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Crypto Technical Analysis Report | 25th October 2024
- Bitcoin (BTC) held steady in the $67,000 range, marking its third consecutive day at this level, while altcoins experienced mixed gains and losses.
- SAFE token surged nearly 35% over the past 24 hours, making it the biggest gainer, while Popcat (SOL) saw the largest decline, falling about 9%.
- Between Oct. 23 and Oct. 24, Bitcoin rose 4% after successfully retesting the $65,200 support level. Ether’s price fell by 9.6%, between Oct. 20 and Oct. 23, after facing strong resistance at the $2,700 mark.
- On-chain data indicates that high transaction fees are driving users away from the Ethereum network.
- The global crypto market cap stood at $2.32T, reflecting a slight 0.12% decrease over the last 24 hours. Positive momentum in tech stocks and a resilient job market were the primary drivers behind Bitcoin’s gains on Oct. 24.
- SK Hynix, a memory chip supplier for NVIDIA, announced record quarterly profits, fuelled by strong demand from the generative artificial intelligence sector, boosting investor sentiment.
- BTC has been trading in the ‘Descending Channel’ pattern over the past 6 months. ETH, after taking multiple supports at the key level of $2,150, started to move upwards.
- On Oct. 21, DEX Raydium beat the Ethereum network with $3.4m in revenue during the day versus $3.35m for Ethereum.
- Vietnam announced a National Blockchain Strategy to develop the country’s blockchain capabilities.
- Tesla reported Q3 2024 earnings, stating that it has not sold any of the $184m in digital asset investments during the quarter.
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