- Bitcoin (BTC) continues to consolidate below its prior ATH.
- Ethereum (ETH) fails to print a new ATH, just.
- Solana’s (SOL) three-day rally keeps going.
After breaking its previous all-time high and touching $67k, Bitcoin has given back part of this week’s gains and is trading around $63.2k. While Thursday’s $k sell-off candle may look ominous, it should be taken in context as Bitcoin has rallied off almost continuously off a one-month low of $39.5k. The daily chart remains positive with support around $59.6k, which would place it back into the middle of the strong uptrend that dominated price action since early October. A period of sideways consolidation should set Bitcoin up for a renewed move higher.
Bitcoin’s All-Time High Sparks Life Into The Alt-Coin Market, Solana Pumps
Ethereum’s near 18% run–up this week came to a sudden halt and reversal just a fraction below its all-time high, following Bitcoin lower. Last week’s break and hold above $3,675 gave ETH real upside impetus, while the September 3 multi-week high at $4,028 has held as support in the last two days. As with Bitcoin, the chart remains positive overall and a further short-term test of the May 12 high at $4,379 cannot be discounted.
Ethereum (ETH/USD) Daily price Chart – October 22, 2021
A strong three–day rally has placed Solana just below its all-time high after breaking out of a bullish pennant earlier this week. The move higher has also been helped by a lack of any technical resistance levels on the chart and a further move higher cannot be ruled out. The alt-coin market has been left behind by Bitcoin’s record run and while it may be too early to call for the alt-coin market to outperform Bitcoin in the near term, this is unlikely to hold back the positive sentiment seen in Solana.
Solana (SOL/USD) Daily price Chart – October 22, 2021
Chart via TradingView