Bitcoin (BTC) is struggling to hold above the psychological $60,000 level, signaling that bears are active at the higher end. However, analysts don’t seem worried. Charles Edwards, founder of Capriole Investments, said in a post on X that while Bitcoin looks “promising,” its trend is three months behind gold and it will still be some time before it resumes its upward movement.
According to Nathan Thompson, lead technical writer at Bybit, Bitcoin is only in the second phase of its bull market. According to a report from Bybit and Block Scholes obtained by Cointelegraph, if Bitcoin follows its previous trough-to-peak ratio, it could continue to rise until Q3 2025.
Apart from Bitcoin’s rally, many traders are eagerly awaiting the start of alt season. In a research note, BitMEX co-founder Arthur Hayes said Bitcoin needs to surpass $70,000 and Ether (ETH) needs to surpass $4,000 for alt season to begin.
Could Bitcoin rise above the overhead resistance and boost altcoins? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin Price Analysis
Bitcoin bulls attempted to push the price above the moving averages on August 14 but the bears continued to resist.
The bears will consolidate their positions and attempt to sink the BTC/USDT pair to the critical support at $55,724. This level is likely to attract robust buying by the bulls. If the price bounces off $55,724, the bulls will again try to push the pair above the moving averages. If successful, the pair can begin a rise towards $70,000. We expect the bears to fiercely defend the $70,000 to $73,777 zone.
On the downside, a close below $55,724 could signal the start of a deeper correction after which the pair can plummet towards $49,000.
Ether Price Analysis
Ether (ETH) continues to climb but has failed to retest the breakdown levels of $2,850, indicating hesitancy to buy at higher levels.
The ETH/USDT pair is likely to face a tough fight near the $2,850 mark. If the price suddenly drops from $2,850, it will signal that the bears are trying to turn this level into resistance. The pair can drop to $2,500 and then to $2,300.
Conversely, if buyers push the price above $2,850, it will suggest that the market has rejected the downside. The pair may then attempt a rise to the 50-day simple moving average ($3,118), which is likely to attract sellers.
BNB Price Analysis
BNB (BNB) has risen from $499 on August 12, indicating that bulls are attempting to form higher lows.
The bulls will gain momentum if they can push the price above the 20-day exponential moving average ($528). After that, the BNB/USDT pair may reach the downtrend line, which is likely to act as a strong resistance. If the price turns back from the downtrend line, the bears will again try to sink the pair below $495. If so, the next stop is likely to be at $460.
Conversely, a breakout and close above the downtrend line will suggest that the selling pressure is easing. The pair may rally to $605 and then attempt a rise to $635.
Solana Price Analysis
Solana (SOL) has been stuck in a large range between $116 and $210 for several months, suggesting buying on the dips and selling on the rise.
Though the bulls are trying to form a higher low at $141, we expect it to struggle to push the price above the 20-day EMA ($153). If the price turns down from the 20-day EMA and sinks below $141, selling may intensify and the SOL/USDT pair can plummet to $130.
Rather, if the price rises and scales above the 20-day EMA, it will suggest that the bulls are trying to make a comeback. There is a minor resistance at $164 but a breakout from this level can carry the price to $189.
XRP Price Analysis
The bulls are attempting to sustain XRP (XRP) above the 20-day EMA ($0.57) and are indicating their intention to buy at the lower levels.
With the 20-day EMA flattening and the RSI near the midpoint, there is no clear advantage shown by either the bulls or the bears. If the price sustains above the 20-day EMA, the XRP/USDT pair can retest the resistance at $0.64. A close above this resistance will open the door for a rise to $0.74.
The 50-day SMA ($0.54) is a key support to watch out for on the dip, below which the pair can drop to $0.46.
Dogecoin Price Analysis
Dogecoin (DOGE) has been trading below the 20-day EMA ($0.11) for the past few days but the bears have not been able to sink the price below $0.09, which suggests demand at lower levels.
The bulls will try to consolidate their positions by pushing the price above the 20-day EMA. If this happens, the DOGE/USDT pair is likely to rise to the downtrend line, which is a key level for the bears to defend and a breakout above it will signal a possible end to the downtrend.
Alternatively, if the price turns down from the current levels or the descending trend line, it suggests that the pair may remain within the descending wedge pattern for some time.
Toncoin Price Analysis
TonCoin (TON) has risen from $6.05 on Aug. 12, indicating that sentiment has turned positive and bulls are buying on minor dips.
The momentum picked up after buyers pushed the price above the 20-day EMA ($6.44) on August 13. A close above the 50-day SMA ($6.94) would pave the way for a move to $7.65 and above that to $8.29. We expect the sellers to mount a strong challenge at $8.29.
If the TON/USDT pair turns down from the current levels or the upward resistance, it will suggest that the range-bound action may continue for a few more days. A drop below the $6 support will favor the bears.
Related: BTC price suddenly drops 5% as Bitcoin refuses to announce lower CPI levels
Cardano Price Analysis
Cardano (ADA) is attempting a pullback but the failure of the bulls to propel the price above the 20-day EMA ($0.36) is indicating a lack of demand at higher levels.
If the price turns down from the current levels and sinks below $0.31, it will suggest that the bears have asserted the upper hand. The ADA/USDT pair can then drop towards the critical support at $0.24.
Conversely, if the buyers push the price above the moving averages, it suggests the start of a strong recovery to the descending trend line. The buyers need to surge over this barrier to signal the start of a new upward move.
Avalanche Price Analysis
Bulls are struggling to push Avalanche (AVAX) above the breakdown level of $21.80 and sustain it, signaling selling on the upside.
If the price turns down from the current levels or the 20-day EMA ($23.01) and sinks below $19.50, it will suggest that the bears have the upper hand and the AVAX/USDT pair can plummet to the support line of the descending channel.
On the other hand, if the buyers can propel the price above the 20-day EMA, it will indicate the start of a stronger recovery. The pair can move up to the 50-day SMA ($25.82) and then attempt a move to the resistance line.
Shiba Inu Price Analysis
Shiba Inu (SHIB) turned down from the 20-day EMA ($0.000015) on August 11, indicating that bears are selling on the upside.
A positive sign for the bulls is that they are not giving in much to the bears. This increases the chances of a rally above the 20-day EMA. The 50-day SMA ($0.000016) might act as a barrier but it is likely to be crossed. The SHIB/USDT pair can then attempt to rise to the breakdown level of $0.000020.
Contrary to this assumption, if the price turns down and drops below $0.000012, it will signal that the bears remain in control. After that, the pair can drop to $0.000010.
This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
