With the global cryptocurrency market capitalization jumping from $2.33 trillion to a three-month peak of $2.5 trillion by midweek and then settling at $2.38 trillion at the conclusion of the week, the market was a wild ride.
Before experiencing a significant pullback, Bitcoin rocketed to retest the all-time high of $73,000 in March 2024, which set off the upswing.
Following their significant price movements, the following are some of the well-known cryptocurrency assets to watch this week:
Bitcoin retests its ATH
A bullish trend that started on October 26 coincided with Bitcoin’s start to the week. The asset hit the $70,000 mark on Monday after recording three straight intraday advances.
With Bitcoin first breaking through the $71,000 resistance and then pushing past the illusive $73,000 milestone to hit a seven-month high, the remarkable momentum continued into October 29. The top cryptocurrency was able to retest its March ATH as a result.
But this upswing came before a significant correction. In the four days that followed, Bitcoin’s price movement declined, and the 20-day MA at $68,564 is currently serving as an instant safeguard against additional downside risk.
In light of this week’s US presidential election, Bitcoin would need to maintain its position above the lower Bollinger Band at $65,214 if the 20-day MA support gives way. But a bounce above $71,913 might give the bulls new momentum and allow them to hit the ATH once more.
17% of EIGEN slides
Even though there were slight improvements in the overall market last week, EigenLayer Eigenlayereigen0.81%
After a sharp increase, Eigenlayer, the native currency of the Ethereum restaking protocol of the same name, ended the week with a staggering 17% decline.
Since its launch on October 1, EIGEN has had difficulty recovering its peak above $4. Prior to the correction, the asset had risen to a peak of $4.90 on Binance. Since then, it has kept consolidating, with additional bearish pressure added last week.
EIGEN had sharp drops over three days, creating a downward channel, while Bitcoin retraced in the middle of the week. EigenLayer has to close above the 23.6% Fibonacci retracement line at $2.642 this week in order to break out of this trend.
KAS is uncertain
Kaspa deviated from general market trends as it set its way in the face of market uncertainty. KAS ended the week with a 4.4% decrease, despite increases toward the conclusion of the week.
As the -DI at 31.1 significantly outpaced the +DI at 13.3, the token fluctuated during the week but stayed below the pivot level of $0.2592, indicating the current bearish momentum.
KAS has to overcome this pivot level and regain the late October high of $0.1311 in order to change direction this week.
If this level were to be surpassed, the first significant resistance would appear at $0.1492. With a second significant obstacle around $0.1636, Kaspa could utilize this zone as a launching pad to recover the psychological levels of $0.15 and $0.16.
