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Bitcoin briefly fell below $58,000 late on Wednesday, dipping to a low of $57,974 before recovering. Since then, price action has been relatively muted, with Bitcoin (BTC) trading just above the $59,000 price level, down 0.80% in the past 24 hours.
Meanwhile, Ethereum (ETH) has regained the $2,500 level after registering an increase of almost 2% and is currently trading around the $2,524 mark. While BTC’s slump below $60,000 signals near-term weakness, long-term investors remain bullish and continue to withdraw BTC from exchanges, hinting at an overall bullish outlook.
Long-Term Investors Accumulating BTC, ETH
Bitcoin (BTC) remains in a wide trading range, extending between $55,000 and $73,000. Currently, it remains difficult to gauge the direction of the breakout from the range, although long-term investors remain bullish. CryptoQuant’s data showed net outflows of around 45,000 BTC from major crypto exchanges on August 27, the third highest outflows recorded. Long-term investors are also accumulating Ethereum (ETH) even though its price action has remained subdued. One popular analyst highlighted that one ETH whale added 200,000 ETH, worth around $540 million, over the past four days.
“#Ethereum whales have accumulated over 200,000 $ETH in the last 96 hours, adding approximately $540 million to their holdings.”
Peter Brandt Shares Thoughts On ETH Price Action
Veteran trader Peter Brandt recently spoke about Ethereum’s price action, catching the crypto community’s attention. Brandt stated he sees trading opportunities and highlighted the importance of having a well-defined risk point in any trade.
“One of the important things I look for in a trade is if it has a well-defined risk point where I can say ‘I am wrong; and cut my losses. $ETH is a well-defined short-side trade. Above 2830 or so, the trade is wrong.”
According to Brandt, ETH is a well-defined short-side trade, and as long as ETH remains below $2,830, the trade remains valid. However, if ETH were to go beyond this level, Brandt stated the trade would be wrong and exiting the position would be the correct choice.
Donald Trump Launches 4th NFT Collection
Former US president Donald Trump has announced the release of a fourth NFT collection. The new collection consists of 50 unique cards and images, such as Trump holding Bitcoin. It was announced on his Truth Social platform on Tuesday and is called “The America First Collection.” Trump stated he was launching the new collection due to popular demand. The promotional video shows Trump dancing and even holding some Bitcoin.
Trump added that those purchasing 15 or more digital cards will get a physical card mailed to them. Each card will contain a piece of the suit Trump wore during the June presidential debate with Joe Biden. The suit is also called the “knockout suit” by some Trump supporters. In addition, five of these physical cards will be randomly chosen to be autographed by Trump. Those who purchase 75 of Trump’s trading cards will be invited to a gala dinner at the former president’s country club in Jupiter, Florida. He also commented on his growing reputation in the crypto community, stating,
“They call me the crypto president. I don’t know if that’s true or not, but a lot of people are saying that.”
Nvidia Earnings Report Positive With Over $30 Billion In Revenue
As Bitcoin (BTC) and other cryptocurrencies struggle, Nvidia’s earnings report has rekindled hope for a bullish surge. The report came out positive, with the company reporting over $30 billion in revenue. Analysts hope the report can gradually rekindle bullish sentiment in the traditional and crypto markets. They also reported some profit bookings because people had already expected positive numbers from the report.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is attempting a recovery as it looks to reclaim the $60,000 price level during the ongoing session. BTC had turned bearish over the weekend and registered significant drops this week as a wave of liquidations tanked the asset’s price. BTC’s failure to push above $65,000 on Friday indicates demand drying up at higher levels, with strong resistance persisting. BTC’s push towards $65,000 stalled over the weekend, with the price seeing volatility, but neither buyers nor sellers could establish control and influence the price. As a result, BTC states above $64,000.
