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Bitcoin (BTC), Ethereum (ETH) Pare Recent Heavy Gains, Solana (SOL) Keeps on Rallying

Bitcoin (BTC), Ethereum (ETH) Pare Recent Heavy Gains, Solana (SOL) Keeps on Rallying

Nick Cawley, Senior Strategist
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Bitcoin (BTC/USD), Ethereum (ETH/USD), and Solana (SOL/USD) Prices, Charts, and Analysis

  • 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.
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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

Bitcoin (BTC/USD) Daily Price Chart – October 22, 2021

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

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.