Altcoins trade mixed as Bitcoin attempts to break 217-day decline after breaking $68,000
●BTC price hits new monthly high at $68,430, forming a new higher top pattern in the market
●The Dow Jones closed at a new all-time high on Wednesday (10/16), rebounding from the previous trading day's sell-off.
●At the close of trading, the Dow Jones rose 0.79% to 43,077 points. The S&P 500 rose 0.47% to 5,842 points, and the Nasdaq Composite rose 0.28% to 18,367 points.
●Morgan Stanley shares surged 6.5% after third-quarter earnings and revenues beat Wall Street expectations. United Airlines also reported better-than-expected results and predicted strong fourth-quarter numbers, and the stock rose 12.4%.
●The third-quarter earnings season has started strongly. So far, about 50 S&P 500 companies have reported third-quarter results, with 79% of them beating expectations, according to FactSet data.
●On October 15, the Dow Jones and S&P 500 were both down more than 0.7% from their recent record highs. The Nasdaq Composite fell 1%.
●Gold prices hit a new high on Wednesday, supported by weak U.S. Treasury yields and expectations of rate cuts by major central banks, as well as safe-haven demand from geopolitical conflicts.
●Spot gold closed up 0.6% at $2,676 an ounce, close to the all-time high of $2,685 an ounce set on September 26. Gold futures rose 0.5% to $2,692 an ounce.
●Crude oil futures continued to fall, closing below $71 a barrel, following a sharp sell-off on reports that Israel would not attack Iranian oil facilities.
●The BTC weekly chart currently shows that BTC is making its fourth attempt to break above the 217-day descending trendline, which could immediately affect its price trajectory.
The $68,300 to $67,300 area will be a key support level for BTC, and the price needs to move towards this support area to break the above-mentioned downward trend. $BTC
