Bitcoin and Ethereum are taking complete charge of the market, and technical analysis reveals altcoins intend to keep in step with the top 2 cryptocurrencies.
Bitcoin (BTC) is close to reaching a new all-time high, and Ether (ETH) finally rose to hit a new high at $4,800. This forced the total crypto market capitalization over $3 trillion for the first time on Nov. 8, as stated in data from CoinGecko.
Data from Santiment points that Bitcoin whales holding within 10,000 BTC to 100,000 BTC in their wallets have been purchasing aggressively in the past few days. They have scored 92,000 Bitcoin in the past 25 days. Approximately 43,000 have been obtained in the past five days.
Another influential group that has been holding their stash is the Bitcoin miners. Data from CryptoQuant points that barring a few differences, the outflows from miner wallets have essentially remained flat in the past few months.
Could the bullish trend in Bitcoin and Ether drag the other significant coins above?
Bitcoin broke over the bullish flag pattern on Nov. 2, registering the possible resumption of the uptrend. The bears repeatedly tried to pull the price back inside the flag. However, they could not disclose the support at the 20-day exponential moving average (EMA) ($61,400).
Ether bounced off the breakout level at $4,375 on Nov. 6, intimating that bulls have flipped this level into support. The buying continued on Nov. 7, and the bulls have driven the price over the prior all-time high at $4,665.87 on Nov. 8.
Binance Coin (BNB) pulled up momentum after breaking out of $518.90. The bears are trying to defend the overhead resistance at $691.80, as perceived from the long wick on the Nov. 7 candlestick.
Cardano (ADA) traded among the 20-day EMA ($2.04) and the critical support at $1.87 for the last few days. Although the bears strongly defended the 20-day EMA, they could not lower the price under $1.87, betokening accumulation at lower levels.
Solana (SOL) is in a steady uptrend and trading inside an ascending channel. The up-move is challenging profit-booking near the channel’s resistance line, but a sure sign is that the bulls have not given up much ground.
SHIBA INU (SHIB) has been in a solid vital phase in the past few days. Although the price bounced from just under the 20-day EMA ($0.000053) on Nov. 5, the bulls fight to support the higher levels.
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