Bitcoin (BTC) failed to stay above $64,000 as slight losses pushed the price below $63,000. Other major cryptocurrencies, including Solana (SOL), Ethereum (ETH), and Ripple (XRP), also registered marginal losses despite witnessing an increase over the weekend.
Meanwhile, AI-related tokens have registered notable increases over the past 24 hours, with Artificial Superintelligence Alliance’s FET and Bittensor’s TAO leading market gains, rising by 8.8% and 4.7%, respectively, buoyed by NVidia’s anticipated earnings report.
Can Bitcoin (BTC) Shed September Hoodoo?
Bitcoin (BTC) has made a strong recovery since it dipped below $49,000 in early August but hit a hurdle during the previous session, as its price dipped marginally. Historically, September has always been a low month for BTC. If you consider this historical aspect, recovery in September is a bit of a stretch. According to data from CoinGlass, BTC has dropped an average of 4.78% in September since 2013, with the cryptocurrency witnessing a positive monthly gain only in 2023 if we look at the past seven years.
However, investors have continued to purchase Bitcoin-related exchange-traded products (ETPs), with data from CoinShares showing Bitcoin-related ETPs registered $543 million worth of inflows in the previous week. BTC has been trading in a wide range of $55,000 to $73,500, indicating that bulls and bears are fighting for control.
Good News For Crypto
Federal Reserve Chair Jerome Powell has indicated that the central bank has plenty of room to cut interest rates. The consensus on Wall Street is that the Fed will lower overnight borrowing costs from 5.33% to 3.33% over the next 18 months. The rate cut will allow businesses, households, and asset managers to borrow more freely as liquidity becomes readily available.
While major tokens jumped over the weekend, they registered losses as the week began, with BTC slipping below $63,000, ETH dropping below $2,700, and SOL also registering a marginal drop. However, TRX has registered an almost 14% increase as a meme coin frenzy adds to demand for the token. Lucy Hu, a senior analyst at Metalpha, stated,
“As inflation is more or less under control now, the market focus will shift to the labor market and on whether the Fed will successfully deliver a soft landing for the US economy. We expect the market sentiment will continue to improve in the next few months as rate cuts are on the way while the economy stabilizes and potential crypto-friendly policies if Trump gets elected.”
AI Tokens Surge Ahead Of Nvidia Earnings
AI tokens led the markets on Monday as traders poured money into them with anticipation around Nvidia’s earnings report. Nvidia is set to release its numbers on August 28, and traders have poured funds into Artificial Superintelligence Alliance’s FET token and Bittensor’s TAO token. FET has been up almost 9% over the past 24 hours, while TAO has been up almost 4% over the same period.
Analysts have predicted this quarter’s earnings to be substantial, with earnings of 65 cents per share—a whopping 141% increase from the previous year. Revenue is also expected to hit $28.72 billion, up 113% compared to the year prior. This quarter is expected to mark the fifth consecutive quarter of triple-digit growth, with the tech sector expected to perform strongly for the rest of the year.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has remained under pressure despite spot Bitcoin ETFs witnessing massive inflows. BlackRock’s iShares Bitcoin Trust (IBIT) registered a staggering $224 million worth of inflows. Besides BlackRock’s IBIT, Franklin Bitcoin ETF and WisdomTree Bitcoin Fund registered $5.5 million and $5.1 million worth of inflows. However, Ark 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, CoinShares Valkyrie Bitcoin Fund ETF, and Grayscale’s ETF products recorded zero net inflows on Monday. Bitwise Bitcoin ETF recorded substantial outflows totaling $16.6 million, while Fidelity Wise Origin Bitcoin Fund and VanEck Bitcoin ETF remained in the red, recording outflows of $8.3 million and $7.2 million, respectively.
However, despite positive spot Bitcoin ETF numbers, BTC has remained under pressure. The world’s premier cryptocurrency surged to a day high of $65,000 on Friday but has since dipped, with selling pressure taking the price below $63,000. The dip also caused a drop in open interest. Analysts have speculated that the noticeable drop in open interest for BTC indicates traders are pivoting towards altcoins, which have recorded a negligible dip in open interest.
Source: TradingView
As we can see in the price chart, BTC rebounded from the 20-day SMA on Wednesday, reaching $61,130. Thanks to the 50-day SMA acting as resistance, the price dipped on Thursday. However, bullish sentiment picked up on Friday, with BTC registering a 5.97% increase, allowing it to push above the 50 and 200-day SMAs and settle at $64,032. The price could only register a marginal increase on Saturday thanks to strong selling pressure at higher levels. Sellers attempted to push BTC below the 200-day SMA on Sunday, but buyers could thwart the move and push BTC back above $64,000 as demand picked up at lower levels.
