**Crypto Market Update: Bitcoin Struggles, Altcoins Show Mixed Signals**
Bitcoin (BTC) is grappling to find support at $62,000, with rallies to this level not holding, indicating weak demand. Data from CryptoQuant shows a negative Coinbase premium in October, suggesting low interest from Coinbase traders. Short-term traders are closing positions, and aggressive bears are shorting, putting pressure on BTC.
Bitfinex analysts, however, see limited downside. They describe last week's 10% drop as a "healthy realignment," with open interest stabilizing from $35 billion to $31.8 billion. This reduces the likelihood of a sharp fall soon.
In other news:
- **Ethereum (ETH)**: Struggling to push above moving averages. A drop below $2,390 could see ETH fall to the support line.
- **Binance Coin (BNB)**: Attempting to rise towards $635. A failure could keep it range-bound.
- **Solana (SOL)**: Defending the 50-day SMA. A rise above $153 could signal bullish momentum.
- **XRP**: Struggling to rebound from $0.50. Bears might push it lower.
- **Dogecoin (DOGE)**: Bulls aim to keep it above the 50-day SMA.
- **Toncoin (TON)**: Stuck below moving averages, with potential downside risks.
- **Cardano (ADA)**: Bears holding ground at $0.35. A drop to $0.31 support is possible.
- **Avalanche (AVAX)**: Formed a symmetrical triangle, indicating uncertainty.
- **Shiba Inu (SHIB)**: Finding support at the 20-day EMA but struggling to sustain rebounds.
Stay tuned for more updates as the market evolves.