On Thursday, Bitcoin (BTC) network miners saw their total revenue surge to a two-month high. Notably, this uptick coincided with a remarkable day of HODLing, as miners refrained from selling their holdings for the first time in the past month.

As Bitcoin approaches its all-time high of $73,764, the decline in miner sell-offs indicates a bullish trend. This suggests that this milestone could be within reach in the near term.

Bitcoin Miners Hold Still

Yesterday, the miner revenue on the Bitcoin network totaled 552 BTC, valued above $37 million at current market prices. Per Glassnode’s data, this marked its highest since August 22 and represented a 12% surge from the 491 BTC recorded in total revenue on Wednesday.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

The recent surge in BTC miner revenue is directly linked to the sharp increase in average transaction fees on the network. Messari’s data shows that the average fee paid to process transactions on the network has climbed by 166% over the past seven days. According to the on-chain data provider, this currently stands at $5.31.

As Bitcoin network transaction fees rise, miners earn more from processing each block, contributing to the steady uptick in their overall revenue.

Interestingly, Thursday’s two-month spike in total miner revenue coincided with a notable shift in miner behavior. It marked the first day in the past month that miners chose not to sell their coins. BeinCrypto’s assessment of BTC’s Miner Net Position Change, which measures the change in the supply held in miner addresses, confirms this. 

On that day, miners collectively held onto 658 BTC. This was the first time since September 16 that most miners on the Bitcoin network refrained from selling their holdings.

BTC Price Prediction: All-Time High Within View

Bitcoin is currently trading at $67,738, just below the resistance level of $68,464. Over the past few days, the coin has seen a surge in demand. This is reflected in its rising Relative Strength Index (RSI), which currently stands at 67.57. 

The RSI measures an asset’s overbought and oversold conditions. It ranges from 0 to 100. Values above 70 indicate an asset is overbought and may face a correction, while values below 30 suggest it is oversold and could be poised for a rebound.

With BTC’s RSI at 67.57, the market is signaling strong buying momentum, as purchasing activity currently outweighs selling. If this trend continues, Bitcoin’s price will likely break through the resistance at $68,464 and could potentially reclaim its all-time high of $73,764.

Read more: Bitcoin Halving History: Everything You Need To Know

However, this bullish outlook would be invalidated by even a slight increase in profit-taking activity, which could trigger a downward trend. In that case, Bitcoin’s price might retreat to support levels at $64,304 or lower.

Dogecoin (DOGE) price is up 10% in the last 24 hours, catching the eye of traders with increased activity. The recent surge in trading volume and trend indicators like ADX reflect growing interest in the market. This bullish momentum is further supported by the positioning of DOGE’s EMA lines, pointing to a potential continuation of the uptrend.

If this strength holds, DOGE could soon test key resistance levels, with room for further gains. However, a reversal could lead to a retest of support zones, making it an important time to watch for trend changes.

DOGE Daily Volume Recently Crossed $ 2 Billion

DOGE’s daily trading volume recently spiked to $2.27 billion, the highest since August 5. It has since settled slightly, now sitting at $2.12 billion. Such a surge in volume indicates heightened activity, drawing the attention of traders and investors alike.

This uptick in volume can signal potential shifts in the market trend, making it a key metric for assessing buying or selling pressure.

Tracking trading volume is crucial because it provides insight into the strength behind price movements. The recent surge in DOGE’s volume appears to correlate with its price increase, from $0.10 to $0.134 between October 10 and October 18.

Higher trading volumes often indicate a stronger market conviction, and in this case, it suggests that the price rise has significant backing. The increase in activity supports the notion that investors have confidence in the current trend, potentially pushing DOGE towards further gains.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

Dogecoin’s Current Uptrend Is Strong

DOGE’s ADX currently sits at 34.12, climbing from just 13 just four days ago. This substantial increase indicates that DOGE’s market trend is gaining significant strength. The ADX, or Average Directional Index, helps measure the intensity of a trend, whether bullish or bearish, without considering its direction.

The sharp rise in DOGE’s ADX suggests that the market is experiencing a period of strong conviction, with the trend picking up substantial momentum. Such a rapid shift implies that investor sentiment has shifted notably, creating an environment ripe for further price action.

The ADX is a powerful tool for identifying the strength of trends. It ranges from 0 to 100, with values below 20 typically signaling a weak or non-existent trend, while values above 25 indicate a well-defined and strengthening trend.

