Bitcoin Breaks $62K! What's Next for BTC and Other Cryptos?

Bitcoin (BTC) has accelerated after surpassing the $62,000 mark and is nearing resistance above $65,000. According to the New York Digital Investment Group, Bitcoin remains the best-performing asset of the year despite seasonal weakness in Q3.
Bitcoin has traded sideways for several months, but that hasn’t stopped Japanese investment firm Metaplanet from adding to its reserves. The company announced on October 7 that it purchased 108.78 Bitcoin at an average price of about $63,600, bringing its total to nearly 640 Bitcoin.
However, not everyone is optimistic about Bitcoin in the short term. CoinShares reported in its latest Weekly Digital Asset Fund Flows report on October 7 that digital investment products experienced outflows of $147 million last week.
CoinShares believes that stronger-than-expected economic data "reduces the likelihood of significant interest rate cuts" in the near future, which may explain the substantial outflows.
Technical Analysis of SPX
The S&P 500 index successfully tested the breakout level of 5,670, indicating a positive sentiment as traders are buying on dips.
If buyers push the price above 5,768, it will signal a continuation of the bullish trend. The index could rise to the psychologically significant level of 6,000, where bears may strongly defend their positions.
This optimistic view will be negated if the price sharply declines and breaks below 5,670. That would be the first sign that bulls are taking profits. Selling pressure could intensify if the price drops below the 50-day simple moving average (5,559).

Technical Analysis of DXY
The US Dollar Index (DXY) made a strong comeback last week, and the recovery accelerated after buyers pushed the price above the 20-day exponential moving average (EMA) of 101.40 on October 1.
The 20-day EMA has begun to rise, and the Relative Strength Index (RSI) has entered the positive zone, indicating that momentum has shifted to a positive outlook. However, sellers are unlikely to give up easily and will attempt to pull the price lower. Bears will need to push the price below the 20-day EMA to halt the recovery.
Conversely, if the price rebounds from 102, it will signal that bulls have turned this level into support. Subsequently, the index could rise to 103.50.

Technical Analysis of BTC
Bitcoin surpassed the 20-day EMA ($62,382) on October 6, indicating that bulls are making a comeback.
The BTC/USDT pair could rise to $65,000 and then to $66,500. Sellers will attempt to defend this zone, but if bulls succeed, the pair could climb to $70,000. Buyers may face difficulties breaking through the range between $70,000 and $73,777.
Key support levels to watch as the price declines are the 20-day EMA and the 50-day SMA ($60,696). A breakout and close below $60,000 will signal that bulls are losing momentum. Following that, the pair could drop to $57,500.

Technical Analysis of ETH
Ether (ETH) has been consolidating within a symmetrical triangle pattern over the past few days, indicating indecision between buyers and sellers.
If the price rises above the moving average, the ETH/USDT pair could climb toward the resistance line. This is a crucial level for bears to defend, as a breakout above this point could lead the pair to $3,400. There is resistance at $2,850, but it is likely to be surpassed.
Conversely, if the price sharply declines from the resistance line, it will signal that the pair may remain trapped within the triangle for a while longer. Bears will need to push the price below the uptrend line to initiate the next phase of the downtrend.
Technical Analysis of BNB
BNB (BNB) has been trading within a wide range from $460 to $635 over the past few days, indicating a tough battle between bulls and bears.
If the price remains above the 20-day EMA ($566), the BNB/USDT pair could rise to the upper resistance level at $635. Bears are expected to defend this level with all their strength. If the price declines from $635 and breaks below the moving average, the pair may continue to stay within this range for some time.
On the other hand, if bulls push the price above $635, it will signal the beginning of a new bullish phase. Following that, the pair could surge to $722.

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[MatthewBecher-vw]

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