Bitcoin Range Trades As Altcoins, Spot BTC ETF Sell-off

Key points:

For the first time in seven years, Bitcoin is at risk of ending October in the red.

Several altcoins have dropped to their crucial support levels, indicating selling on rallies.

Bitcoin (BTC) bulls are attempting to maintain the price above $110,000, but the bears have continued to exert pressure. That increases the risk of BTC recording its first-ever red October close in seven years. After October’s dismal performance, all eyes are on November, which has an average return of 46.02%, according to CoinGlass data.

Several analysts are turning bearish on BTC, signaling a potential cycle peak based on its four-year halving cycle. However, a few others, such as BitMEX’s Arthur Hayes, believe that BTC’s four-year cycle is dead.

Crypto market data daily view. Source: Coin360

It is difficult to predict with certainty whether the four-year cycle is over or not, but the net outflows of $959.1 million from spot BTC exchange-traded funds in the past two days, according to Farside Investors’ data, indicate that institutional investors are cautious in the near term.

What are the crucial support levels to watch for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC bounced off the bottom of the range near $107,000 on Thursday, indicating that the bulls are aggressively defending the level.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is expected to face selling at the 20-day exponential moving average ($111,557). If the price turns down sharply from the 20-day EMA, it increases the likelihood of a break below $107,000. If that happens, the BTC/USDT pair will complete a double-top pattern and may dive to $100,000.

Conversely, a break and close above the 20-day EMA suggests that the Bitcoin price may remain inside the $107,000 to $126,199 range for a while longer.