Bitcoin (BTC) briefly fell below $68,000 thanks to bulls driven by the prospect of a crypto-friendly government coming into power after the elections. Digital assets have seen stable markets. However, BTC may require significant momentum to surpass $70,000.
The recent rally of BTC has hit the $68,200 level, indicating that bearish sentiment is selling into rallies. Bears will attempt to push BTC below $66,000, potentially causing a significant drop.
Bitcoin (BTC) Hits Barrier at $68,000
Bitcoin (BTC) has seen declines in the past two sessions, with sellers weighing on the asset’s price. Despite the drop, BTC made a strong recovery during the week. Additionally, data from CoinShares showed significant inflows of $1.35 billion into digital asset investment products last week. Total inflows recorded over the past three weeks now amount to $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. Nevertheless, analysts are optimistic that BTC will overcome selling pressure and set a new all-time high. BTC briefly surpassed $68,000 on Monday, reaching a daily high of $68,295. Currently, traders are bullish, primarily due to favorable election results in the US, which also saw increases in other major altcoins like ETH and SOL. Meme tokens like DOGE recorded an impressive 8% jump. BTC, already on an upward trajectory, saw further gains on Sunday after President Joe Biden announced he would not run in the upcoming US elections. According to some, Biden’s withdrawal could lead to a more favorable stance towards cryptocurrencies, regardless of who ends up in the White House.
“Biden’s withdrawal opened up a possibility where, regardless of who ends up in the White House, the US government adopts a more constructive stance towards the digital asset industry after November. Whether Harris or any other candidate will follow such a path remains to be seen, but the optional choice that was almost nonexistent 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 from the 50-day SMA on Friday after marginal declines on Thursday and faced significant volatility. Buyers managed to overcome bearish sentiment to record a 4.10% increase, taking BTC above the critical $65,000 threshold to reach $66,652. Buyers also pushed for $68,000, but were unsuccessful due to selling pressure at higher levels. The weekend saw BTC record marginal gains on Saturday before increasing by 0.84% on Sunday to finish the weekend at $67,654. However, BTC also faced significant selling pressure on Sunday, pushing the price to a daily low of $65,730. With sellers defending resistance at $68,000, BTC will face a challenging time pushing above this level.
Source: TradingView
The current week started with buyers attempting to surpass $68,000 once again. However, sellers managed to push the price back down, with BTC dropping to lows of $66,610 before recovering and stabilizing around $67,597. The current session sees BTC declining by 1.22% as sellers try to push the price below $66,000.
BTC has established a strong support level at $66,000, with sellers unable to push the price lower at the moment, thanks to strong buying demand. However, they have managed to defend the resistance level so far. Buyers will aim to keep BTC above $66,000. However, if this support level breaks, the price could fall towards the 50-day SMA ($63,772). A bounce from this level could indicate buyers stepping in on dips and could see bulls making another attempt to surpass $68,000. A break above this level could see BTC rise towards $70,000 or $72,000. However, if BTC falls below the 50-day SMA, it would indicate that sellers are in control.
Price Analysis of Ethereum (ETH)
The Securities and Exchange Commission approved a spot Ethereum ETF, meaning funds could start trading as early as this week. The approval is also expected to significantly impact ETH’s price, with some expecting it to surpass $4,000, a level not seen since March. For now, the target for ETH remains a move above $3,500, which has proven to be a persistent resistance level. ETH pushed above the 50-day SMA on Friday after a 2.35% increase, bringing it to $3,507. With sellers defending this level, ETH recorded only marginal gains on Saturday.
While ETH managed another marginal increase on Sunday, it faced significant selling pressure. As a result, ETH dropped to a daily 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 reducing the price by 2.67% to $3,443. The current period shows ETH slightly decreased, with sellers having thwarted another push towards $3,500.
Source: TradingView
The push of ETH towards $3,500 failed mainly due to lack of demand at higher levels. Sellers are now trying to push ETH below the 50-day SMA. If successful, ETH could drop towards the 20-day SMA. Bulls must defend this level at all costs because a drop below it could open the doors for a slide towards $3,000. Buyers need to ensure that ETH remains above the 50-day SMA and surpasses $3,500. If buyers succeed, ETH could make a move towards $3,700 and then $4,000.
Price Analysis of Solana (SOL)
The incredible rally of Solana (SOL) has paused over the last two sessions, with bears staunchly defending the $185 resistance level, as expected. SOL has seen significant gains since reaching lows of $134 on July 13, conquering several critical resistance levels. After a minor retreat during the previous week, SOL rose by 6.30% on Friday, reaching $169.29. The Ethereum killer continued to be bullish over the weekend, gaining 2.62% on Saturday and another 6.20% on Sunday to finish the weekend just below the $185 resistance.
Source: TradingView
However, bearish sentiment prevailed on Monday as sellers pushed SOL down by 2.96% to $179. The current session also sees SOL in the red, currently trading at $174.95, a decline of over 2%. If sellers continue to exert influence, we could see SOL drop to $170 where the price may stabilize. If the price can recover from this level, it could attempt to test the resistance at $185 again. A break above this level could open the doors for a move above $200.
