Bitcoin wins in court: a fresh overview of the growing cryptocurrency market

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7 min.

Opinion

Foreign policy tensionsfaded into the background, the crypto industry turned its attention to the approval of spot Bitcoin ETFs in the United States. The victory of Grayscale over the American regulator in court and the refusal of officials to appeal gave strength to the bulls.

Bitcoin

Bitcoin per weekfrom 20 to 27 October the price increased by 14.5%. Five of the seven sessions ended in the positive zone. The greatest growth was observed on Monday, October 23, when BTC added more than 10%. During trading on Tuesday and Wednesday, October 24 and 25, Bitcoin crossed the $35,000 mark, but has not yet been able to stay there. On the evening of Friday, October 27, the coin was trading at $34,000-$34,100.

Source: tradingview.com

The main driver of growth was the victory of Grayscaleover the Securities and Exchange Commission (SEC) in court. The essence of the dispute was that the regulator did not want to approve the reorganization of the GBTC trust into an exchange-traded fund, ETF. The court called the SEC's actions capricious and even heavy-handed. To be precise, the court decision was made back in August, and on October 23 it became known that the regulator would not appeal the decision. This has clearly instilled optimism among investors, as evidenced by the over 10% increase. In addition, the precedent directly hints that approval of the first spot Bitcoin ETF is not far off.

Interestingly, on this news, BTC reached an all-time high in three other countries (not the USA): Nigeria, Turkey and Argentina. About this on X (formerly Twitter)
reported cryptanalyst Miles Decher (MilesDeutscher). The fact itself is twofold: on the one hand, it, of course, indicates the strengthening of Bitcoin, on the other hand, that the national currencies of these countries (naira, lira and peso, respectively) are now very weak.

By the way, the positive dynamics are also supported by on-chain information. On October 26, the analytical platform Santiment posted the following
fast:

"If you are concerned about recoverycryptocurrencies, note that Bitcoin continues to maintain a high level of active addresses. In addition to this, the largest asset by capitalization is experiencing a high level of movement of tokens that have been dormant for a long time. This is usually synonymous with bullish market conditions."

From a technical analysis point of view, Bitcoinentered a growth phase. The coin is trading above the 200-day moving average and has broken above the yearly high. At the same time, the RSI indicator is more than 83, which indicates overbought. Thus, a correction is possible in the near future. It is worth remembering: when forming a trend, RSI gives many false signals and it is not always possible to rely on them. The current resistance level is the weekly high of $35 198, and the support level is the former 2023 high of $31 818.

Source: tradingview.com

The index of fear and greed has soared by 17 points since last week. The current value is 70. Thus, he left the neutral zone, showing the dominance of greed over fear.

Ethereum

Ethereum grew slightly less than Bitcoin – by 11.5%.But the number of positive sessions here per week was more – six. The most productive day was also Monday, October 23, when Ether grew by 6.17%. During trading on Tuesday, October 24 and Thursday, October 26, ETH rose above $1 850. The price as of Friday evening, October 27, is about $1 790.

Source: tradingview.com

The same ETFs are an important driving force. On October 23, the SEC accepted Grayscale's application for a spot Ethereum ETF. Therefore, there must be a conversion of the trust to an exchange-traded fund. About it
said Nate Geraci, president of the financial company the ETF Store.

In addition, the growth of ether is promoted byactivity of major players (whales), which reached its maximum in six months. The supply of the second largest cryptocurrency by capitalization on exchanges is only 8.41%. This is the lowest figure since 2015.
The data is provided by the analytical platform Santiment.

The situation for Ethereum looks less clearcompared to Bitcoin. Of course, the coin gained more than 11.5% in a week, but it is far from the 2023 high ($2 140.8) – almost 20%. Yes, and the ether has just reached the 200-day moving average (indicated in orange), but has not yet overcome it. However, the price is well above the 50-day moving average (indicated in blue). The resistance level is the previous week's high $1 865, and the support level is the previous resistance level, $1 755.4.

 

Source: tradingview.com

Tron

Regarding Bitcoin and Ethereum TRON from 20 to 27October showed rather modest dynamics. The growth was slightly more than 2.5%. Despite the fact that the number of positive trading sessions for TRON was the same as for BTC – five. But the volatility was significantly lower than that of Bitcoin.

Source: tradingview.com

Although the brainchild of Justin Sun did not show tremendous growth, it distinguished itself in another area. This week, independent agency Defiant News
published a report according to whichThe Tron blockchain is the leader in stablecoin transactions. The weekly number of active addresses is more than 2.4 million. This is 1.75 times higher than the BNB Smart Chain. Mostly USDT is transferred on the TRON blockchain, which accounts for more than 99.5%. In their
Data Defiant News refers to Peter Johnson, the head of the investment company Brevan Howard.

Tron fans were also encouraged by Justin Sun.On October 26, he announced that The Justin Sun Group increased its third-quarter revenue by 14% compared to the second. At the same time, the profit amounted to $98 million.
Sun believes the fourth quarter of the year will be even more impressive. The projected revenue is $190 million and profit is $104 million. Blockchain operator Tron is part of The Justin Sun Group.

From a technical analysis point of view,bulls prevail. This is supported by the fact that the TRON coin is trading above the 50-day moving average (marked in orange). In addition, the RSI index continues to rise, being above the 50% mark and amounting to almost 68%. TRON is trading near its 2023 high set in July at $0.0945. This mark is the resistance level. Support level – $0.091.

Source: tradingview.com

Thus, last week's trend towardsgrowth continued. Bitcoin and Ethereum each gained more than 10%. At the same time, the situation with BTC looks more bullish. TRON, as an example of a bright altcoin, grew by only 2.5%, but its blockchain turned out to be the leader in stablecoin transactions.

This material and the information in it does not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.