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Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS

Published 10/24/2021, 04:17 PM
Updated 10/24/2021, 06:00 PM
© Reuters.

Bitcoin (BTC) continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following the successful launch of last week's Bitcoin exchange-traded funds.

In the past, the launch of the Bitcoin Futures product by the Chicago Mercantile Exchange on Dec. 18, 2017, ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (NASDAQ:COIN) on April 4, 2021. This suggests that the old adage “buy the rumor, sell the news” could be at risk of repeating once again.

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
SOL/USDT 4-hour chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView
AVAX/USDT 4-hour chart. Source: TradingView
ALGO/USDT daily chart. Source: TradingView
ALGO/USDT 4-hour chart. Source: TradingView
AXS/USDT daily chart. Source: TradingView
AXS/USDT 4-hour chart. Source: TradingView

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