Bitcoin’s rise above $62,000 could push APT, WIF, FTM and BGB higher.

Bitcoin (BTC) is attempting to close the week above $62,500, just below its intra-week low of $60,000. This suggests buying at lower levels. Although the beginning of October, generally the strongest month of the year, was slow, analysts expect the future to move forward.

One positive for cryptocurrency markets is that CME Group's FedWatch Tool is pricing in a 97% Federal Reserve cut rate of 25 basis points at the November 7 meeting. Expected price declines increase risk exposure.

Another possible trigger for the recovery could be the reduction of Bitcoin held on central exchanges. According to CryptoQuant data, centralized exchanges hold more than 2.8 million Bitcoin, which is the lowest number since November 2018. A drop in balance reduces available liquidity, and such events sometimes follow price movements.

Could the recovery in Bitcoin act as a catalyst for an altcoin recovery? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin broke below the 50-day simple moving average ($60,589) on October 4, indicating that the bulls are attempting to form a higher low.

If buyers hold the price above the 20-day EMA ($62,237), the momentum may increase, and the BTC/UDST pair may jump to $66,500. This level may attract sellers, but the rally could extend to $70,000 if buyers make their way through.

Bears need to quickly pull the price below the 50-day SMA if they want to prevent a breakout. If they can do that, the pair can drop to $57,500 and then to the critical support at $54,000.

The bulls successfully maintained the 20-EMA on the 4-hour chart. The Relative Strength Index (RSI) has jumped into the positive territory, indicating that the momentum has turned positive. If the price closes above the 50-SMA, the possibility of rallying to $65,000 will increase.

On the contrary, if the price declines and breaks below the 20-EMA, it indicates that the bears are not disappointed. The pair may then drop to psychological significance around $60,000. If this support is broken, the pair could drop to $57,500 and later to the necessary support at $54,000.

Aptos price analysis

Aptos (APT) broke out of an inverted head and shoulders pattern on September 21st and successfully retook a breakout level on October 2nd.

The 20-day EMA ($7.89) has started to move up, and the RSI is in positive territory, indicating that the bulls are dominant. The APT/USDT pair will try to advance towards the $11 pattern target.

If the price declines and falls below $7.65, this optimism will be invalidated in the near term. Such a move suggests that it is a false break. The pair can drop to $5.66.

The price has returned to the 20-EMA on the 4-hour chart, which is an important level for the bulls to defend. If the price hovers above the 20-EMA and breaks above $9.32, it indicates that the trend has turned positive.

Conversely, if the price declines and breaks below the 20-EMA, it indicates that the bulls will take profits. The pair may go down to the 50-SMA and after that, the loss level of $7.65. This level is expected to attract strong buying by bulls.

Dogwifhat price analysis

The bears are strongly defending the downtrend line in Dogwhiphat (WFF), but a positive sign is that the bulls are not allowing the price to drop below the 20-day EMA ($2.09).

Both moving averages are starting to climb, and the RSI is in positive territory, indicating that the bulls have an edge. To signal a trend change, buyers need to keep the price above the low line. The bears will try to block the upside move in the $2.64 to $2.89 zone, but if the bulls win, the rally could reach $3.50.

Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it will indicate that the bulls have given up. The WIF/USDT pair may slide towards the 50-day SMA ($1.77).

The 4-hour chart shows an ascending triangle, which has a target of $2.93. Buyers bought the dip to $2 and pushed the price above immediate resistance at $2.40. The pair may rally to $2.60, which is expected to act as strong resistance.

On the downside, a break and close below $2 indicates that the bears are back in the game. The pair can then slide into the upward triangle line.

Related: Bitcoin Perceived Price Decline Hints BTC Price ‘Weak' – Analyst

Fantom price analysis

Fantom (FTM) completed an inverted head and shoulders pattern on September 17 when it broke above $0.55. Usually, after the price breaks out of the critical level, it tries to retest the level.

The bulls are trying to contain the correction at the 20-day EMA ($0.62). If the price rises and breaks above $0.70, it indicates that the upward movement has resumed. The FTM/USDT pair may come to the $0.83 pattern target and eventually to $0.93.

If the price declines and breaks below the $0.55 breakout level, this bullish outlook is worthless in the near term. If this happens, it indicates that the markets have rejected the occurrence.

The bulls are trying to establish the bottom of the area at $0.58. If the price pushes above the 50-SMA, it shows strong interest from lower levels. The pair may start its journey towards $0.76 and later move towards $0.83.

Instead, if the price falls below the 50-SMA, it indicates that the bears are trying to control. The pair may fall to $0.60 and then to $0.55. A break and close below this level will tilt the advantage to the bears.

Bitget Token price analysis

Bitget Token (BGB) has made consecutive highs and lows, indicating that a strong recovery has begun.

The 20-day EMA ($0.99) has started to turn, and the RSI is in the positive zone, which indicates that the bulls are dominant. If buyers push the price above $1.08, the BGB/USDT pair may rise to $1.14 and then to $1.22.

Contrary to this assumption, if the price declines below $1.08 and breaks below $1.02, it suggests that the bears remain highly active. Then the pair can slide to the top line.

The 4-hour chart shows that the pair has broken below the resistance line of the ascending channel pattern, indicating that the bears will continue to sell in rallies. If the price slips below the moving averages, it indicates that the pair may stay in the channel longer.

On the contrary, if the price rises above the current level or the 20-EMA, the bulls will try to move the pair above the resistance line again. If they succeed, the momentum could increase, and the pair could rise to $1.22.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.