Bitcoin’s rise above $62,000 could pull APT, WIF, FTM, and BGB higher

Bitcoin (BTC) is trying to close the week above $62,500, well above the intra-week low of just under $60,000. This suggests buying at lower levels. Although the start to October, generally the strongest month of the year, has been slow, analysts expect things could pick up going forward.

One positive for the cryptocurrency markets is that the CME Group’s FedWatch Tool is pricing in a 97% probability of the Federal Reserve cutting rates by 25 basis point in their Nov. 7 meeting. Expectations are that a rate cut would boost a risk-on sentiment.

Another possible trigger for a recovery could be the reduction in Bitcoin held on centralized exchanges. According to CryptoQuant data, centralized exchanges hold more than 2.8 million Bitcoin, the lowest number since November 2018. The drop in the balance reduces the available liquidity, and such occurrences are sometimes followed by bullish price movements.

Could a recovery in Bitcoin act as a catalyst for an altcoin recovery? Let’s study the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin bounced off the 50-day simple moving average ($60,589) on Oct. 4, indicating that the bulls are trying to form a higher low.

If buyers maintain the price above the 20-day exponential moving average ($62,237), the momentum could pick up, and the BTC/UDST pair could jump to $66,500. This level may attract sellers, but the rally may extend to $70,000 if buyers bulldoze their way through. 

If bears want to prevent the upside, they will have to swiftly drag the price below the 50-day SMA. If they manage to do that, the pair could plummet to $57,500 and later to the crucial support at $54,000.

The bulls successfully defended the 20-EMA on the 4-hour chart. The relative strength index (RSI) has jumped into the positive territory, indicating that the momentum has turned positive. If the price closes above the 50-SMA, the likelihood of a rally to $65,000 increases.

On the contrary, if the price turns down and breaks below the 20-EMA, it will suggest that the bears have not given up. The pair may then slump to the psychologically important level of $60,000. If this support cracks, the pair may descend to $57,500 and later to the vital support at $54,000.

Aptos price analysis

Aptos (APT) broke out of an inverted head-and-shoulders pattern on Sept. 21 and successfully held the retest of the breakout level on Oct. 2.

The 20-day EMA ($7.89) has started to slope up, and the RSI is in the positive territory, indicating that the bulls have the upper hand. The APT/USDT pair will then try to move up to the pattern target of $11. 

This optimistic view will be negated in the near term if the price turns down and plunges below $7.65. Such a move would suggest that it was a fake breakout. The pair could then decline to $5.66.

The price has pulled back to the 20-EMA on the 4-hour chart, which is an important level for the bulls to defend. If the price bounces off the 20-EMA and breaks above $9.32, it will signal that the trend has turned positive.

Contrarily, if the price turns down and breaks below the 20-EMA, it will suggest that the bulls are booking profits. The pair could drop to the 50-SMA and, after that, to the breakout level of $7.65. This level is expected to attract solid buying by the bulls.

Dogwifhat price analysis

The bears are fiercely defending the downtrend line in Dogwifhat (WIF), but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($2.09).

Both moving averages have started to turn up, and the RSI is in the positive territory, indicating that bulls have the edge. Buyers will have to maintain the price above the downtrend line to signal a potential trend change. The bears will try to stall the up move in the $2.64 to $2.89 zone, but if the bulls prevail, the rally could reach $3.50.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that the bulls have given up. The WIF/USDT pair may then skid to the 50-day SMA ($1.77).

The 4-hour chart shows the formation of an ascending triangle pattern, which has a target objective of $2.93. Buyers purchased the dip to the breakout level of $2 and have pushed the price above the immediate resistance at $2.40. The pair could rally to $2.60, which is expected to act as a strong resistance.

On the downside, a break and close below $2 will signal that the bears are back in the game. The pair may then slump to the uptrend line of the ascending…