BTC, EIGEN, KAS: Top cryptocurrencies to watch this week

The market experienced significant fluctuations, with the global crypto market cap rising from $2.33 trillion to a three-month high of $2.5 trillion by mid-week, before settling at $2.38 trillion by the end of the week.

Bitcoin led the upward trend, surging to retest the March 2024 all-time high above $73,000 before undergoing a major correction.

Here are some prominent crypto assets to watch this week following their notable price movements:

BTC retests ATH

Bitcoin kicked off the week with bullish momentum that began on October 26. By Monday, the asset had achieved three consecutive intraday gains, approaching the $70,000 mark.

The impressive uptrend continued on October 29, as Bitcoin first broke through the $71,000 resistance and then surpassed the elusive $73,000 level, reaching a seven-month high. This surge allowed the leading cryptocurrency to retest its March all-time high.

However, this rise was followed by a significant correction. Over the next four days, Bitcoin’s price declined, with the 20-day moving average now serving as immediate support at $68,564 to mitigate further downside risk.

If the 20-day MA support fails, Bitcoin will need to maintain its position above the lower Bollinger Band at $65,214, especially with the upcoming US presidential election this week. Conversely, a recovery above $71,913 could give the bulls renewed momentum to target the all-time high again.

EIGEN slides 17%

Despite the broader market experiencing mild gains last week, EigenLayer (EIGEN) saw a significant 17% decline, closing the week lower after an initial rise. The native token of the Ethereum restaking protocol has been struggling to reclaim its peak above $4 since its debut on October 1. After reaching a high of $4.90 on Binance, the asset corrected and has since been consolidating, facing increased bearish pressure.

As Bitcoin retraced mid-week, EIGEN experienced substantial declines over three days, creating a downward channel. To reverse this trend, EigenLayer needs to close above the 23.6% Fibonacci retracement level at $2.642 this week.

KAS faces uncertainty

Last week, Kaspa (KAS) navigated through market uncertainties, diverging from broader trends. Although it saw gains toward the end of the week, KAS ultimately closed with a 4.4% decline. The token experienced fluctuations but remained below the pivot level of $0.2592, reinforcing the prevailing bearish momentum, as the -DI at 31.1 significantly exceeded the +DI at 13.3.

For KAS to shift momentum this week, it needs to break through the pivot level and reclaim the late October high of $0.1311. Surpassing this level would establish the first major resistance at $0.1492. Kaspa could use this zone as a launching pad to target the psychological levels of $0.15 and $0.16, with a second key hurdle at $0.1636.