Market Overview
Cryptocurrency markets exhibited sudden sell-off pressure Monday (October 31), tracking Nasdaq’s gap-down opening, with global crypto capitalization dipping 0.7% to $1 trillion. The total 24-hour trading volume fell 7.6% to $78.42 billion, while DeFi transactions accounted for $4.18 billion (5.3% of total activity).
Top Performers:
- Chain (XCN): +13.7% ($0.057)
- Chainlink (LINK): +6.44% ($8.03)
Biggest Losers:
- Toncoin (TON): -6.49% ($1.52)
- Axie Infinity (AXS): -5.04% ($9.09)
Bitcoin Price Analysis
BTC’s two-week recovery recently breached the weekly resistance at $20,340, but momentum has stalled within a $20,300–$21,000 range. As of Monday, Bitcoin traded at $20,331 (-1.4%), reflecting a consolidation phase that could precede bullish continuation.
Key Levels:
- Bullish Scenario: A daily close above $21,000 may propel prices toward $22,000 (+7.75%).
- Bearish Trigger: A drop below $20,300 risks invalidating the uptrend and triggering deeper corrections.
👉 Bitcoin’s next breakout threshold: Why $21K matters
Ethereum Price Outlook
ETH’s "elliptical bottom" pattern suggests bullish potential, with a recent breakout above the $1,565–$1,550 resistance zone. However, sustained selling pressure has challenged buyers’ ability to hold gains.
Projection:
- A confirmed close above $1,565 could fuel a 16% rally to $1,800.
- Failure to maintain support may delay upward momentum.
FAQs
Q: What caused Monday’s crypto sell-off?
A: Correlations with Nasdaq’s weak opening and profit-taking contributed to the dip.
Q: Is Bitcoin’s $21K breakout decisive for bulls?
A: Yes—it would confirm trend resumption, whereas losing $20.3K support signals vulnerability.
Q: How reliable is Ethereum’s elliptical bottom pattern?
A: Historically bullish, but requires volume confirmation; watch the $1,565 hold.
👉 Ethereum’s key resistance levels explained
Note: All data is observational, not financial advice. Trade responsibly.