Bearish sentiment prevailed on Monday as sellers took control and pushed BTC back below the 200-day SMA to $62,903, with the resistance at $65,000 proving to be a bridge too far for buyers. The current session sees BTC marginally down as bears look to extend their dominance and push BTC toward the 50-day SMA. So what next for BTC? Buyers held their ground over the weekend and prevented a drop below the 200-day SMA. However, that changed on Monday as BTC dipped below $63,000, indicating that sellers had the upper hand. For BTC to recover, buyers must ensure it stays above the 50-day SMA. If BTC dips below this level, it could drop to $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has dropped over 2% in the past 24 hours as it continues to struggle above $2,700. ETH faces strong resistance at the $2,850 level and has struggled to remain above $2,700 thanks to weak demand. ETH broke above the 20-day SMA on Wednesday when it rose to $2,631. After a marginal dip on Thursday, ETH made a strong recovery on Friday, rising by 5.36% and settling above $2,700 at $2,764. Buyers attempted a push to the $2,850 resistance level on Saturday as ETH reached a day high of $2,820. However, they were unsuccessful as sellers forced the price back down. ETH eventually registered only a marginal increase on Saturday.
Source: TradingView
Sellers took control on Sunday, with ETH dropping by 0.75%. Crucially, buyers were able to hold their ground and prevent a drop below $2,700. That changed on Monday as ETH dropped by 2.42%, slipping below $2,700 and settling at $2,682. The current session sees ETH trading at $2,685 as buyers and sellers struggle to establish control. If ETH stays above the 20-day SMA, it would indicate that investors are buying the dip. This would hint at ETH possibly rallying above the $2,850 level and potentially test the 50-day SMA. If ETH can close above the moving average, it would suggest the recent downtrend is over.
However, if ETH continues to drop and dip below the 20-day SMA, bears are still in control. ETH could dip to its $2,500 support level in such a scenario.
Solana (SOL) Price Analysis
Solana (SOL) is struggling to break above the resistance at $160, with sellers actively defending the level. Buyers have made four attempts to push above this level since Friday, with sellers successfully pushing the price back down each time. SOL put up a strong showing going into the weekend, surging over 7% on Friday to move above the 20 and 200-day SMAs and the $150 level to settle at $153. Buyers remained in control on Saturday, pushing SOL to $160.78. However, with sellers expected to defend this level, buyers lost steam and could not go higher.
Source: TradingView
As a result, SOL fell back in the red on Sunday, dropping by 1.04% to $159.10. Sellers attempted to drive SOL below $150, but the price rebounded from the 50-day SMA and settled at $159. Monday saw SOL register a further dip as it dropped by 1.18% and settled at $157, as buyers successfully kept the price above the 50-day SMA. Buyers also attempted to move past $160 on Monday, as SOL reached an intra-day high of $162.13. However, sellers could retake control and push DOT back below $160. The current session sees SOL marginally up, with buyers attempting another move above $160. However, so far, sellers have actively held on to the level.
If SOL can break above the $160 resistance, it could surge past $180 and set itself up for a push towards $200. However, if sellers regain control and SOL dips below the 50-day SMA, we could see the price crash back to $150.
Dogwifhat (WIF) Price Analysis
Digwifhat (WIF) ’s recent surge has stopped after it failed to establish itself above the 50-day SMA and $2, as sellers aggressively defended both levels. WIF had been on an upward trajectory since dipping to a low of $1.38 on Sunday (August 18). It had pushed above the 20-day SMA by Thursday and settled at $1.61. WIF registered a significant increase of almost 14% on Friday, surging to $1.84. Bullish sentiment persisted on Saturday, with WIF posting an increase of almost 7% despite strong selling pressure. Buyers attempted a move above $2 but could not, and WIF eventually settled at $1.96.
Source: TradingView
However, buyers lost steam on Sunday, allowing sellers to retake control, pushing WIF down by just over 3% to $1.90. Bearish sentiment persisted on Monday as WIF began the current week with a drop of 7.32%, settling at $1.76. The current session sees WIF marginally down as sellers attempt to push the price back below the 20-day SMA. Should WIF continue dropping, it could drop to $1.50 or below.
