Buyers are finding it challenging to maintain Bitcoin’s sharp recovery from 8 August, suggesting that sellers are still active at higher market levels.
Bitcoin is nearing a potential death cross, where the 50-day simple moving average (SMA) drops below the 200-day SMA. Although this pattern is typically seen as bearish, analyst Timothy Peterson pointed out on X that Bitcoin has shown a median gain of 18% within two months following the eight death crosses since 2015.
Bitcoin whales appear to be anticipating a bullish trend. Those holding between 10 and 1,000 Bitcoin made significant purchases on 5 and 6 August. However, this optimism wasn’t shared by spot Bitcoin exchange-traded fund (ETF) investors, who sold during those two days, leading to a net outflow, according to data from Farside Investors.
The panic selling and the subsequent recovery in Bitcoin in the past few days suggest that the bulls and the bears are battling it out for supremacy. The price action is likely to remain volatile in the near term until a new directional move begins.
Will buyers drive Bitcoin toward $70,000, or could bears pull the price to $55,000? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The bears pulled Bitcoin market below $55,724 on Aug. 7, but the bulls bought the dip and pushed the price to the moving averages on Aug. 8.
BTC/USDT daily chart. Source: TradingView
The bears are unwilling to give up without a fight and are defending the moving averages. If the price continues to be lower than the current level, the BTC/USDT pair could retest the solid support at $55,724.
Instead, if buyers do not give up much ground from the moving averages, it will suggest that every minor dip is being purchased. That will improve rally prospects to the $70,000 to $73,777 resistance zone.
Ether (ETH) Market Analysis
Ether turned sharply on Aug. 8 and broke above the 38.2% Fibonacci retracement level of $2,602, indicating solid buying at lower levels.
ETH/USDT daily chart. Source: TradingView
Buyers will try to extend the recovery to the breakdown of $2,850, which is expected to behave as a stiff resistance. If the price turns down from $2,850, it will suggest that the bears are trying to flip the level into resistance. The ETH/USDT pair could then turn down toward $2,111, where buyers will try to arrest the decline.
Buying near $2,111 and selling close to $2,850 could result in a range-bound action for a few days. The bulls will return to the driver’s seat on a break above the 50-day SMA ($3,197).
BNB Market Analysis
The failure of the bears to sink BNB below the $460 level attracted buyers, who pushed the price above $495 on Aug. 8.
BNB/USDT daily chart. Source: TradingView
The downsloping 20-day EMA ($533) and the RSI in the negative territory suggest that the bears are advantageous. Sellers will try to pull the price back below $495 and retest the critical support at $460.
A break and close below $460 will signal the start of a downtrend. The BNB/USDT pair could plunge to $400 and, after that, to $360. On the contrary, a break above the moving averages will extend the stay inside the range for some more time.
Solana (SOL) Price Analysis
Solana rallied and closed above the 20-day EMA ($157) on Aug. 8, indicating solid buying at lower levels.
SOL/USDT daily chart. Source: TradingView
The flattish 20-day EMA and the RSI near the midpoint suggest that the SOL/USDT may continue consolidating for the next few days. If the price is maintained above the 20-day EMA, the SOL/USDT pair could reach an overhead resistance of $189. This level is expected to pose a solid challenge to the bulls.
On the downside, a break and close below the moving averages will suggest that the bears are selling on rallies. The pair could then slump toward $116.
XRP Price Analysis
XRP soared above the moving averages and reached the overhead resistance of $0.64 on Aug. 7, signalling aggressive buying by the bulls.
XRP/USDT daily chart. Source: TradingView
The bears are trying to stall the up move at $0.64, but a minor advantage in favour of the bulls is that they have not allowed the price to dip below the 20-day EMA ($0.57). If the price turns up from the current level, it will improve the prospects of a rally above $0.64. The XRP/USDT pair may then reach $0.74.
Conversely, a break and close below the 20-day EMA will signal that the pair may remain stuck between $0.41 and $0.64 for a while longer.
Dogecoin (DOGE) Price Analysis
Dogecoin remains in a downtrend, but the bulls are trying to start a recovery to the moving averages.
DOGE/USDT daily chart. Source: TradingView
Buyers will likely face stiff resistance at the breakdown level of $0.12, but if they prevail, the DOGE/USDT pair could rally to $0.14. The bears are expected to defend this level with vigour.
The $0.09 support is an essential level to watch on the downside. If bears tug the price below $0.09, the pair may drop to the crucial support at $0.08, which is likely to attract strong buying by the bulls.
Toncoin (TON) Price Analysis
Toncoin picked up momentum on Aug. 8 after breaking above the 50% Fibonacci retracement level of $5.81.
TON/USDT daily chart. Source: TradingView
The bulls continued their buying on Aug. 9 and pushed the price above the 20-day EMA ($6.39), suggesting that the bears are losing their grip. The TON/USDT pair could rise to the 50-day SMA ($7.02) and eventually to the stiff overhead resistance of $8.29. Sellers are expected to defend this level with vigour.
The pair will likely remain stuck in the extensive range between $4.72 and $8.29. A break above or below the range could start the next trending move.
Cardano (ADA) Price Analysis
Cardano is trying to move up, but it will likely face strong selling at the 20-day EMA ($0.37) and again at the 50-day SMA ($0.39).
ADA/USDT daily chart. Source: TradingView
Bears must defend the moving averages and pull the price lower if they want to retain control. Minor support costs $0.30, but the ADA/USDT pair could reach $0.24 if this level cracks.
On the upside, if buyers propel the price above the moving averages, the pair could reach the downtrend line. The bulls will have to clear this hurdle to signal a potential trend change in the short term.
Avalanche (AVAX) Price Analysis
Buyers pushed Avalanche back above $21.80 on Aug. 8 but are struggling to sustain the higher levels.
AVAX/USDT daily chart. Source: TradingView
The downsloping 20-day EMA ($24.16) and the RSI in the negative territory suggest that the bears have the upper hand. If the price turns down and maintains below $21.80, the bears will try to sink the AVAX/USDT pair to $19.51 and then to $17.29.
Instead, if buyers drive the price above the 20-day EMA, it will signal solid demand at lower levels. The pair may rise to the 50-day SMA ($26.26) and later to the breakdown level of $29.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has pulled back toward the moving averages, ssignallingthat the bulls are attempting a comeback.
SHIB/USDT daily chart. Source: TradingView
The bears are expected to defend the moving averages because a break and close above it will open the doors for a rally to the breakdown of $0.000020. Such a move will signal that the markets have rejected the lower levels.
If the SHIB/USDT pair turns down sharply from the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then try to yank the price down to $0.000010.
