Bitcoin (BTC) briefly pushed above $68,000 thanks to bulls buoyed by the prospect of a more crypto-friendly government coming to power after the elections. Digital assets have been witnessing solid buying. However, BTC may require a significant trigger if it has to push above $70,000.
BTC’s recent rally has hit a roadblock around the $68,200 level, indicating that bears are selling on rallies. Bears will look to push BTC below $66,000, which could trigger a significant drop.
Bitcoin (BTC) Hits Roadblock At $68,000
Bitcoin (BTC) has dropped over the past couple of sessions, with sellers weighing the asset’s price down. Despite the drop, BTC has made a strong comeback over the week. Additionally, data from CoinShares has shown that digital asset investment products registered significant inflows of $1.35 billion during the past week. The total inflows recorded over the past three weeks now stand at $3.2 billion.
However, as BTC approaches a critical resistance level, bears are expected to pose a significant challenge that could push the price sideways. However, analysts are optimistic about BTC overcoming selling pressure and setting a new all-time high. BTC could briefly push above $68,000 on Monday when it reached a day high of $68,295. Traders are currently bullish mainly due to a favorable US election result, which also saw other major altcoins such as ETH and SOL register increases. Meme tokens such as DOGE registered an impressive jump of 8%. BTC, already on an upward trajectory, registered more gains on Sunday after President Joe Biden announced he was withdrawing from the upcoming US elections. According to some, Biden’s withdrawal could lead to a more favorable stance towards crypto, irrespective of who is in the White House.
“Biden’s withdrawal has opened up a possibility where, regardless of who sits in the White House, the US government embrace a more constructive stance towards the digital asset industry after November. Whether Harris or any other contenders will pursue such a path remains to be seen, but the optionality that hardly existed before is now there.”
Republican presidential candidate Donald Trump has attracted significant support from the crypto industry due to his favorable views on crypto.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) bounced off the 50-day SMA on Friday after registering a marginal drop on Thursday and facing significant volatility. Buyers were able to overcome bearish sentiment to register an increase of 4.10%, taking BTC above the crucial $65,000 mark and settling at $66,652. Buyers made a push for $68,000 as well but were unsuccessful, thanks to selling pressure at higher levels. The weekend saw BTC register a marginal increase on Saturday before rising by 0,84% on Sunday to end the weekend at $67,654. However, BTC also faced significant selling pressure on Sunday as sellers pushed the price down to a day low of $65,730. With sellers defending the resistance at $68,000, BTC will face a tough time pushing above this level.
Source: TradingView
The current week began with buyers attempting to push above $68,000 once again. However, sellers were able to push the price back down, with BTC falling to a low of $66,610 before recovering and settling at $67,597. The current session sees BTC down by 1.22% as sellers look to push the price below $66,000.
BTC has established a strong level of support at $66,000, with sellers unable to push the price lower at the moment, thanks to strong buying demand. However, they have been able to defend the resistance level so far. Buyers will aim to keep BTC above $66,000. However, if this level of support breaks, the price could drop to the 50-day SMA ($63,772). A rebound from this level could indicate that traders are buying on dips and would see the bulls make another attempt to push above $68,000. A break above this level could see BTC climb to $70,000 or $72,000. However, if BTC dips below the 50-day SMA as well, it would mean sellers are in control.
Ethereum (ETH) Price Analysis
The Securities and Exchange Commission approved spot Ethereum ETFs, meaning the funds could start trading as early as this week. The approval is also expected to significantly impact the price of ETH, with some expecting it to push above $4,000, a level not seen since March. For now, ETH’s target remains a move above $3,500, which is proving to be a stubborn level of resistance. ETH pushed above the 50-day SMA on Friday after a 2.35% increase, which saw it move to $3,507. With sellers defending this level, ETH registered only a marginal increase on Saturday.
While ETH managed to register another marginal increase on Sunday as well, it faced significant selling pressure. As a result, ETH fell to a day low of $3,413 before demand at lower levels allowed buyers to push the price back above $3,500 to $3,537. However, ETH fell back into the red on Monday, with sellers driving the price down by 2.67% to $3,443. The current session sees ETH marginally down, with sellers having repulsed another push towards $3,500.
Source: TradingView
ETH’s push to $3,500 fizzled out primarily due to a lack of demand at higher levels. Sellers are now attempting to push ETH below the 50-day SMA. Should they succeed, ETH could drop all the way to the 20-day SMA. Bulls must defend this level at all costs because a drop below it could open the doors to a slide to $3,000. Buyers must ensure ETH remains the 50-day SMA and push above $3,500. If buyers are successful, ETH could make a move towards $3,700 and then $4,000.
Solana (SOL) Price Analysis
Solana’s (SOL) incredible rally has stalled over the past couple of sessions, with the bears defending the $185 resistance level strongly, as was expected. SOL has seen a significant surge since hitting a low of $134 on July 13, having conquered several crucial resistance levels. After a slight pullback during the previous week, SOL surged by 6.30% on Friday, rising to $169.29. The Ethereum killer continued to be bullish over the weekend, rising by 2.62% on Saturday and then by 6.20% on Sunday to end the weekend just shy of the resistance at $185.
Source: TradingView
However, bearish sentiment prevailed on Monday as sellers pushed back, with SOL dropping by 2.96% to $179. The current session sees SOL in the red as well, currently trading at $174.95, a decline of over 2%. If sellers continue exerting influence, we could see SOL drop to $170 where the price could stabilize. If the price can rebound from this level, it could retest the resistance at $185. A break above this level could open the doors for a move above $200.
