Cryptocurrencies Price Prediction: Bitcoin, Aster & Zcash – European Wrap 6 November
|Bitcoin Price Forecast: BTC steadies near $103,000, risks deeper fall
Bitcoin (BTC) price remains steady around $103,000 at the time of writing on Thursday after rebounding from key support in the previous day. Despite the short-term recovery, concerns persist over weakening institutional demand, as spot Bitcoin Exchange Traded Funds (ETFs) recorded $137 million in outflows on Wednesday, extending their losses since October 29. Additionally, on-chain data indicates that BTC could face deeper downside pressure if the $100,000 psychological level fails to hold as support.
Institutional demand for Bitcoin has continued to weaken so far this week. SoSoValue data shows that spot Bitcoin ETFs recorded an outflow of $137 million on Wednesday, following the largest single-day withdrawal since early August on Tuesday. The persistent outflow streak since October 29 indicates fading institutional confidence, which, if it continues, could deepen BTC’s price correction.
Aster Price Forecast: ASTER’s V-shaped reversal hits key resistance
Aster (ASTER) ticks higher by 4% at press time on Thursday, marking its third day of uptrend to challenge a local resistance trendline. A positive shift in retail sentiment, with the utility expansion serving as collateral on its native derivatives trading platform, featuring an 80% margin ratio, could catalyze a trendline breakout rally.
Aster, a perpetuals-focused Decentralized Exchange (DEX), announced the expansion of its native token, ASTER, as collateral with an 80% margin ratio, which refers to the loan-to-value ratio. With the leverage available on the Aster perpetual, a positive shift is visible in the traders’ sentiment.
Zcash Price Forecast: ZEC bulls eye $580 upon breakout as market cap tops $8 billion
Zcash (ZEC) price continues its upward trend, trading above $490 at the time of writing on Thursday, having rallied over 17% so far this week. The privacy-focused cryptocurrency’s market capitalization has climbed above $8 billion, surpassing popular altcoins such as Sui (SUI) and Hedera (HBAR). With bullish momentum strengthening, technical indicators suggest ZEC could target the next major resistance level at around $578.
Zcash soared more than 17% so far this week and is nearing the $500 mark at the time of writing on Thursday. CoinGecko data shows that ZEC’s market capitalization has surged above $8 billion, putting it in the 26th spot in the overall crypto market and surpassing popular altcoins such as SUI and HBAR.
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