Bitcoin (BTC) briefly reclaimed the $60,000 price level over the weekend but quickly dropped below $59,000. The cryptocurrency is currently trading around the $58,500 price level, having fallen almost 1.50% over the past 24 hours.
BTC has remained relatively steady as it prepares to enter a crucial week after a series of key data releases. July’s Consumer Price Index (CPI) numbers for the US and UK were released last week, followed by earnings reports from retail giants Walmart and Alibaba. The markets now await GDP data from Hong Kong and Taiwan, which could significantly impact market dynamics.
Meanwhile, analysts are bullish about crypto in 2024 despite major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others, struggling due to several factors, including geopolitical tensions.
Crypto Gears Up For Week Ahead
The crypto market is gearing up for a slew of key news events that could significantly impact digital assets. Investors will be keenly waiting for the release of the Federal Open Market Committee (FOMC) minutes and a speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium. Both events will provide investors insight into the Federal Reserve’s monetary policy outlook. Before these events, there will be a speech by Fed Governor Christopher Waller. Atlanta Fed President Raphael Bostic and Fed Vice Chair for Supervision Michael Barr will present remarks on Tuesday. The key event during the week will be a speech by Federal Reserve Chair Jerome Powell, whose comments will offer investors an insight into future interest rate decisions.
Analysts Optimistic
Meanwhile, cryptocurrency analysts remain bullish on crypto for 2024 despite recent price struggles and BTC’s drop below $60,000. BTC climbed above $60,000 over the weekend but could not maintain its position and dipped below $59,000. Crypto markets have remained indecisive, with many major cryptocurrencies struggling to reclaim previously held levels. Despite these developments, analysts are optimistic. In an investment note, QCP Capital stated,
“We remain constructive and bullish into year-end. One particularly encouraging factor is the market’s resilience to various ‘supply-shock’ headlines this week for both Bitcoin and Ethereum.”
While crypto is facing several headwinds, analysts believe BTC’s indecisiveness has less to do with macroeconomic market conditions and more with concerns over Mt.Gox redistributing funds to creditors. The Mt.Gox distribution has had a telling impact on the price of BTC, with traders anticipating creditors could sell their BTC for a profit. The Mt.Gox estate still holds around $2.7 billion worth of BTC. Additionally, analysts have pointed out that August and September have historically been weak months for BTC.
“This could be more of a seasonal thing, too. August and September are typically weak months for Bitcoin, and we might be feeling the low liquidity summer period.”
Bitcoin (BTC) Yet To Gain Momentum
Bitcoin (BTC) is yet to gather the momentum needed to break above $60,000. Increased liquidation from crypto derivatives markets has led to a lack of sustained upward movement. Investors have also adopted a wait-and-watch approach regarding the Fed’s decision to cut rates. Rising geopolitical tensions have also contributed to an atmosphere of uncertainty, creating further market pressure on assets such as BTC. Ethereum (ETH) is also struggling to hold above $2,600.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is trading in a tight range, oscillating between $60,500 and $57,500. The cryptocurrency struggled to make any meaningful gains over the weekend, with several factors contributing to a lack of upward momentum, leading to BTC being stuck in a sideways price action. BTC has been trading below the moving averages, failing to move above them despite repeated attempts. As a result, BTC has struggled to stay above $60,000, thanks to strong selling pressure at resistance levels and demand drying up.
BTC started the previous week on a positive note and had risen to $60,658 by Tuesday. Buyers attempted a move above the moving averages but were unsuccessful, with BTC eventually registering an increase of 2.10%. With string selling pressure prevailing above $60,000, BTC fell back in the red on Wednesday, dropping by 3.14%. As a result, the price fell below $60,000 and settled at $58,750. BTC continued to drop on Thursday, reaching an intra-day low of $56,170. However, thanks to strong demand at lower levels, it was able to recover and settle at $57,583. This was still a decline of 1.99% compared to Wednesday. Demand picked up as the weekend rolled in, with BTC registering a 2.31% increase on Friday and a 1.20% increase on Saturday to settle at $59,623.
