Bitcoin (BTC) saw a slight pullback last week, dropping the price to a low of $65,117. However, it registered a strong recovery and, besides facing significant volatility on Saturday, resumed its push towards the psychologically crucial $70,000 mark.
BTC’s rally could be the result of several developments over the weekend, notable being former president Donald Trump’s supportive remarks for the asset during the 2024 Bitcoin conference. Trump also proposed allocating a portion of BTC currently held by the US Department of Justice to the country’s strategic reserves. Speculations are also rife about potential US rate cuts, which have given a further boost to the BTC market.
Bitcoin (BTC) Resumes March To $70,000
After a pullback the previous week, Bitcoin (BTC) looks set to conquer the hugely significant $70,000 mark. According to CryptoQuant CEO Ki Young Ju, BTC’s quick recovery following its pullback indicates buyers are purchasing every dip, even minor ones. Data has shown that Bitcoin whales are on a buying spree, with permanent holders boosting their BTC balances by a staggering 358,000 BTC in July. According to the CEO of CryptoQuant, the current trend shows that BTC is clearly in an accumulation phase.
“Bitcoin is in an accumulation phase. Over the past month, 358K BTC has moved to permanent holder addresses.”
Marathon Digital, the world’s largest Bitcoin miner, revealed the addition of $100 million worth of BTC to its holdings over the past month. This brings the total BTC in the company’s holdings to over 20,000 BTC. According to Marathon Digital’s CEO and Chairman, Fred Thiel, the company now plans to go on full HODL mode and keep BTC as their strategic reserve treasury asset.
“Today, Marathon is proud to announce that to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset, we have purchased $100 million in BTC over the past month and will now go full HODL.”
Caution Advised
While most market participants and analysts are incredibly bullish about Bitcoin (BTC) in the long term, some have advised caution in the near term. One such figure is Charles Edwards, the founder of Capriole Investments. According to Edwards, the launch of spot Ethereum ETFs in a weak market could create selling pressure in BTC should Bitcoin ETF institutional holders plan to diversify their holdings.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is on the verge of reclaiming the $70,000 mark, although sellers are expected to mount a significant defense of this level and the overhead resistance at $72,000. BTC’s quick recovery from intra-week lows indicates a positive sentiment around the asset, with traders buying the dip. In the short term, traders expect BTC to push above $70,000 and set a new all-time high. However, in the long term, traders and market watchers are hugely bullish on the asset. Some, such as SkyBridge Capital founder Anthony Scaramucci, have stated that BTC’s market capitalization could potentially overtake the market capitalization of gold. Gold’s current market capitalization is between $15 and $16 trillion, while BTC is roughly $1.3 trillion.
As mentioned earlier, BTC saw a dip last week, which pushed the price down to $65,142 by the end of Wednesday. Sellers continued to push BTC lower on Thursday as well, with BTC slipping below $65,000 and dropping to a day low of $63,486. However, with traders buying the dip, BTC was able to make a strong recovery from this level, eventually rising by 0.69% to climb back above $65,000 and settle at $65,845. BTC continued to climb on Friday, rising by 3.12% to settle at $67,899 and breaking above the resistance at $67,500.
Source: TradingView
The weekend began with BTC facing significant selling pressure on Saturday as buyers and sellers attempted to wrest control of the market. BTC saw considerable fluctuations as it registered a low of $66,610 and a high of $69,332 before eventually settling at $67,833. Bulls took control on Sunday and pushed BTC up by 0.62%, with the price climbing above $68,000 and settling at $68,254. The current session sees BTC trading above $69,500 as BTC bulls attempt to push the price above $70,000. However, as the wick suggests, BTC is facing selling pressure at higher levels.
The 20-day SMA is currently upsloping, while the RSI is also in positive territory, indicating strong bullish sentiment. Bulls will try to push above $70,000 and, if successful, will push towards $72,000. However, if sentiment reverses, BTC could see a significant drop that could drive the price to $65,000 or lower.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has made a strong recovery over the past 24 hours, registering an increase of almost 5%. However, it has faced rejections at crucial resistance levels such as $3,500 and, more recently, at the 20-day SMA. ETH registered significant drops of 4.25% and 4.82% on Wednesday and Thursday, respectively. The drop also saw ETH slip below the 20, 50, and 200-day SMAs. ETH dipped to a low of $3,089 on Thursday before buyers could push the price up to $3,175. ETH recovered on Friday as buyers entered the market, rising by 3.20%. However, it was unable to push above the 20-day SMA and settled at $3,277.
Source: TradingView
The weekend began with a drop of 0.83%, which saw ETH drop to $3,250 before buyers could register a marginal increase, allowing ETH to settle at $3,272. The current session has seen buyers wrest control, with ETH up by nearly 3%. Buyers will look to push the price above $3,400 and retest the resistance at $3,500. Let’s look at some indicators to gauge potential price movements. The RSI has risen above its mid-point, indicating that ETH could see a gradual appreciation in price this week. If ETH is able to push above $3,400, it will look to test $3,500. A break above this level could open the doors for a potential surge to $3,700. However, should sentiment reverse, we could see the price drop back to $3,200.
Solana (SOL) Price Analysis
Solana (SOL) has registered an incredible recovery after dropping to a low of $165 during the previous week. After dropping the previous week, SOL displayed significant strength over the weekend and set $200 firmly in its sights. SOL dipped below the $170 support level on Thursday, but strong demand at lower levels allowed buyers to push the price back above $170, with SOL eventually closing at $171.87. Friday saw buyers flip the sentiment to bullish, with SOL recording a 6.56% increase and moving above $180 to $183.15.
