Bitcoin (Bitcoin) decline Back below 39,000 USD On August 2nd, this indicated that short-term traders were profiting after the price failed to close above $42,451.67.
However, as seen in late July, the lower level may attract buying again. Santiment’s data shows that Bitcoin is stored on the wallet address, storing 100 to 10,000 Bitcoins Rise to a record high It reached 9.23 million bitcoins on August 1. The previous record high for this group of investors was set on April 5, just one week before Bitcoin hit a record high of $64,854 on April 14.
Santiment emphasized that in the past four weeks, “the address has accumulated approximately 170,000 bitcoins.” A similar rate of purchases occurred in late December 2020, just before the start of the strong bull market in 2021.
CoinShares data shows that the assets under management of funds focused on Bitcoin have fallen $20 million last week, Fell for the fourth consecutive week. In the past month, Bitcoin funds have outflowed a total of 67.8 million U.S. dollars.
The data is not entirely bearish, as multi-asset funds attracted a cumulative inflow of US$7.5 million last week and US$11.9 million in the past month.
Can Bitcoin break through its range and lead the cryptocurrency market higher? Let’s study the charts of the top 10 cryptocurrencies to find out.
Table of Contents
Bitcoin/USD
Bitcoin broke through the upper resistance level of $42,451.67 on August 1, but the bulls were unable to maintain a high level. This shows that the bears are trying to maintain range fluctuations.
The upward sloping 20-day exponential moving average (36,968 USD) and the relative strength index (RSI) above 62 indicate that market sentiment is positive. If the price rebounds from the 20-day moving average, the bulls will try again to push the price higher and maintain it above $42,451.67.
If they succeed, this will mark the beginning of a new upward trend. The first goal of the upside will be to rise to the upper resistance zone of US$50,000 to US$51,500, and the shorts may form strong resistance again.
If the price falls from the current level and breaks below the $36,670 support level, this bullish view will be invalidated. This will indicate that the BTC/USDT pair can consolidate between US$28,805 and US$42,599 for a few more days.
Ethereum/USDT
Ether (Ethereum) Breaking through the downtrend line on July 31, invalidating the descending triangle pattern. From the long wick on the candlestick of the day, it can be seen that the bears sold at a higher level on August 1, but the positive sign is that the bulls did not allow the price to fall below the downtrend line.
The upward sloping 20-day EMA ($2,273) and the RSI in the overbought zone indicate that the bulls are in control. The ETH/USDT currency pair may now rebound to the psychological level of $3,000, and the bears may once again form strong resistance here.
Contrary to this assumption, if the bears pull the price back below the 20-day moving average, they may trap aggressive bulls. This may lead to the liquidation of long positions, which may cause the currency pair to fall to $2,000 and then to the key support level of $1,728.74.
BNB/USDT
Binance Coin (Bitcoin) Rose above the upper resistance level of $340 on August 1, but the long wick on the candlestick that day indicates that the bears are trying to defend this level.
Although the price fell below $340 on August 1, the positive sign is that the bulls did not give up too much. If the price consolidates between the moving average and 340 USD, it will improve the prospect of breaking through 340 USD.
If this happens, the BNB/USDT pair will complete a bullish ascending triangle pattern. The target for this setting is US$454.58, but it may not be easy to climb because the bears will set up roadblocks at US$380 and US$433.
The downside is that if the bears push the price below the moving average, the currency pair may fall to the trend line. This is an important support that needs attention, because if it breaks, the next stop may be $211.70.
ADA/USDT
Cardano (have) Rose above the downtrend line on August 1, but the long wick on the candlestick that day shows that the bears are actively defending the resistance level.
The 20-day moving average rose slightly ($1.27) and the RSI above 56 indicates that the bulls have a slight advantage. If buyers can push the price higher and maintain it above the downtrend line, the descending triangle pattern will fail.
The ADA/USDT currency pair may rise to 1.50 US dollars, and short positions may once again pose a serious challenge. If buyers can overcome this resistance, the currency pair may begin to move towards $1.94.
If the price falls and breaks below $1.20, this positive view will be rejected. This may open the door for a further decline to $1.14 and $1.
Ripple/USDT
Ripple The past few days have been consolidating near the upper resistance level of $0.75, which shows that the bulls are not profitable because they expect the rebound to expand further.