Polkadot (DOT) Price Analysis
Polkadot (DOT) ’s recent recovery hit a roadblock over the weekend as sellers took control of the market on Sunday to drive DOT back towards $4.50. However, buyers are attempting a recovery during the current session, as we can see in the price chart. DOT had dipped to $4.28 on August 15 but had since been steadily rising towards $5 until this weekend. As DOT began its steady and consistent upward trajectory, it pushed above the 20-day SMA on Wednesday after an increase of 3.32%, which allowed it to move to $4.67. DOT registered a marginal increase on Thursday and a substantial increase of 4.26% on Friday to settle at $4.89.
Source: TradingView
Market watchers grew optimistic about a return to the $5 level for DOT after a strong showing on Saturday, which let DOT settle at $4.98. Buyers attempted a move above $5, as DOT recorded a day high of $5.11, a level not seen since the beginning of August. However, sellers pushed DOT back below $5 to $4.98. While many expected DOT to continue its upward trajectory, sellers had other plans. As buyers lost steam on Saturday, sellers took control on Sunday, driving DOT down by just over 3% to $4.83. Bearish sentiment persisted on Monday as DOT dropped by 5.59% and fell to $4.56, dipping below the 20-day SMA as well. However, DOT has recovered during the ongoing session and is currently up by 1.75%, moving back above the 20-day SMA and trading at $4.64.
So, can DOT’s recovery get back on track? Yes, if buyers can keep it above $4.50 and the 20-day SMA. If DOT recovers from this level, it means traders are buying the dip, and DOT could retest $5 if they retain control. However, should sentiment change and DOT drop below $4.50, it could fall back to $4.20 or $4.
Celestia (TIA) Price Analysis
Celestia (TIA) has continued its downward trajectory since being rejected from $6 over the weekend. TIA had surged on Friday, breaking above crucial resistance levels and moving averages after a 12.46% increase to settle at $5.92. An increase of 2.13% on Saturday allowed TIA to climb above $6, a crucial resistance level, and settle at $6.05. However, buyers lost steam in the face of intense selling pressure at higher levels, allowing sellers to take control on Sunday. As a result, TIA fell by 5.94%, slipping back below $6 and settling at $5.69.
Source: TradingView
TIA continued to drop on Monday, falling a further 4.50% to $5.43, slipping below the 50-day SMA and $5.50. The current session sees TIA remain in the red, having slipped below the 20-day SMA and trading at $5.38. If sellers continue to retain control, they will look to drive TIA down to $5, a level that buyers will defend to prevent a further drop. It is evident sellers have the upper hand for the time being, and if TIA dips below $5, a further drop to $4.50 or $4 cannot be ruled out.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) has been surging since dropping to a low of $19.79 on August 15, with the price rebounding strongly. As a result, AVAX surged past the 20-day SMA on August 20 and past the 50-day SMA on Thursday (August 22). The 7.14% increase on Thursday also saw AVAX push above $25. AVAX remained in the green on Friday, rising by just over 5% to settle at $26.52. Buyers attempted a push towards $30 on Saturday as AVAX reached a day high of $28. However, with sellers active at higher levels, buyers lost steam, and the price eventually settled at $27.13 after a 2.29% increase.
Source: TradingView
AVAX fell back into the red on Sunday, registering a marginal drop as sellers attempted to drive the price below $25. Selling pressure intensified on Monday, as AVAX dropped almost 4% to $25.95. However, the price is back in the green during the current session as buyers attempt to consolidate above $25 and push back toward $28.
Toncoin (TON) Price Analysis
Toncoin (TON) has lost a staggering 21% over the past week as its value plummeted following the arrest of Telegram founder Pavel Durov. More bad news for TON is that French authorities have charged Durov with complicity in multiple criminal activities and failing to provide cryptographic access per the authorities’ demands. TON plummeted following news of Durov’s arrest on August 24, dropping almost 12%, slipping below crucial support levels and wiping out considerable gains made over the previous week. TON continued to drop over the weekend, falling to a low of $5.26 before demand at lower levels enabled a recovery of sorts. Despite this, TON fell by almost 3%, settling just above the 200-day SMA at $5.76.
Source: TradingView
Buyers attempted a recovery on Monday as TON rose to a day high of $5.99, almost regaining the $6 level. However, sentiment changed, and sellers retook control, driving TON down by nearly 11% to $5.14. The drop also saw TON slip below the 200-day SMA and the $5.50 support level. The current session has seen buyers enter the market, indicating lower-level demand. TON is currently up by just over 6% and trading around the $5.45 mark. If buyers continue to enter the market, TON could push back above $5.50 and attempt to reclaim the levels above the 200-day SMA. However, TON could slump back to $5 if sentiment changes again.
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.