SOL witnessed significant volatility on Saturday as bulls attempted to push above $185. Despite strong selling pressure, buyers were able to register a marginal increase but could not push above $185, instead settling at $183.96. SOL finally pushed above $185 on Sunday after an increase of 0.60 allowed it to settle at $185.06. Buyers also remain in control during the current session, with SOL up almost 4% and trading above $190. If SOL can stay and close above $190, it can surge above $200 and look to move above $210. However, bulls must maintain momentum for such a scenario, especially with sellers expected to defend $200.
Source: TradingView
However, if sentiment turns and SOL dips back below $185, it could indicate that demand is drying up at higher levels, with selling pressure dominating. SOL could drop back to $170 or even $160 in such a scenario.
Ripple (XRP) Price Analysis
Ripple (XRP) had registered an incredible surge in the middle of July, allowing it to push above $0.60. However, momentum has slowed since XRP trading between $0.55 and $0.65. Bulls made a strong attempt to go above $0.65, with XRP reaching a high of $0.63. However, with intense selling pressure at higher levels, the price was turned down and eventually settled at $0.61. Sellers took control on Thursday, driving XRP down by almost 3% before buyers could help XRP register a marginal increase that kept the price above $0.60.
Source: TradingView
XRP had a mixed weekend, registering a drop of 1.16% on Saturday, which led to the price dipping below $0.60 and settling at $0.69. However, buyers were able to push back on Sunday, and XRP ended the weekend back above $0.60. The current session sees XRP up by almost 1% as bulls attempt to break above $0.60. With the RSI in positive territory, bulls have the edge for now. If buyers can push above $0.65, it could open the doors for a move to $0.70 and above. However, if the price turns and drops to the 20-day SMA, it could indicate profit booking. Should this be the case, we could see a further drop to $0.50.
Cardano (ADA) Price Analysis
Cardano (ADA) spent the majority of the previous week in the red, facing significant selling pressure after getting rejected from $0.45. By Thursday, ADA had slipped below the 20 and 50-day SMAs and its support level of $0.40 to settle at $0.39. Sellers had pushed the price to a low of $0.38, but with demand picking up at lower levels, ADA was able to stem the drop with demand picking up at lower levels. ADA rose by almost 6%, pushing back above $0.40 and settling at $0.41. With the 20-day SMA acting as a dynamic level of resistance, ADA was unable to register any increase on Saturday but fell back in the red on Sunday as sellers drove the price down by 2.63%. The current session sees ADA up by 3.44% as buyers look to push above the 20-day SMA and attempt a move towards $0.45.
Source: TradingView
If ADA is able to achieve such a move, it would suggest that sentiment is turning positive. A break above $0.45 would set the stage for a move to $0.50. However, a reversal could see ADA drop back to its support level of $0.40.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) faced significant bearish pressure during the previous week, as sellers yanked the price down to a low of $0.120 on Thursday, a crucial support level for the asset. DOGE was able to bounce off this level, indicating that buyers are defending this level and there is demand at lower levels. The price eventually settled at $0.124. DOGE registered a significant jump of 7.21% on Friday, rising to $0.133, with buyers attempting a push above $0.140. However, with sellers active at higher levels, DOGE fell back, eventually settling at $.0131. Sunday saw another marginal drop that pushed DOGE below $0.130 to $0.129.
Source: TradingView
The current session sees DOGE up by just over 4% as buyers attempt a move above the 200-day SMA. DOGE must push and close above the 200-day SMA for a move towards $0.140 to materialize. A break above this level could open the doors for a move above $0.150. However, if sellers regain control, the price could return to its support level of $0.120.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has struggled since losing the crucial $6 level, with the price struggling to gain momentum. As a result of its recent struggles, DOT has lost over 6% in the past week, dipping to a low of $5.66 on Wednesday. The price faced significant selling pressure on Thursday, falling to a low of $5.54. However, the price was able to make a strong recovery from this level, as buyers negated the losses, allowing DOT to settle at $5.76, a marginal increase. This increase hinted at strong demand at lower levels, although demand at higher levels has dried up.
Source: TradingView
DOT was able to push up by 1.91% on Friday but fell back in the red over the weekend, dropping by 0.51% on Saturday and 2.05% on Sunday to end the weekend at $5.72. The current session sees DOT trading at $5.85, an increase of 2.27%. So, where does DOT go from here? So far, DOT has been unable to push back above $6, a crucial level if it wants to see a recovery. However, there is strong support at $5.50, and if demand builds, we could see DOT attempt to move above $6. If it cannot do so, we could see the price drop back towards $5.50 and trade between the two levels for the time being.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has been experiencing a downward trend since June, when it reached a high of $12. Since then, the asset has lost nearly half its value, reaching a low of $7.04 the previous week. In fact, UNI spent most of the previous week in the red, losing a crucial level of support on Wednesday. However, the price rebounded on Friday, rising by 5.40% to reclaim its support level of $7.50 and settle at $7.67. Buyers attempted a move to $8 on Saturday as UNI rose to a high of $7.95, but with the 20-day SMA acting as a dynamic level of resistance, sellers were able to push the price back down. UNI eventually settled at $7.69, recording only a marginal increase.
Source: TradingView
Sellers attempted to push UNI below $7.50 on Sunday but could not do so, with the price settling at $7.53 after a 2% drop. The current session sees UNI up by just over 4% as buyers attempt a move above $8. A break above $8 could allow UNI to surge to the next resistance level at $8.80.
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.