Sellers could take control on Monday and drive BTC below $64,000 and the 200-day SMA, with the price dropping almost 2% to settle at $62,903. Tuesday saw the markets hit with a wave of liquidations, adding to the growing bearish sentiment. As a result, BTC dropped by 5.40%, slipping below the 50 and 20-day SMAs and the $60,000 price level to settle at $59,506. Sellers attempted to drive BTC below the $58,000 support level on Wednesday, with the price hitting a low of $57,927. However, thanks to strong demand at this level, buyers were able to push BTC back above $59,000. As a result of lower level demand, BTC registered only a marginal drop of 0.71%. The current session sees buyers in control as they look to reclaim the $60,000 level.
Source: TradingView
Any relief rally will face resistance and selling pressure at the moving averages. If BTC is rejected from the 20-day SMA and the $60,000 price level, bears are in charge. In such a scenario, BTC could drop back to its support level of $58,000. If this level is breached, the price could drop to $55,000. However, if buyers can overcome the 20-day SMA and push above $60,000, the next resistance levels are $62,000 and $64,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is attempting a relief rally to reclaim the $2,850 level, which sellers successfully flipped into resistance. ETH must now surpass this crucial resistance level to potentially rally to the $3,000 mark. However, recent declines in open interest suggest traders are being cautious. The recent recovery suggests strong support around the $2,500 mark, which buyers reclaimed after Tuesday’s dip to $2,402, with traders buying the dip. As a result, market watchers are optimistic about a recovery should ETH push above the $2,850 level.
Source: TradingView
As we can see in the price chart, ETH has been in the red since Sunday, ending the previous week on a bearish note despite climbing above the $2,700 level. ETH also began the current week in the red, dropping 2.42% on Monday, slipping below $2,700 and settling at $2,682. The price crashed over 8% on Tuesday as ETH slipped below the 20-day SMA and lost the $2,500 support level to settle at $2,458. Sellers attempted to push ETH below $2,400 as the price fell to a low of $2,402. However, buyers could thwart this and keep ETH above $2,400. The price recovered on Wednesday as ETH reclaimed $2,500 and settled at $2,529 after a 2.88% increase.
The current session sees ETH up by almost 2% as buyers look to continue the ongoing recovery. If buyers can push ETH above the 20-day SMA, it would mean they are in control. However, if the price is rejected from this level, sellers still control the upper levels. In such a scenario, ETH could drop back to below $2,500.
Solana (SOL) Price Analysis
Solana (SOL) has struggled to recover and is still trading below $150, with trends indicating a drop towards $130, which is a possibility. SOL has spent almost all week in the red as bears attempt to drive the price below $140. The bearish sentiment comes after a strong showing on Friday and Saturday, with SOL registering a jump of 10% and 4.82%, respectively, to climb above $160 and settle at $160.78. However, with demand drying up at upper levels, SOL fell into the red on Sunday to end the week on a bearish note, just below $160. Sellers thwarted a push above $160 on Monday, seizing control and pushing SOL down by 1.18% to $157.22.
Source: TradingView
Bearish sentiment intensified on Tuesday as SOL plummeted by 6.55%, slipping below the 20, 50, and 200-day SMAs and the $150 price level to settle at $146.92. On Wednesday, sellers attempted to drive SOL below the $140 support level, with the price dropping to a low of $140, a level with strong demand. As a result, SOL could push back and settle at $143, which was still a decline of 1.99%. The current session sees SOL marginally up as buyers attempt to establish control and push towards $150.
Could this be the beginning of a relief rally? A rounding top, which is an upside-down U-shaped pattern, indicates that reaching $150 could be difficult in the short term. Sellers will attempt to regain control and drive SOL back to $140. Buyers must defend this level to prevent a drop to $130. However, if SOL can push above the 20-day SMA, a move to $150 could be on the horizon.
Polkadot (DOT) Price Analysis
Polkadot (DOT) has lost significant ground after a promising push to $5, with market watchers hopeful the asset could continue its upward push and reclaim its pre-August levels. DOT’s recent decline has once again raised questions about its price and potential, with bullish sentiment waning and bearish sentiment gaining ground, as indicated by the MACD. The fact that DOT is trading below its moving averages again gives further credence to its bearish outlook, with Q4 on the horizon.
