When ETH, APT, QNT and RUNE turn into the light, the price of Bitcoin reaches $35 thousand

The prospect of a spot bitcoin (BTC) exchange-traded fund by the United States Securities and Exchange Commission boosted bitcoin's price by 27 percent in October. This improved sentiment, attracts aggressive buying by crypto investors.

In a post on X (formerly Twitter), Bloomberg senior ETF analyst Eric Balchunas noted that ProShares Bitcoin Strategy ETF (BITO), the first futures ETF to receive regulatory approval in the US, saw its second-biggest trading week of 2021 at $1.7. billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded an amount of 800 million dollars. The massive increase in volume in existing instruments indicates that space Bitcoin ETFs are likely to witness huge volumes when they see the light of day.

When the leader starts working, he generally raises the entire sector. That is reflected in the strong performance of altcoins, which have risen sharply from their multi-year lows.

However, after the initial rally, some altcoins struggle to maintain their momentum, while a few lead the markets higher. It is better to stick with the leaders as they could be much better in the next crypto bull phase.

Let's take a look at the charts of the top-5 cryptocurrencies that are likely to extend their rally in the next few days.

Bitcoin price analysis

On October 24, Bitcoin recovered from $35,280, indicating that higher levels are attracting traders to sell. The bears attempted to initiate a deeper retracement on October 27, but the long tail on the candlestick indicates strong buying at lower levels.

Although the rising moving average indicates the advantage for the buyers, the overbought on the Relative Strength Index (RSI) suggests that the BTC/USDT pair may spend some time consolidating.

An important level to watch on the lower side is $32,400 and then $31,000. Sellers must price below this zone to maintain control.

Conversely, a break above $35,280 would indicate that the bulls are back in the driver's seat. The pair may rise to the next target target at $40,000.

The 20-EMA is gradually flat, indicating that the bulls are losing their grip in the near term. That could keep the pair in the range between $35,280 and $33,200 for some time. If the bearish price is below $33,200, the pair could drop to $32,400.

Conversely, if the price rises above $35,280, it indicates that the current consolidation is a continuation pattern. The pair can go up to $40,000.

Ether price analysis

Ether (ETH) broke above $1,746 resistance on October 23 and reached $1,865 on October 26.

The bulls successfully defended the retest to $1,746, indicating that the level may act as a new floor. The rising 20-day EMA ($1,693) and the RSI near the overbought zone indicate that the bulls are in command. Then buyers will try to push the price above $1,865. If they succeed, the ETH/USDT pair could rise to $2,000.

If the bears want to prevent the upside, they need to break down and hold the price below $1,746. That could open the doors to a breakout of the 20-day EMA.

The 20-EMA on the 4-hour chart is stretched and the RSI is near the midpoint, indicating range-bound action in the near term. The pair may continue to oscillate between $1,746 and $1,865 for some time.

If bulls break the price above $1,812, resistance above $1,865 is likely to increase. On the other hand, if the price is below the 20-EMA, the bears will try to pull the pair below $1,746. If this happens, the short-term trend will turn bearish.

Aptos (APT) price analysis

Aptos (APT) has had a strong rally over the past few days, indicating that the bulls are trying to bounce back.

The APT/USDT pair witnessed profit-booking at around $7, but a slight positive is that the bulls haven't given up much space. This shows that every small dip is being bought. The bulls will try to overcome the barrier again at $7. If they manage to do that, the couple can start a trip around $8.

Instead, if the price falls below 7 dollars, it suggests that the bears will remain highly active. The pair may spend some more time in a tight range between $7 and $6.20. A break below this support could signal the start of a deeper correction.

The pair has been finding support at the 20-EMA, but the negative divergence on the RSI suggests that the momentum may be slowing. If the price breaks down and continues below the 20-EMA, it indicates the beginning of a deep correction to the 50-SMA.

This remains a key level to watch on the downside because if it breaks, the pair could drop to $5.80. At the top, the bulls need to push the price above $7.02 to indicate the start of the next leg of the recovery.

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Quantitative cost analysis

Quant (QNT) rose above the $95 breakout level on October 23, indicating that the markets have rejected the lower levels. The buying continued and the bulls pushed the price above the low line on October 25. This indicates that there may be a change in trend.

Short-term bulls seem to be taking profits after the recent rally. That could take the price to the bottom line. This is an important level to monitor because a drop below the bottom line and a rise above the low line can be a bull trap.

On the contrary, if the price goes back from the lower line, the bulls indicate that the level will be reversed to support. If buyers clear the barrier at $110, it will signal a resumption of the rally to $120 and then to $128.

The 4-hour chart shows that the QNT/USDT pair is facing a sell-off near $108. The bears have pulled the price below the 20-EMA, indicating that short-term traders will take profits. If the price is below $103, the pair may drop to $100.

Instead, if bulls support the price above the 20-EMA, it suggests that lower levels will continue to attract buyers. The bulls will make one more attempt to drive the price above $110 and begin the next leg of the move.

THORChain price analysis

THORChain (RUNE) closed above the overhead resistance above $2 on October 23, completing a bullish reversal head and shoulders pattern.

Both moving averages are trending up and RSI is in the overbought zone indicating that bulls will continue to command. However, in the short term, the RUNE/USDT pair may undergo a minor correction or consolidation.

If the pair does not give more space than the current level, it indicates that the bulls have held their position. That could improve the rally to $3 and then the $3.23 pattern target. Bears need to pull the price below $2 if they want to prevent this advance.

The pair was in a strong uptrend as the bulls bought into the 20-EMA dips. Although an upward moving average signals a gain for buyers, a negative divergence on the RSI suggests that momentum may be weakening.

If the price is below the 20-EMA, it may tempt short-term traders to book profits. That can take the price to the 50-SMA.

Conversely, if the price rebounds strongly from the 20-EMA, it indicates that the sentiment is positive. The bulls will then try to continue the upward move on the break and close above $2.57.

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.