Thomas Daniels
Bitcoin’s ongoing price consolidation, stuck in a narrow range, is drawing investor attention toward altcoins such as SUI and APT, which are exhibiting bullish momentum. Although Bitcoin saw a sharp recovery from its dip below $60,000, it has struggled to maintain momentum above $62,000. The market has responded with strong demand at lower levels, evidenced by $253.6 million in inflows to U.S.-based spot Bitcoin ETFs on October 11. However, the battle between buyers and sellers suggests Bitcoin will likely continue moving sideways in the short term.
Amid Bitcoin’s range-bound action, some analysts are turning bullish on altcoins, suggesting that a shift in focus may be imminent if Bitcoin holds above $60,000. With select cryptocurrencies showing strength on the charts, altcoin markets could enter an “up-only” phase. Let’s examine the top-performing cryptocurrencies: SUI and APT.
Bitcoin Price Analysis
Bitcoin broke above its 20-day exponential moving average (EMA) of $62,119 on October 11, signaling temporary strength. However, sellers quickly countered, preventing the price from testing the overhead resistance at $65,000. A breakdown below the 20-day EMA could push the BTC/USDT pair toward the 50-day simple moving average (SMA) of $60,727. The key support zone between $60,000 and the 50-day SMA is crucial for bulls to defend, as a breach could lead to a decline toward $57,500.
Conversely, if Bitcoin rebounds strongly off the 20-day EMA, it could attempt another rally toward $66,500. This level is expected to present a significant hurdle, but if cleared, Bitcoin may rise further, potentially reaching $70,000.
The 4-hour chart shows the price retreating from the resistance line of a descending channel but finding support at the moving averages. If Bitcoin holds these levels, a rally to $65,000 could be in play. However, a break below the moving averages could lead to continued price oscillation within the channel, possibly retesting $60,000.
Sui (SUI) Price Analysis
Sui rebounded off the 20-day EMA of $1.82 on October 11 and surged above the $2.18 resistance on October 12. The next battle lies at $2.18, where bulls aim to turn this level into support, setting the stage for a move toward $2.50 and potentially $3.
However, if SUI’s price falls below $2.18 and fails to hold the 20-day EMA, a deeper correction toward $1.60 could unfold. The uptrend remains intact as long as dips are being bought around key support levels. A break above $2.50 could signal the start of the next leg higher.
Aptos (APT) Price Analysis
Aptos is encountering resistance near the $10.50 level, suggesting strong selling pressure from bears. Bulls will need to hold the price above $9.50 to maintain the possibility of a breakout. If APT surpasses $10.50, it could quickly rally toward $14.50.
A break below $9.50, however, could see the pair drop to the 20-day EMA at $8.48. A bounce from this level would provide another chance to challenge $10.50, but a failure to hold the 20-day EMA could lead to a steeper decline to the 50-day SMA.
In the short term, the 4-hour chart shows that bulls are defending their positions near $10.50, but they have yet to secure a strong breakout. If bulls manage to push the price above $10.50, it may lead to a rally toward $12. Conversely, failure to defend key support levels could prompt a larger correction.