DOT’s push to $5 stalled over the weekend as demand dried up and sellers took control. As a result, DOT dropped by 3.21% and settled at $4.82. The price continued to drop on Monday as it registered a 5.39% fall to slip below the 20-day SMA and settle at $4.56. Bearish sentiment persisted on Tuesday as sellers attempted to drive DOT below the $4.20 support level. However, buyers entered the market, which prevented DOT from dropping further. Despite this, DOT still registered a drop of almost 4%, settling at $4.38. Sellers also remained in control on Wednesday, with DOT falling by almost 3% and settling at $4.26.
Source: TradingView
With DOT close to its support level, the current session has seen a recovery, with the price up by almost 1% and DOT trading at $4.31. So, can DOT restart its push to $5? DOT could resume its upward trajectory if buyers can push it above the 20-day SMA and $4.50. A move above this level could see the price resume its recent upward push. However, if sellers regain control of the session and push DOT below its support level, it could slip below $4 and threaten its multi-year support level.
Toncoin (TON) Price Analysis
Toncoin (TON) has recovered after its weekend bloodbath following the news of the arrest of Telegram founder Pavel Durov. As a result, TON plummeted from $6.73, dropping almost 12% on Saturday and 2.93% on Sunday to end the weekend at $5.76. As we can see in the price chart, TON faced significant selling pressure on Saturday and Sunday, hitting lows of $5.45 and $5.26, respectively. The current week began with TON still languishing in the red, dropping below the 200-day SMA after a drop of almost 11%. Monday’s crash also saw TON slip below $5.50 and settle at $5.14.
Source: TradingView
TON rallied on Tuesday as buyers returned to the market thanks to strong lower-level demand, rising over 6% and settling at $5.45. The altcoin faced substantial volatility on Wednesday, dropping to a low of $5.13 and a high of $6.04 before settling at $5.54 after an increase of 1.58%. The current session sees TON up by 1.24% as it struggles to move above the 200-day SMA, acting as a dynamic resistance level. With Durov granted bail on Wednesday, market watchers were hopeful it would have a positive impact on the TON price. However, there is no indication of a rally, with large wallet holders remaining skeptical and dumping around 123 million TON in the past 24 hours. As such, the sentiment around TON remains bearish.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has managed to stop further losses and prevent a drop below $1.50 after being in the red since Sunday. WIF turned bearish after failing to push above $2 on Saturday, thanks to intense selling pressure. As a result, WIF dropped just over 3% on Sunday to end the previous week on a bearish note despite a strong showing until Saturday. The current week began with the price firmly in the red as WIF dipped below the 50-day SMA after a 7.32% drop and settled at $1.76.
Source: TradingView
Bearish sentiment intensified on Tuesday as the crypto markets saw a late crash. As a result, WIF tanked by almost 11%, slipping below the 20-day SMA, losing a crucial support level, and settling at $1.57. Sellers attempted to drive WIF below $1.50 but were unsuccessful, thanks to traders buying the dip. As a result, WIF registered a marginal increase of 0.65% and moved to $1.58. The current session sees WIF marginally up as buyers and sellers attempt to establish control. If buyers can push back above the 20-day SMA and reclaim $1.60, it could spark a relief rally, pushing the price toward the 50-day SMA. However, WIF could drop to its support level at $1.40 if sentiment changes.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has posted a slight recovery over the past couple of sessions after strong bearish sentiment pushed the price below $6. While the price has recovered over the past couple of sessions, UNI is still down over 15% over the past week and over 25% in the past month. UNI fell into the red after failing to push above the 50-day SMA, which drove the price back to below $7. By Sunday, UNI fell to $6.63 after dropping just over 4%. UNI continued to drop on Monday, slipping below the 20-day SMA after a drop of 5.01% and settled at $6.30.
Source: TradingView
Tuesday’s market crash had a significant impact on UNI, as it fell over 9% to slip below $6 and settle at $5.71. With demand picking up at lower levels, buyers returned to the market on Wednesday. UNI attempted to push back above $6 but was unable to do so. Instead, it registered an increase of 1.10% and moved to $5.77. The current session sees UNI up almost 1.50% as buyers look to reclaim $6.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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