Price analysis 10/28: BTC, ETH, XRP, BCH, LINK, BNB, DOT, LTC, BSV, ADA

The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen.

In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed the S&P 500 or gold. Therefore, investors should take a longer-term view rather than panicking due to short-term volatility.

Daily cryptocurrency market performance. Source: Coin360

A survey by Grayscale has shown that the number of investors who are familiar with Bitcoin has risen from 53% in 2019 to 62% this year. The poll also showed that about 55% of the respondents were interested in Bitcoin investment products this year, compared to 36% in 2019.

With greater participation from both retail and institutional investors, the crypto markets may become less prone to manipulation and that could in turn attract more investments.

When an asset enters a correction, knowing the strong support levels can help traders to make a more informed decision. Therefore, let’s study the charts of the top-10 cryptocurrencies in order to spot the critical levels that may attract buyers.