invalidated in the near term if the price continues to decline and falls below the 20-EMA. The pair could then fall to the channel’s support level.