Source: TradingView
BTC briefly pushed above $60,000 on Sunday but could not stay above this level. With the 20-day SMA acting as a dynamic resistance level, BTC fell below $60,000, dropping by 1.90% to $58,491. The current session sees BTC marginally up and trading at $58,674. BTC’s price movement depends on several factors, including a potential rate cut and the redistribution of Mt.Gox funds. Other factors include the upcoming elections and spot Bitcoin ETFs. Should the price recover and push above $60,000, it could move towards $65,000, provided bulls can also sustain momentum and push past the 50 and 200-day SMAs. However, if BTC cannot push above the moving averages and fall back into the red, we could see the price drop back to $58,000. If sellers can push BTC below this level, it could drop to $55,000. If we look at the MACD, we can see the histogram has just flipped to bullish, indicating that we could see a recovery in the short term.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has managed to stay above $2,600, retaining the crucial level and seemingly entering into a consolidation phase. ETH has been facing considerable volatility since losing the crucial $2,850 support level and hitting a low of $2,131. While ETH has recovered since, it has struggled to stay above $2,600, let alone reclaim its previous support level, which bears have successfully flipped to resistance. ETH started the previous week strongly, rising by 6.52% on Monday to push above $2,700 and close at $2,723. However, sellers were active at higher levels, and buyers lost momentum. As a result, ETH fell back in the red on Tuesday, dropping by 0.71%. Sellers attempted to drive ETH below $2,500 but were unsuccessful.
Source: TradingView
ETH continued its bearish trajectory on Wednesday and Thursday as well, dropping by 1.49% and 3.52%, respectively, to settle at $2,569. However, ETH has a strong level of support at $2,500, which has prevented the price from dropping further. With buyers entering the market at this level, ETH was able to recover on Friday and rise to $2,594. The price climbed above $2,600 over the weekend, and despite facing considerable selling pressure on Sunday, bulls held out and kept ETH above $2,600.
The current session sees ETH marginally up, trading at $2,629. ETH is currently consolidating above $2,600 but faces intense levels of resistance, the first in the form of the 20-day SMA. The next resistance sits at $2,850. Should ETH climb above $2,700, it could attempt to push to $3,000. However, some analysts have warned of a potential drop below $2,000 by the end of the year. Should ETH dip below the support at $2,200 and $2,000, the analyst believes a drop to $1,500 could be on the cards.
Solana (SOL) Price Analysis
Solana (SOL) has seen a notable rebound over the weekend as buyers look to push the price above $145 and $150. However, SOL has struggled to push above the moving averages after it dipped below the 50 and 200-day SMAs on Sunday (August 11). Despite a strong start to the previous week, SOL could not push above the 200-day SMA. Buyers attempted a move above $150 but could not do so. By Tuesday, SOL had risen to $146.74, unable to push higher in the face of growing selling pressure at higher levels.
SOL fell back in the red on Wednesday after sellers thwarted yet another move above the 200-day SMA. As bulls lost momentum, bears were able to wrest control and push the price down by 2.01%to $143.79. SOL witnessed considerable volatility on Thursday as buyers attempted another move to $150 while sellers sought to drive SOL below $140. Sellers eventually won out but could not drive SOL below $140. Instead, it settled at $142, down by 0.82%. SOL finally dipped below $140 on Friday and fell to $139.14. However, it quickly reclaimed this level over the weekend, rising by 2.04% on Saturday and a further 0.36% on Sunday.
Source: TradingView
In fact, buyers made a strong push towards $150 on Sunday as SOL reached an intra-day high of $147. However, once again, sellers were able to push the price back down, although SOL did make marginal gains to end the weekend on a positive note. The current session sees SOL down marginally as buyers and sellers look to establish control. As mentioned earlier, SOL has strong support, around $140. If sellers can breach this level, SOL could drop to $130, which is another crucial support level. If SOL can rebound from this level, buyers will attempt to push above the moving averages and towards $160. However, should $130 be breached, it would indicate that the selling pressure is increasing, and SOL could retest the support between $110 and $115.
Polkadot (DOT) Price Analysis
Polkadot (DOT continued to struggle, spending most of the previous week in the red. DOT has been facing stubborn resistance at $5, with buyers unable to move past this level yet again. After dropping by almost 6% last Sunday, DOT started the previous week on a positive note, rising to $4.59. However, buyers lost steam, and DOT fell back in the red on Tuesday, falling by 0.87%. The price continued to decline, falling by 3.74% on Wednesday and a further 2.28% on Thursday to settle at $4.28. DOT has lower-level demand, and buyers stepped in on Friday, allowing it to register a marginal increase.