The moving average has completed a bullish crossover and the RSI is above 63, indicating that the path of least resistance is to the upside. If the buyer pushes and maintains the price above US$0.75, the XRP/USDT pair will complete the double bottom model with a target target of US$1.
If the bulls fail to maintain the price above $0.75, short-term traders may close their positions. This may drag the currency pair down to the moving average. A break below the support level will indicate that the currency pair may extend its stay in the range of US$0.50 to US$0.75 for a few more days.
Dogecoin/USDT
Dogecoin (dog) Over the past few days, it has been consolidating near the upper resistance level of $0.21. This shows that there is uncertainty between bulls and bears.
A flat 20-day EMA ($0.20) and an RSI near the midpoint indicate that supply and demand are in balance. Usually, a tight consolidation near strong resistance will lead to an upside. If the buyer pushes the price to the resistance zone of US$0.21 to the 50-day simple moving average (US$0.22), the DOGE/USDT currency pair may rise to US$0.28 and then to US$0.33.
Conversely, if the bulls fail to clear the overhead barrier, they may attract profit bookings. Then the currency pair may gradually decline to the key support level of $0.15. A rebound from this level may allow the currency pair to stay between US$0.15 and US$0.21 for a period of time.
DOT / USDT
Between June 22 and July 8, the $16.93 level has been a strong resistance, but the bulls pushed Polkadot (point) Is above it on August 1, which is a positive sign.
The moving average is on the verge of a bullish crossover, and the RSI is slightly below the overbought zone, indicating that buyers have the upper hand. If the bulls flip over 16.93 USD to find support, the DOT/USDT currency pair may continue to rise to 26.50 USD.
On the other hand, if the bears pull the price below 16.93 USD, the currency pair may fall to the 20-day moving average (15.21 USD), which may play a supporting role. If the price rebounds from this level, buyers will try again to resume the relief rebound. A break and close below the 20-day moving average may lead to a retest of $13.
UNI / USDT
Long wick on Uniswap (United Nations University) The candlestick on August 1 shows that the bears are defending the upper resistance of $23.45, but the positive sign is that the bulls have not given up too much.
The moving averages have completed a bullish crossover and the RSI is close to the overbought zone, indicating that buyers have the upper hand. Breaking through USD 23.45 will clear the way for a possible rebound to USD 30.
If the price drops from the above resistance again, the UNI/USDT currency pair may find support at the 20-day moving average ($19.55). If the price rebounds from this support level, it will improve the prospect of breaking through the $23.45 level.
Conversely, if the price falls and breaks below the moving average, it indicates that range fluctuations may continue for several days.
related: Michael Saylor says there is no reason not to hold Bitcoin for 100 years
BCH/USDT
Bitcoin Cash (Bitcoin cash) Has been trading between the 50-day moving average ($498) and the upper resistance level of $546.83 for the past four days. The tight consolidation near strong resistance indicates that buyers will not close their positions in anticipation of higher prices.
If the bulls maintain the price above US$546.83, the BCH/USDT pair will complete the double bottom mode. The target set for this bullish reversal is $710.13. The moving average is on the edge of a bullish crossover and the RSI is in the positive zone, which indicates that the path of least resistance is to the upside.
If the price falls from the current level and breaks below the moving average, this bullish view will be invalid. This move will indicate that the currency pair may extend its range between US$383.53 and US$546.83 for a few more days.
Link/USDT
The bulls pushed Chainlink (Associate) Is higher than the upper resistance level of 22.07 USD on July 30, but the bears do not allow buyers to rebound out of control.
The bears tried to pull the price back below 22.07 USD, but the bulls have maintained support for the past three days. The moving average has completed a bullish crossover and the RSI is close to the overbought zone, indicating that buyers have the upper hand.
If the bulls push the price above $24, the LINK/USDT pair may rise to $26.48. Breaking this resistance level may clear the way for a possible rebound to $32.
Or, if the price drops below 22.07 USD, the currency pair may fall to the 20-day moving average (19.17 USD). A strong rebound from this support level will indicate that market sentiment remains optimistic, as traders are buying on dips. The bears must push the price below the moving average to gain the upper hand.
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Market data by Bitcoin exchange.