PEPE Price Analysis
PEPE registered a sharp jump at the beginning of the previous week, surging by 23% on Monday and almost 9% on Tuesday. As a result, it moved past the 20 and 50-day SMAs and settled at $0.0000124. However, since then, the popular meme coin has seen a mixed performance as sellers attempt to push the price back below the 50-day SMA. As a result, PEPE faced significant selling pressure on Wednesday, dropping by over 7%. Thursday also saw a marginal drop as well, before registering a sharp increase on Friday, rising by over 10% and settling at $0.0000127.
Source: TradingView
However, PEPE turned bearish over the weekend, dropping by 4.32% on Saturday before registering an increase of almost 3% on Sunday to finish the week at $0.0000125. The current week began with bearish sentiment returning, as PEPE dropped by almost 6% on Monday. The current session sees the meme coin down by 1.53%, with sellers firmly in control. If selling pressure persists, PEPE could slip below the 50-day SMA. Such a scenario would open the possibility of the price dropping all the way down to the 20-day SMA.
Celestia (TIA) Price Analysis
Celestia (TIA) was one of the biggest gainers over the weekend, with analysts hoping it would finally be able to break above $7.20. TIA had dropped to $6.18 on Thursday but rebounded from the 20-day SMA, rising by almost 4% to settle at $6.41. Buyers attempted to push TIA past $7 on Saturday, with the price reaching a high of $6.80. However, selling pressure at this level meant the price dropped back down, eventually registering a 1.93% increase to settle at $6.54. TIA experienced a huge increase of 11.39% on Sunday, pushing the price above $7 and settling at $7.20.
Source: TradingView
However, bulls were unable to sustain momentum, and TIA fell back in the red on Monday, registering a drop of 0.81%. The current session sees TIA down by almost 4% and trading below $7. A bullish MACD could mean the return of bullish sentiment after a short correction. Traders may be hesitant to push above current levels without a specific trigger. If sellers continue to control the session, TIA could drop down to the 20-day SMA. However, should the price turn positive, we could see TIA consolidate above the 50-day SMA before attempting another push above $7.
Helium (HNT) Price Analysis
Helium (HNT) has registered an incredible increase of almost 40% over the past week, largely driven by a significant milestone Helium Mobile achieved, reaching 100,000 subscribers since its launch. The news propelled the token to levels not seen since May, as it surged past $5. HNT has been bullish since the beginning of the previous week and hit $4.44 on Friday after an increase of almost 6%. HNT registered a 1.64% increase on Saturday and an 8.63% increase on Sunday to end the weekend, just shy of $5 at $4.90.
Source: TradingView
HNT started the current week with a move above $5, as buyers attempted to push above $5.50. However, they were unable to do so, managing to reach a high of $5.32 before buyers pushed the price down. HNT managed to stay above $5, eventually settling at $5.12. The current session sees the price down by almost 1%, with sellers in control. A look at the RSI hints at why the price may have dropped. As we can see, the RSI is well into the overbought territory, indicating that we may see a correction in the short term. A bullish MACD is indicative of the prevailing bullish sentiment around HNT. If buyers can keep the price above $5, HNT could move towards $5.50 after a period of consolidation. However, should the price continue to drop, we could see a significant decline to the 20-day SMA.
Ripple (XRP) Price Analysis
Ripple (XRP) registered a sharp drop on Thursday after bulls pushed the price above $0.60 on Wednesday. Strong selling pressure led to XRP dropping by 9% on Thursday, dipping below $0.60 and settling at $0.57. However, bears were unable to sustain momentum at lower levels despite pushing XRP to a low of $0.54. Strong demand at lower levels allowed the price to recover and register an increase of 0.54% to settle at $0.57 on Friday. This can be seen in the long tail on the price chart.
XRP registered an impressive increase of 3.61% on Saturday, rising to $0.59. Sunday saw XRP withstand considerable selling pressure, falling to a low of $0.57. However, buyers were once again able to overwhelm selling pressure at lower levels, resulting in an increase of 0.67%. The current week began with XRP rising to $0.60 after an increase of 1.76%. The current session sees XRP back in the red as sellers look to push it back below $0.60.
Source: TradingView
Buyers will attempt to keep XRP above $0.60 and push it above $0.64. Such a scenario could see XRP push towards $0.70 as well. However, sellers are expected to defend these levels vigorously, and we could see considerable back-and-forth between buyers and sellers. If XRP is unable to push above $0.70, it will continue to trade between $0.56 and $0.65.
Akash Network (AKT)
Technical indicators suggest Akash Network (AKT) has been facing considerable selling pressure since Sunday. AKT has been trading between $3 and $4 since the beginning of July, with the price unable to push above $4. AKT started the previous week on a positive note, reaching $3.68 by Tuesday. However, with the 50-day SMA bearing down, AKT turned bearish on Wednesday after facing significant selling pressure. As a result, AKT dropped to a low of $3.30 before recovering and settling at $3.55, a drop of 3.61%. AKT continued to drop on Thursday, falling to $3.42 after a drop of 3.57%.
Source: TradingView
With support levels held once again, allowing AKT to recover on Friday and Saturday and push back above $3.50 to settle at $3.61. However, AKT fell back on Sunday, dropping by 1.19% to end the weekend at $3.57. The current week began with sellers still in control. Buyers made a strong push towards $4, with AKT reaching a day high of $3.77, but strong resistance forced the price back down. AKT eventually ended Monday with a drop of 0.98%. The current session sees AKT down by just over 2% as sellers mount another attempt to push the price down toward $3.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