Source: TradingView
DOT remained positive over the weekend, rising by almost 2% on Saturday to settle at $4.37. Buyers attempted a move above $4.50 on Sunday, reaching a day high of $4.53 before sellers stepped in and pushed the price below $4.50. DOT eventually ended Sunday at $4.39. The current session sees DOT up by 0.68% and trading at $4.42. DOT has strong demand at lower levels. However, demand has dried up at higher levels, leading to it struggling to move above $4.50 and $5. If demand does not register a substantial increase, DOT could continue trading between $4 and $5 for the foreseeable future.
Despite DOT’s price struggles, the Polkadot ecosystem has seen significant developments, such as the introduction of Polkadot 2.0 and asynchronous backing.
Dogecoin (DOGE) Price Analysis
Dogecoin has held on to its support level of $0.100 as bulls and bears face off. DOGE is currently trading at a crucial level but has underperformed compared to the rest of the market. Looking at the price chart, we can see short candles indicating no clear dominance of buyers or sellers and growing uncertainty. DOGE started the previous week positively, rising to $0.107. However, the price fell back into the red on Tuesday, dropping to $0.106. Bearish sentiment persisted on Wednesday and Thursday, pushing the price down to its support level of $0.100. On Friday, sellers attempted to drive DOGE below its support level, but buyers held firm and attempted to push the price higher. However, neither could exert enough influence on the price.
Source: TradingView
The weekend was mixed as DOGE rose by 2.10% on Saturday before dropping by 2.05% on Sunday to settle back at $0.100. The current session sees DOGE still trading at its support level. If buyers take control of the session, they could attempt a move above the 20-day SMA. A break above the moving average could see the price test the resistance at $0.110. However, this outlook looks challenging, as buyers must first defend the $0.100 support level. Failure to do so could drive DOGE down to $0.090.
Ripple (XRP) Price Analysis
Ripple (XRP) has started the current week on a positive note, successfully pushing above the 20-day SMA as buyers look to establish control. XRP has also registered a jump in open interest, which crossed the $420 million mark, a 28% surge since August 5. XRP had been struggling to push above the 20-day SMA since falling below it on August 9. XRP dropped to a low of $0.546 on August 11 (Sunday) but started the previous week on a positive note. By Tuesday, it had risen to $0.577, but with sellers defending this level, it fell back in the red, dropping by 1.52% on Wednesday and a further 1.35% on Thursday to settle at $0.561.
Source: TradingView
With traders switching focus to altcoins, XRP registered a marginal increase on Friday and Saturday to settle at $0.566. Buyers attempted to push above the 20-day SMA as XRP reached an intra-day high of $0.584. Sellers pushed the price back down, and XRP eventually registered a drop of 0.49% to end the day at $0.563. However, the current session has seen buyers reestablish control, with XRP up almost 4%, having pushed above the 20-day SMA and trading at $0.585. If buyers can maintain momentum, the next target for XRP is the resistance at $0.60. A break above this level sets XRP up for a move to $0.65. However, should sentiment turn bearish, XRP could drop to the $0.55 support level.
SEI Price Analysis
SEI has continued on its bearish trajectory as it struggles to push above the 20-day SMA. The altcoin, which has been trading under the moving averages, is struggling to reclaim the $0.300 price level. Buyers attempted to push above this level on Monday (August 12) as SEI rose to $0.304. However, with sellers actively defending this resistance level and the 20-day SMA also coming into play, SEI fell into the red on Tuesday, spending the rest of the week being pushed down by the 20-day SMA. By Friday, SEI had dropped to $0.267 as sellers attempted to drive it below $0.25.
Source: TradingView
The price registered a slight recovery on Saturday, rising by 1.16%, but fell back in the red on Sunday after buyers failed to push SEI above the 20-day SMA. SEI ended Sunday at $0.266, down by 1.51%. The current session sees SEI down over 2% as sellers look to drive the price below $0.25. Should this level be breached, SEI could fall to $0.20. For any sustained upward momentum to occur, SEI must push above the 20-day SMA. A break and close above this moving average could set the price up to test the $0.30 resistance level.
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.
