Bitcoin (BTC) has gained about 9% this week, showing strong buying interest from investors. Although the rally is facing resistance around $69,000, bulls are holding their positions and are in no rush to sell. This suggests that they expect the uptrend to continue.

QCP Capital told members of its Telegram channel that the rise in US equities and the weakening of the Japanese yen could boost risk sentiment ahead of the US presidential election. “This will push risk assets higher and reinforce our Uptober narrative,” QCP said.

Additionally, the approval by the U.S. Securities and Exchange Commission (SEC) to list trading options for a Bitcoin ETF on the NYSE and CBOE is also a positive sign for Bitcoin. Analysts believe that the addition of trading options will improve liquidity in the Bitcoin market.

Bitcoin's strength has attracted buying interest in major altcoins, many of which are showing signs of breaking out. Here's a look at the top five cryptocurrencies.

BTC Technical Analysis

Bitcoin is facing resistance near the important psychological level of $70,000, but the positive sign is that bulls still have the upper hand.

The 20-day exponential moving average (EMA-$65,010) is sloping up and the relative strength index (RSI) is near the overbought zone, suggesting an advantage to the bulls. If the price breaks above $70,000, the next target could be $72,000. However, the bears are expected to mount a strong defense in the $70,000-$73,777 zone.

For a trend reversal, the bears need to pull the price below $66,500 and then below the 20-day EMA. If successful, the BTC/USDT pair could drop further to the 50-day simple moving average (SMA) at $61,749.

On the 4-hour chart, the RSI is showing negative divergence, signaling that the bullish momentum is weakening. A break and close below the 20 EMA will trigger profit-taking by short-term traders, possibly pulling the price to the 50 SMA.

Conversely, if the price stays above $69,000, the market sentiment remains positive, and bulls will continue to buy on dips. At that point, Bitcoin could hit $70,000 and even $72,000.

ETH Technical Analysis

Ether (ETH) broke out of a symmetrical triangle pattern on October 20, indicating that bulls are overpowering bears.

ETH/USDT could rise to $2,850, a potential strong resistance level. If the price declines from $2,850 but bounces from the breakout level above the triangle, it would indicate that the sentiment has shifted from sell on rallies to buy on dips. The bulls would then attempt to push the price above $2,850 towards $3,400.

This bullish view will be invalidated if the price turns down sharply and breaks below the 20-day EMA ($2,553). That could keep the pair trading within a triangle pattern for a few more days.

The price rising near the resistance line and then breaking above it is a signal that the bulls are in control. Buyers will try to push the price to $2,850, where the bears are expected to mount strong resistance.

Moving averages are important support levels to watch. If price breaks and closes below these lines, the bullish momentum will weaken, dragging the price to $2,550 and then $2,450.

SOL Technical Analysis

Solana (SOL) is approaching the $164 resistance, a key level that bears will attempt to defend.

If the bears fail, the SOL/USDT pair will complete an ascending triangle pattern on a close above $164, opening the possibility of a rally to $189 and then $210.

If the price turns around from $164 but finds support at the 20-day EMA ($150), it will suggest that the bulls are still buying on dips. The bulls will make another attempt to push the price above $164. Conversely, the bullish pattern will be invalidated if the price breaks and closes below the uptrend line.

On the 4-hour chart, both moving averages are sloping up and the RSI is near the overbought zone, suggesting that the bulls have the upper hand. However, strong resistance at $164 could apply pressure. If the price does not drop below the 50 SMA, the possibility of a breakout above $164 increases.

If the price drops sharply and breaks below the moving averages, it will signal that the bulls have given up. The pair could then drop to $148 and then $144.

DOGE Technical Analysis

Dogecoin (DOGE) broke out of a symmetrical triangle pattern on October 18, signaling the start of a new uptrend.

DOGE’s upside momentum is facing selling pressure near the $0.15 resistance, which could lead to a retest of the triangle breakout level. If the price bounces from this level, it would suggest that the bulls have turned this resistance into support, improving the chances of DOGE rising to $0.18.

Conversely, if the price declines and closes below the 20-day EMA ($0.12), it will indicate that the market has rejected the uptrend. The DOGE/USDT pair could then drop to the triangle support line.

On the 4-hour chart, the pair remains above the 20-EMA, suggesting that the bulls are not in a hurry to book profits and expect further gains. If the price breaks above $0.15, DOGE could surge to $0.18.

Bears looking to regain the initiative will need to pull the price below the 20-EMA. If this happens, DOGE could return to the breakout zone near $0.13. A break and close below this level would tilt the advantage in favor of the sellers.

SHIB Technical Analysis

Shiba Inu (SHIB) price formed an inverse head and shoulders pattern, which completed when the price broke out and closed above $0.000020.

The upward sloping moving averages and the RSI near 60 reinforce the possibility of a breakout of SHIB. If that happens, the SHIB/USDT pair could gain momentum and rally towards the target of $0.000028.

Conversely, if the price turns down from the current level and breaks below the 20-day EMA ($0.000018), it will suggest that the bulls have lost momentum in the short term. In that case, SHIB could drop to the 50-day SMA ($0.000016) and remain range-bound between $0.000012 and $0.000020 for some time.

The pair is slowly rising within an ascending price channel. The uptrend line is an important support to watch, as a break and close below it would tip the balance in favor of the bears.

If the price rises from the current level, it will indicate buying pressure at lower levels. The bulls will try to push the price to the resistance line of the channel, where the bears are likely to step in. A breakout and close above the channel will confirm that the bulls are in control and SHIB could rise to $0.000022.