Bitcoin’s market dip below $60,000 suggests short-term weakness, yet long-term investors remain optimistic, as evidenced by continued withdrawals from exchanges.
The cryptocurrency is experiencing unpredictable and volatile movements within the $55,724 to $73,777 range. While the direction of the next breakout remains uncertain, long-term investors are maintaining a positive outlook. Data from CryptoQuant indicates that approximately 45,000 Bitcoins were withdrawn from exchanges on August 27, marking the third-largest outflow recorded.
Beyond Bitcoin, investors are also focusing on accumulating Ether, despite the current lacklustre price movements. Notably, popular analyst Satoshi Sniper pointed out on X that Ether whales have acquired 200,000 Ether, valued at around $540 million, over the past four days.
However, Bloomberg Intelligence senior commodity strategist Mike McGlone suggested in his latest analysis on X that the risk-asset race “may be over.” According to McGlone, Bitcoin peaked at 15 times the value of the S&P 500 (SPX) in the first quarter of 2020, and the high in 2024 was 14 times. He projects a possible 50% drop toward 7 times the value of the S&P 500.
Could Bitcoin plummet to $55,724, or will it climb to $65,000? How are the altcoins likely to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin’s failure to break above $65,000 on Aug. 25 suggests that demand dries up at higher levels. That started a pullback, which dropped below the moving averages on Aug. 27.
BTC/USDT daily chart. Source: TradingView
The bulls are trying to form a higher low at $58,000, but the relief rally is likely to face selling at the moving averages. If the price continues lower or turns down from the 20-day exponential moving average ($60,9046), it will suggest that bears remain in charge. The BTC/USDT pair may then slump to $55,724.
The moving averages are the near-term resistance levels to watch out for. If buyers overcome this hurdle, the pair may retest the $65,000 resistance. A break and close above this level will signal that the advantage has tilted in favour of the bulls.
Ether (ETH) Market Analysis
The Ether market turned down from the breakdown level of $2,850 on Aug. 24, indicating that the bears have flipped the level into resistance.
ETH/USDT daily chart. Source: TradingView
The selling picked up after the ETH/USDT pair closed below the 20-day EMA ($2,670) on Aug. 26. The bears will try to pull the price to solid support at $2,300. This is an important level to watch out for because a break below it may result in a retest of the Aug. 5 intraday low of $2,111.
If the price rises from the current level or rebounds off $2,300, it will signal demand at lower levels. That may keep the pair stuck inside the $2,300 to $2,850 range for a few days.
BNB Market Analysis
The BNB market has been trading inside a large range between $460 and $635 for several months, indicating buying on dips and selling on rallies.
BNB/USDT daily chart. Source: TradingView
Both moving averages have flattened out, and the RSI is just below the midpoint, indicating that the range-bound action may continue for some more time. If the price remains below the moving averages, the bears will try to sink the BNB/USDT pair to the $495 to $460 support zone.
On the contrary, if buyers push the price above the moving averages, the likelihood of a rally to $600 and thereafter to $635 increases. The next trending move will begin on a break above $635 or below $460.
Solana (SOL) Price Analysis
Solana turned down and plunged below the moving averages on Aug. 27, indicating that higher levels are attracting sellers.
SOL/USDT daily chart. Source: TradingView
The bulls will try to stall the down move in the $129 to $136 support zone. If the price bounces off the support zone, it is likely to face selling at the moving averages. If the price turns down and breaks below $129, the next stop is expected to be $116. Buyers will try to vigorously defend this level.
If bulls want to gain the upper hand, they will have to push and maintain the price above $164. The SOL/USDT pair may then climb to $189.
XRP Price Analysis
XRP has been trading between $0.64 and $0.54 for the past few days, indicating that the bulls are buying on dips.
XRP/USDT daily chart. Source: TradingView
The bulls will try to push the price above the moving averages. If they do that, the XRP/USDT pair may climb to the $0.64 overhead resistance. This is a formidable hurdle to cross, but if the bulls prevail, the pair may rally to $0.74.
Conversely, if the price turns down from the 20-day EMA ($0.58), the bears will make another effort to sink the pair below $0.54. If they succeed, the pair could start a decline toward $0.46.
Dogecoin (DOGE) Price Analysis
Dogecoin reversed direction from the 50-day SMA ($0.11) on Aug. 24 and broke below the 20-day EMA ($0.10) on Aug. 26.
DOGE/USDT daily chart. Source: TradingView
The DOGE/USDT pair will try to find support in the $0.10 to $0.09 zone. Buyers will have to push and retain the price above the falling wedge to suggest that the downtrend could be over. The pair may then attempt a rally to $0.14.
On the other hand, if the price plunges below the support zone, it will suggest that the bears remain in control. The pair may decline to the strong support at $0.08 and thereafter to the support line.
Toncoin (TON) Price Analysis
Toncoin turned down sharply from the 50-day SMA ($6.58) on Aug. 24 and broke below the $5.26 support on Aug. 26.
TON/USDT daily chart. Source: TradingView
Both moving averages have started to turn down, and the RSI is in negative territory, indicating that the bears have the edge. The TON/USDT pair is likely to drop to the crucial support at $4.72. Buyers will try to defend this level with all their might because if the support breaks, the pair will complete a bearish head-and-shoulders pattern.
This negative view will be invalidated in the short term if the price continues higher and breaks above the moving averages.
Cardano (ADA) Price Analysis
Cardano turned down and slipped below the 50-day SMA ($0.38) on Aug. 26, signalling that demand dries up at higher levels.
ADA/USDT daily chart. Source: TradingView
The ADA/USDT pair continued lower and broke below the 20-day EMA ($0.36) on Aug. 27. Minor support at the uptrend line, but if that breaks down, the pair may slide to $0.31.
Contrarily, if the price turns up from the current level or the uptrend line, the bulls will again try to drive the pair above the 50-day SMA. If they do that, the likelihood of a rally to the downtrend line increases. Buyers will have to clear this hurdle to signal a potential trend change in the near term.
Avalanche (AVAX) Price Analysis
Avalanche turned down from the resistance line of the descending channel pattern on Aug. 25, indicating that the bears are aggressively defending the level.
AVAX/USDT daily chart. Source: TradingView
The price has reached the 20-day EMA ($23.89), an essential level for the bulls to defend. If the price rebounds off the current level with strength, it will suggest buying on dips. That will improve the prospects of a rally above the channel. The AVAX/USDT pair may then climb to $33 and later to $37.
Alternatively, if the price breaks below the 20-day EMA, it will suggest that the pair may fall to $19.50, extending its stay inside the channel for some more time.
Shiba Inu (SHIB) Price Analysis
The failure of the bulls to sustain Shiba Inu above the 50-day SMA ($0.000015) attracted selling by short-term traders.
SHIB/USDT daily chart. Source: TradingView
The SHIB/USDT pair turned down from the 50-day SMA on Aug. 25 and broke below the 20-day EMA ($0.000014) on Aug. 27. Buyers are trying to take support at the uptrend line, but if the bears prevail, the pair may drop to $0.000012. This level is again expected to act as a strong support.
The bulls will have to push and maintain the price above $0.000016 to signal the start of a sustained recovery toward $0.000020.
