Bitcoin (BTC) Retests ATH as EIGEN (EIGEN) Slides 17% and Kaspa (KAS) Faces Uncertainty

The market experienced a rollercoaster ride, with the global crypto market cap rising from $2.33 trillion to a three-month peak of $2.5 trillion

The global crypto market experienced a turbulent week as the total crypto market cap rose from $2.33 trillion to a three-month peak of $2.5 trillion before settling at $2.38 trillion at the end of the week.

Bitcoin (BTC) sparked the uptrend, surging to retest the March 2024 all-time high above $73,000 before facing a major correction.

Here are some of the prominent crypto assets to watch this week following their noteworthy price action:

BTC retests ATH

Bitcoin began the week with a bullish momentum that had been building since Oct. 26. By Monday, the asset recorded three consecutive intraday gains, approaching the $70,000 region.

This impressive uptrend continued on Oct. 29, as Bitcoin first overcame the $71,000 resistance and then pushed further to breach the elusive $73,000 level, reaching a seven-month peak. This surge brought the leading cryptocurrency to retest its March ATH.

However, this surge was followed by a massive correction, with Bitcoin’s price action declining over the next four days. The 20-day MA at $68,564 now serves as an immediate defense against further downside risk.

If the 20-day MA support breaks, BTC would need to hold above the lower Bollinger Band at $65,214 as the upcoming US presidential election unfolds this week. However, a recovery above $71,913 could give the bulls another shot at the ATH.

EIGEN slides 17%

While the broader market saw slight gains last week, EigenLayer (EIGEN), the native token of the Ethereum restaking protocol of the same name, closed the week with a massive 17% drop despite an initial rise.

EIGEN has been struggling to reclaim its peak above $4 since its Oct. 1 debut. The asset rallied to a high of $4.90 on Binance before correcting and consolidating, with last week introducing more bearish pressure.

As Bitcoin retraced mid-week, EIGEN faced massive declines over three days, forming a downward channel. To overcome this trend, EigenLayer must close above the 23.6% Fibonacci retracement level at $2.642 this week.

KAS faces uncertainty

Kaspa (KAS) charted its own course amid market uncertainties last week, diverging from the broader market trend. Despite seeing gains toward the end of the week, KAS ultimately closed with a 4.4% decline.

The token saw fluctuations throughout the week and remained below the pivot level of $0.2592, confirming the prevailing bearish momentum, as the -DI at 31.1 largely exceeds the DI at 13.3.

For KAS to shift momentum this week, it must break through this pivot level and recover the late October high of $0.1311.

Surpassing this level would introduce the first major resistance at $0.1492. Kaspa could use this zone as a springboard to reclaim the psychological levels of $0.15 and $0.16, with a second key hurdle at $0.1636.

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