Are Bitcoin (BTC) and Litecoin (LTC) Bracing for a Potential Market Shake-Up?

On Nov 10, 2023

The cryptocurrency market is witnessing a significant stir as Bitcoin (BTC) surpasses the $37,000 mark, a price point not seen in the last 18 months. This surge comes amid a wave of anticipation over the SEC’s upcoming decision on several Bitcoin ETFs. With the SEC’s deadline just around the corner, the market is hopeful yet bracing for a possible wait, as experts suggest the actual ETFs might take a while to hit the market after approval.

In the wake of BTC, Litecoin (LTC) has also caught a tailwind, enjoying a modest uptick to above $74, slightly outpacing the general market’s growth. In the meantime, ScapesMania (MANIA) is turning heads in its presale stage, tempting investors with the promise of solid returns in an often unpredictable market. While it’s gaining traction, MANIA stands out for its presale hype, drawing in those looking for a bit more stability in the wild ride of crypto investing.

But for all the current buzz, there’s always a note of caution playing in the background. The market is as fickle as it is thrilling, and every rally comes with the risk of a reversal. Eyes are now keenly fixed on how the SEC’s decisions will ripple across the market and whether today’s rising stars like LTC and MANIA can keep their edge in the unpredictable narrative of cryptocurrencies.

While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project’s appeal.

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Backed by an award-winning developer crew, ScapesMania stands for transparency: every member’s social media profile is public. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead.

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Crypto enthusiasts on the edge of their seats for Bitcoin ETF approvals can take a moment to revel in Binance’s latest financial health reveal. The largest crypto exchange’s 12th Proof of Reserves report is a strong show of confidence, boasting that its reserves hold 104.22% of its Bitcoin (BTC) and 101.43% of its Litecoin (Litecoin) obligations – numbers that offer a comforting layer of security for traders.

With a mere 0.7% drop in Bitcoin (BTC) reserves, now standing at 584,000 BTC, Binance is showing off its stability in a market where calm is a rare commodity. After the storm caused by FTX’s implosion last year, the exchange’s commitment to maintaining robust reserves is a beacon of trust, signaling that even in choppy waters, they’re navigating with precision and care.

The Bitcoin (BTC) current price’s action places it tantalizingly between pivotal levels, specifically trading between $29,063 and $40,796.

Source: TradingView

Intriguingly, the original cryptocurrency’s market cap is an impressive figure, emphasizing the weight of BTC in the crypto market. The trading volume of Bitcoin (BTC) just leaped by 43%, hinting that investors are flocking in – a move that could send prices soaring or set the stage for a dramatic twist.

Bitcoin (BTC) Bullish Indicators

With the Bitcoin (BTC) price eyeing resistance level at $49,461, the bullish scenario hinges on maintaining momentum beyond the recent 1-month high of $37,783.01. The stall in the 3-10 day MACD oscillator suggests a pause in the immediate uptrend, urging caution as the price also teeters around the 9-day moving average, a short-term trend indicator. If BTC stays above this key average, we might see it start to really flex its muscles against those tougher resistance spots.

Bitcoin (BTC) Bearish Indicators

On the flip side, bearish prospects loom should Bitcoin (BTC) falter at the current juncture. The 3-10-16 day MACD moving average stall indicates that the uptrend is losing steam. If the BTC price begins to retreat, falling below the recent 1-month low of $26,550.11, it could spell a reversal of fortunes. This scenario would see the asset testing the lower supports at $23,466 and potentially $14,801, with the 52-week low of $15,516.53 standing as a stark reminder of how deep a retracement could go.

As traders and investors watch the $40,796 level, the increased activity signals that a decisive move is brewing. The question now is whether the bulls have enough conviction to push towards $49,000 or if the bears will force a retreat, testing the resilience of Bitcoin (BTC) at the established support levels.

Litecoin (LTC), currently trading at around $75, hovers near a delicate inflection point between its immediate support at $61.48 and the next resistance at $80.28. The asset has rallied 8% over the past week, approaching the 1-month high of $76.23.

Source: TradingView

The recent swell in trading volume by roughly 54% injects additional energy into the market, signifying heightened interest that could either propel LTC to overcome $93.4 or trigger profit-taking from those riding the week’s surge. With a bustling trade volume and a market cap hitting $5.54 billion, the asset is making its presence felt in the market, teeing up a showdown where the bulls and bears are gearing up for a clash.

Litecoin (LTC) Bullish Indicators

The bullish scenario is underpinned by the recent 3% uptick in price within the last 24 hours. The positive sentiment is further buoyed by the 3-10 day MACD oscillator stalling just shy of $75.47, suggesting a potential pause in buying momentum before an attempted push higher.

Litecoin (LTC) Bearish Indicators

Conversely, the bearish scenario unfolds if Litecoin (LTC) fails to hold above the pivot $61.48, with the possibility of retracing back to the second support level at $54.04. A breach below this could see LTC retesting the 1-month Low of $59.86 and potentially touching the 3rd support at $40.92.

The 3-10-16 day MACD moving average stall at $66.95 and the price struggling to maintain above the 9-day moving average at $71.05, hint at the initial signs of a weakening trend.

The Bitcoin (BTC) price’s recent ascendancy to over $37,000 and the Litecoin (LTC) price’s steady push above $74 paint a picture of a crypto market abuzz with anticipation and activity. As the crypto community anticipates the SEC’s ETF decisions, investors are closely watching market dynamics, signaling that we could be at the cusp of a pivotal moment in crypto’s narrative – whether this is a prelude to a sustained bull run or a precursor to a sharp correction remains to be seen.

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