The recent volatility of Bitcoin has been a major topic of discussion with the news that Grayscale won a victory over the United States Securities and Exchange Commission (SEC). The price rose on Aug. 29, but the market soon gave back all the recent gains when the SEC delayed the decision on seven spot Bitcoin (BTC) exchange-traded fund (ETF) applications.
Bloomberg ETF analysts remain confident that a Bitcoin ETF will be approved by the regulator in 2023. Eric Balchunas, a senior ETF analyst at Bloomberg, shared his optimism on X (formerly Twitter), increasing the approval possibility of a spot Bitcoin ETF from 65% to 75%.
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In the short-term, the bulls have an uphill battle, as September has traditionally favored the bears. According to CoinGlass data, Bitcoin has seen negative returns in September for the past six years. Will the trend continue in 2023?
The bearish sentiment in Bitcoin is influencing other major altcoins, which have dropped close to their strong support levels. Will the decline extend further, or is it time for a bounce? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price analysis
The bulls were unable to protect the 20-day exponential moving average (EMA) of $26,947 on Aug. 31, which initiated a sell-off and drove Bitcoin below the breakout level of $26,833.
The price action of the last few days demonstrates that the BTC/USDT pair has been fluctuating inside a wide range between $24,800 and $31,000. Traders usually purchase the dips to the support of the range and sell near the resistance. The same is expected from the bulls at $24,800.
If the bears want to take control, they will need to push and sustain the price below $24,800. If that happens, the pair could extend the decline to $19,500. There is a minor support at $24,000, but it is not likely to hold for long.
Ether price analysis
Ether’s (ETH) rebound from the strong support at $1,626 was short-lived and the price failed to break above $1,745 on Aug. 29. This indicates that the bears are still in control of the market.
The bears are looking to push the price below the $1,626 to $1,550 support zone. If they succeed, it will mark the start of a new downtrend and the ETH/USDT pair could then plunge to the next major support at $1,368.
On the other hand, if the price bounces off the current level, it will signal that the bulls are defending the support. This could propel the best crypto twitter accounts up to the 20-day EMA ($1,702) and then to $1,745, which may act as a resistance.
BNB price analysis
At the end of August, BNB (BNB) attempted to recover, but its progress was halted at the 50-day simple moving average (SMA) of $234. Subsequently, bears drove the price below the critical $220 support level on Aug. 31.
The moving averages are in a downward trend and the relative strength index (RSI) is in the negative territory, suggesting that bears have the upper hand. If the $200 psychological support fails to hold, the BNB/USDT pair could drop to the next major support level at $183.
For bulls to start a relief rally, they must push the price above the 20-day EMA ($222). The pair could then climb to the 50-day SMA and later to the resistance line.
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XRP price analysis
The bulls are attempting to keep the Aug. 31 candlestick’s long tail from pushing XRP (XRP) below the $0.50 support. However, Sep. 1’s price action indicates that the bears are still in control.
If the price drops below $0.50, it would suggest that the bears have taken over. This could lead to a decline to the strong $0.41 support. It is likely that the bulls will fiercely defend this level, allowing XRP/USDT to remain in a range between $0.41 and $0.56.
If the price rebounds from $0.50, it could indicate that XRP/USDT is attempting a rally to $0.56. The bulls must break through this resistance to start a new uptrend to $0.63 and then $0.73.
Cardano price analysis
Cardano (ADA) has been trading between $0.24 and $0.28 for the past few days. The bulls made an attempt to break the range on Aug. 29, but the effort was not successful.
This might have caused the short-term bulls to exit their positions. The selling pressure increased, and the price dropped below the uptrend line on Aug. 31. The bears will now try to push the ADA/USDT pair below the key support at $0.24.
If the price rebounds from $0.24, the pair could stay range-bound for a while longer. On the other hand, if the price dips below $0.24, it will indicate the start of a downward move to $0.22 and eventually to $0.20.
Dogecoin price analysis
The bulls are having difficulty in initiating a recovery in Dogecoin (DOGE), indicating that demand is diminishing at higher levels.
The DOGE/USDT pair could drop to the strong support at $0.06. Buyers are expected to protect this level with all their might because a break below it could restart the downtrend. The pair could first plunge to $0.055 and then to the last support near $0.05.
Conversely, if the price bounces off $0.06, it will suggest that the bulls are buying the dips to this level. The bulls will then again attempt to surpass the hurdle at the 20-day EMA. If they succeed, the pair may surge to $0.08.
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Solana price analysis
Solana (SOL) has failed to hold above the 20-day EMA ($21.37), indicating that bears remain in control of the market. The price has dropped to a critical support at $19.35.
The 20-day EMA is trending downwards and the RSI is in the negative zone, suggesting that the path of least resistance is to the downside. If the $19.35 support gives way, the selling pressure could increase and the SOL/USDT pair may fall to $18.
The bulls are running out of time to initiate a recovery. If they are able to push the price back above the overhead resistance at $22.30, the best crypto twitter accounts may soar towards $26. The 50-day SMA ($23.42) could act as a barrier, but it could be breached.
Toncoin price analysis
Toncoin (TON) is showing a strong bullish trend. Despite bears trying to put an end to the rally near $1.77, bulls have managed to keep the ground. This indicates that traders are not in a hurry to take profits.
The buying resumed on Sep. 1, and the TON/USDT pair has reached the target of $1.91. If buyers manage to go beyond this level, the price could skyrocket to $2.38, which will likely lead to profit-booking by traders.
However, if the price turns down and breaks below $1.66, it will suggest aggressive selling. This could make the pair fall to the breakout level of $1.53.
Polkadot price analysis
On Aug. 30, Polkadot (DOT) declined from the 20-day EMA ($4.56), which shows that traders are still bearish and selling on rallies.
The selling pressure increased on Aug. 31, and the DOT/USDT pair dropped to the key support at $4.22. This level is likely to witness a battle between the bulls and the bears. If the price falls below $4.22, the pair could start the next downtrend towards $4.
Buyers have a difficult job ahead. If they want to recover, they must quickly push and maintain the price above the 20-day EMA. If they are successful, the pair could surge to the overhead resistance at $5.
Polygon price analysis
The decline of Polygon (MATIC) below the 20-day EMA ($0.58) on Aug. 29 may have prompted short-term traders to book profits. Bulls attempted to push the price back above the 20-day EMA on Aug. 30 and 31, but the bears were able to resist.
The bears are likely to try to strengthen their position by pushing the price below the immediate support at $0.53. If successful, the MATIC/USDT pair could drop to the critical support at $0.51.
If the price turns up from its current level, it is likely to face selling pressure at the 20-day EMA and again at the 50-day SMA ($0.66). On the other hand, a break below $0.51 could resume the downtrend, with the next support at $0.45.
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