Bitcoins (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range.
While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars.
Daily cryptocurrency market performance. Source: Coin360
Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more days, it would complete 100 days above this critical level.
History suggests that Bitcoin rallies vertically after it completes 100 days above a psychologically significant level. Bitcoins rally from $10 to $100, a 10-fold rise, took only 122 days after it had spent 100 days above $10.
Similarly, a move from $100 to $1000 happened in two days, and the rally from $1,000 to $10,000 was completed in 150 days. Therefore, investors are watching to see whether Bitcoin will continue following its precedence or will it chalk a new course.
Lets study the charts of the top-10 cryptocurrencies to find out the path of least resistance.
The long tail on the candlesticks of the past two days shows that the bulls are accumulating on dips. However, the failure to sustain Bitcoin (BTC) above $13,600 suggests that the bears are attempting to defend the overhead resistance.
After the large range day on Oct. 28, the price action could be subdued for a few days as both the bulls and the bears try to gain an upper hand.
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