DOGE’s current ADX value of 34 places it comfortably in the “strong trend” territory, signaling that recent price action is not just a brief spike but part of a sustained movement. Considering that DOGE’s price has already surged by 10% in the last 24 hours, the growing ADX adds credibility to the rally, suggesting that there is considerable momentum supporting the price action.

Although the current ADX is strong, it remains well below the levels seen during recent price spikes, such as between September 26 and September 28, when DOGE’s price surged by 30% and ADX reached almost 45. This suggests that there is still room for further strengthening and that the ADX could continue to rise if the uptrend persists.

If the current momentum continues, the ADX could easily climb higher, further validating the strength of the current trend and opening the door for more potential gains.

DOGE Price Prediction: Back To $0.17 In October?

DOGE’s EMA lines are currently in an uptrend, with the short-term EMAs positioned above the long-term EMAs and a considerable gap between them. This setup indicates a strong and healthy upward momentum.

Exponential Moving Averages (EMAs) are a type of moving average that gives more weight to recent price data, making them highly responsive to the latest market conditions.

They are used to identify trends, with shorter-term EMAs reacting quickly to price changes while longer-term EMAs move more gradually. When short-term EMAs are above the long-term ones, it typically signals an uptrend, suggesting that buyers have the upper hand and that momentum is building.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

If DOGE’s current uptrend continues and strengthens, DOGE price could potentially test the $0.14 level and even challenge the resistance at $0.175—its highest price since May. This movement would represent a roughly 30% increase from current levels, showing the strength of the upward trend indicated by the EMA lines.

The significant distance between the short-term and long-term EMAs suggests that the bullish momentum has been building steadily, supporting the case for a continued push higher.

However, if the uptrend were to falter and reverse, DOGE would likely revisit key support zones at $0.12 and possibly even dip to $0.098, representing a potential 26% correction. The gap between the EMA lines would begin to narrow, signaling a weakening trend, and such a scenario could indicate a shift in market sentiment towards the bearish side.

For much of the past year, predictions were rife that Ethereum’s (ETH) price could reach five-digits. However, as Bitcoin (BTC) surged in 2024 while ETH lagged behind, market analysts have reassessed their forecasts. 

With ETH struggling to keep pace, expectations for a $6,000 price tag have now been tempered, and indicators show that it might be time to lower expectations this cycle.

Investors Favor Bitcoin Over Ethereum

In August, the Pi Cycle Top revealed that  Ethereum’s price could surpass $6,000 before the end of this bull market. Since then, several factors have shifted, making the initial prediction less attainable.

The Pi Cycle Top has historically been a reliable indicator of the highest price a cryptocurrency can reach within a specific period. It uses the 111-day Simple Moving Average (SMA) and the 350-day SMA to forecast this peak.

Currently, Ethereum’s price is at $2,603, but the 350-day SMA (purple line), which signals potential peak value, is now at $5,699. This suggests that ETH might struggle to surpass this price region in the near term, making further significant price increases more challenging.

Read more: How to Invest in Ethereum ETFs

This decline in Ethereum’s potential price increase could be linked to dwindling investor interest in the asset, especially when compared to Bitcoin.

For instance, Bitcoin ETFs have seen $1 billion in inflows within just three days this week, signaling strong institutional interest. In contrast, Ethereum ETFs only garnered $5 million on October 17, highlighting that institutional investors are favoring Bitcoin over Ethereum. 

Moreover, this sentiment seems to have extended to retail investors in the US. According to CryptoQuant, the Coinbase Premium Index, which tracks buying and selling pressure, has recently dropped into the negative region. This shift indicates that more investors are selling ETH rather than buying, reflecting a bearish outlook for the altcoin.

ETH Price Prediction: Retracement Still Looms

Ethereum currently trades in a similar pattern to the price action in May and November 2021. On the weekly chart, whenever this happens, ETH’s price falls by double-digits. For example, in May of the mentioned year, the altcoin dropped by 52%.

With a similar technical setup, it declined by 45% by November. Currently, ETH has been banking on the $2,455 support to prevent such an occurrence again. However, the low trading volume suggests that the cryptocurrency might fail to hold the support for long.

Read more: How to Buy Ethereum (ETH) With a Credit Card: Complete Guide

If that happens, then ETH’s price could decrease to $2,186.  On the flip side, if investors’ interest in Ethereum picks up, this prediction might not come true. Instead, ETH could jump to $3,814 in the mid to long-term.