Flipster Crypto Weekly (1 November)
Despite Bitcoin’s price reaching near all-time highs earlier this week, prices have fallen below $70K as we head towards the weekend. Retail participation continues to be subdued, as reflected by lower search interest in Bitcoin on Google Trends compared to 2021 levels and Coinbase’s app ranking staying over 300. The outcome of the upcoming U.S. election, with its implications for economic policy and regulatory changes, could be the key catalyst for both price movement and renewed retail interest in the crypto markets.
Bitcoin’s search interest on Google Trends. Source: Google Trends
Bitcoin (BTC)
Weekly performance: +1.77%
Year-to-date (YTD) performance: +64.14%
On Tuesday, Bitcoin (BTC) came within striking distance of its all-time highs, reaching up to $73,544—just 1% below the peak set in March of this year. Despite this push, BTC subsequently pulled back, dropping below the key $72,000 resistance level. Currently, BTC is finding support at its 10-day moving average (MA), with the next support expected at $68,300.
Ethereum (ETH)
Weekly performance: -1.12%
Year-to-date (YTD) performance: +9.8%
Ethereum (ETH) continues to encounter resistance at its downtrend line, experiencing a brief breakout during Wednesday’s session before quickly retreating. The contrast between BTC and ETH remains stark: while BTC hovers near all-time highs, ETH lags significantly, still over 50% below its peak. Additionally, on-chain metrics indicate a challenging outlook for Ethereum, especially when compared to Solana, which demonstrated stronger performance as highlighted in last week’s report.
Solana (SOL)
Weekly performance: -6.14%
Year-to-date (YTD) performance: +63.42%
After three consecutive weeks of gains, Solana (SOL) looks set to close this week in negative territory. Overhead resistance at the $187 level remains a significant hurdle, with SOL unable to break through this level since May. Currently, SOL is finding support at the 21MA, a key level that has consistently held since the upward trend began in early October.
Dogecoin (DOGE)
Dogecoin (DOGE) saw a notable surge on October 28 following a tweet from Elon Musk featuring himself alongside a muscular depiction of the DOGE mascot. The memecoin gained 11.92% before hitting resistance at the $0.176 level—a key area where it faced similar resistance earlier this year. DOGE has nearly doubled since its August lows, and continued interest from Musk could see further upward momentum for the coin.
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