Bitcoin is Back Again? Tell a friend...

The next day or so will determine whether Bitcoin breaks out or solidifies itself within its current range. BTC is currently fluctuating between $66.8k and $69k. Bulls have regained control across all time frames, which is a positive sign. While BTC displayed strength overnight, the performance of altcoins was mixed. Solana, for instance, continued its strong rally, gaining almost 5% for the day. However, other major altcoins that have recently shown similar strength, like FTM, SUI, SEI and ETH either fell or moved sideways.

This highlights the importance of holding Bitcoin as the majority of your portfolio, given the uncertainty in the altcoin space. What performs well one week can easily become an underperformer the next. As I mentioned yesterday, my advice remains to maintain a strong Bitcoin position and be patient. Alt season will come, and when it does, altcoins will have their moment.

If you’re feeling underexposed or worried that you might be too late, now is a great time to strengthen your Bitcoin position before the rally takes off. It’s not too late—you’re still early. If you have long-term confidence in the crypto space, now is the perfect time to enter the market. Reach out to your Stormrake Crypto Broker to seize these golden opportunities.

Stormrake Spotlight: GOAT ($0.7129)

GOAT has surged another 10% from yesterday and now boasts a market cap of $705 million, ranking 115th overall. Over the past 24 hours, GOAT briefly flirted with the top 100, peaking at $0.9494 and a market cap of $949 million. The continued growth of GOAT strengthens its case as another memecoin that could be here to stay, potentially playing a significant role in the upcoming bull run. Keep in mind that DOGE reached a peak market cap of $97 billion during the last bull run.

This is a highly speculative memecoin, so proceed with extreme caution and allocate accordingly.

BTC/USD Key Levels and Price Action:

Things looked bleak for Bitcoin yesterday, but after approaching the key level of $66.8k, it bounced back and almost reached the previous high of $69k. In doing so, BTC flipped the trend back in favor of the bulls and is now trading above all moving averages. The $69k resistance remains a significant hurdle that BTC has struggled with recently, but a retest is expected in the coming days. Support remains strong at $66.8k.

BTC Total ETF Flows for 24 Oct: $ + 22.5 million

ETH/USD Key Levels and Price Action:

As mentioned earlier, the altcoin space has been a mixed bag, and Ethereum is one of the altcoins that hasn’t fully benefitted from Bitcoin’s rally. ETH has only increased by 0.40% in the last 24 hours and remains bearish, sitting below all key resistance levels. ETH has been rejected at every attempt to break through the 21 EMA and will likely continue to face resistance. $2,556 remains the key level to watch.

ETH Total ETF Flows for 24 Oct: $ N/A

Written by Alexandar Artis

Create a brokerage account today

No Advice Warning

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.

Disclaimer

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.