Price Analysis of PEPE
PEPE saw a sharp jump early last week, rising 23% on Monday and nearly 9% on Tuesday. As a result, it crossed both the 20-day and 50-day SMAs and settled at $0.0000124. However, since then, the popular meme coin has shown mixed performance as sellers try to push the price back below the 50-day SMA. Consequently, PEPE faced significant selling pressure on Wednesday, marking a decline of over 7%. It saw marginal losses on Thursday before sharply rising again on Friday, increasing by over 10% and settling at $0.0000127.
Source: TradingView
However, PEPE turned bearish over the weekend, declining by 4.32% on Saturday before registering an increase of nearly 3% on Sunday to finish the week at $0.0000125. The current week started with bearish sentiment returning as PEPE dropped by almost 6% on Monday. During the current period, the meme coin is down by 1.53%, with sellers maintaining firm control. If selling pressure continues, PEPE could fall below the 50-day SMA. Such a scenario would open the possibility for the price to drop towards the 20-day SMA.
Price Analysis of Celestia (TIA)
Celestia (TIA) was one of the biggest gainers over the weekend, with analysts hoping it would eventually break above $7.20. TIA had retreated to $6.18 on Thursday but bounced back from the 20-day SMA, posting an increase of nearly 4% and settling at $6.41. Buyers attempted to push TIA above $7 on Saturday, with the price reaching as high as $6.80. However, selling pressure at this level caused the price to retreat, ultimately registering a 1.93% increase to settle at $6.54. TIA recorded a significant surge of 11.39% on Sunday, pushing the price above $7 and settling at $7.20.
Source: TradingView
However, bulls were unable to sustain their momentum, and TIA fell back into the red on Monday, marking a 0.81% decline. The current session sees TIA down by almost 4% and trading below $7. A bullish MACD could signal a return of bullish sentiment following a brief correction. Traders may hesitate to push above current levels without a specific catalyst. If sellers continue to dominate the session, TIA could fall to the 20-day SMA. However, if the price turns positive, we could see TIA consolidating above the 50-day SMA before attempting another push above $7.
Price Analysis of Helium (HNT)
Helium (HNT) recorded an incredible increase of nearly 40% last week, largely due to a significant milestone achieved by Helium Mobile, reaching 100,000 subscribers since its launch. The news propelled the token to levels not seen since May, surpassing $5. HNT has been bullish since the beginning of last week, reaching $4.44 on Friday after a nearly 6% increase. HNT recorded a 1.64% increase on Saturday and 8.63% on Sunday to close 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 surpass $5.50. However, they couldn’t achieve it, managing to reach a high of $5.32 before buyers pushed the price lower. HNT managed to stay above $5, eventually settling at $5.12. The current session sees the price declining by almost 1%, with sellers in control. A look at the RSI indicates why the price may have dropped. As we can see, the RSI has firmly entered overbought territory, suggesting a potential short-term correction. A bullish MACD signals prevailing bullish sentiment around HNT. If buyers can maintain the price above $5, HNT could move towards $5.50 after a consolidation period. However, if the price continues to fall, we could see a significant decline towards the 20-day SMA.
Price Analysis of Ripple (XRP)
Ripple (XRP) experienced a sharp decline on Thursday after bulls pushed the price above $0.60 on Wednesday. Strong selling pressure led XRP to drop by 9% on Thursday, falling below $0.60 and settling at $0.57. However, bulls couldn’t 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 record a 0.54% increase to $0.57 on Friday, as evident from the long tail on the price chart.
XRP recorded an impressive 3.61% increase on Saturday, rising to $0.59. On Sunday, XRP withstood significant selling pressure, dropping to a low of $0.57. However, buyers once again managed to overcome selling pressure at lower levels, resulting in a 0.67% increase. The current week started with XRP rising to $0.60 after a 1.76% increase. The current session sees XRP back in the red as sellers attempt to push it 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 moving towards $0.70 as well. However, sellers are expected to strongly defend these levels, and we could see significant showdowns between buyers and sellers. If XRP cannot surpass $0.70, it will continue trading between $0.56 and $0.65.
Akash Network (AKT)
Technical indicators suggest that Akash Network (AKT) is facing significant selling pressure since Sunday. AKT has been trading between $3 and $4 since early July, with the price unable to exceed $4. AKT started the previous week positively, reaching $3.68 on Tuesday. However, with the decline below the 50-day SMA, AKT turned bearish on Wednesday after facing significant selling pressure. As a result, AKT dropped to a low of $3.30 before recovering to $3.55, a decline of 3.61%. AKT continued to decline on Thursday, falling to $3.42 after a 3.57% drop.
Source: TradingView
With support levels holding once again, allowing AKT to recover on Friday and Saturday and push back above $3.50 to settle at $3.61. However, AKT declined on Sunday, marking a 1.19% drop to close the weekend at $3.57. The current week started with sellers still in control. Buyers made a strong push towards $4, with AKT reaching a daily high of $3.77, but strong resistance forced the price to retreat. AKT ultimately closed Monday with a 0.98% decline. The current session sees AKT falling slightly more than 2% as sellers make another attempt to push the price towards $3.
Disclaimer: This article is provided for informational purposes only. It is not intended as and does not constitute legal, tax, investment, financial, or other advice.
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