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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis: BTC Bulls Attempt to Reclaim $65K as Altcoins Show Signs of Life
Sep 21, 2024 at 01:44 am
Bitcoin (BTC) price analysis: BTC bulls attempt to reclaim $65K as altcoins show signs of life
Bitcoin BTC price analysis for Sept. 21
Bitcoin ( BTC ) price rose sharply on Sept. 20 to reach the $64,000 level, but the bulls could not maintain the higher levels. This shows that the bears have not given up and continue to sell on rallies near the overhead resistance levels.
CryptoQuant analyst Avocado_onchain highlighted that the short-term holder (STH) realized price, the average buy price of short-term investors who have held their coins for less than 155 days, is near $62,000. The STH acts as an important support during uptrends; hence if buyers can defend the level during dips, Bitcoin could rally higher.
Bitcoin price analysis: BTC price stalls at $64K, now or never for altcoins
Crypto market data daily view. Source: Coin360
Another positive for the buyers is that the institutional investors have reduced their Bitcoin shorting, according to CryptoQuant founder Ki Young Ju. Additionally, the spot Bitcoin exchange-traded funds (ETFs) recorded inflows of $158 million on Sept. 19, according to Farside Investors data.
Could Bitcoin extend its up move by crossing the $65,000 resistance? Will altcoins pick up momentum? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin broke out of the symmetrical triangle pattern on Sept. 18, indicating that the bulls have overpowered the bears.
BTC/USDT daily chart. Source: TradingView
The 20-day exponential moving average ($59,629) is sloping up, and the relative strength index (RSI) is in the positive territory, indicating that the bulls have the upper hand. There is stiff resistance at $65,000, but if the bulls bulldoze their way through, the BTC/USDT pair could soar to $70,000.
The 20-day EMA is the key support to watch out for on the downside. If this support gives way, it will indicate that the bulls are losing their grip.
Ether price analysis
The failure of the bears to sink Ether ETH price below the uptrend line shows that selling dries up at lower levels.
ETH/USDT daily chart. Source: TradingView
The bulls pushed the price above the 20-day EMA ($2,424) on Sept. 19 and the 50-day simple moving average (SMA) ($2,527) on Sept. 20. That opens the doors for a rally to the breakdown level of $2,850, where the bears are expected to step in.
If buyers shove the price above $2,850, the ETH/USDT pair will signal that the markets have rejected the lower levels. The pair may rise to $3,400.
Conversely, if the price turns down and breaks below the 20-day EMA, it will signal that the bears remain in charge. The pair could plunge to the uptrend line.
BNB price analysis
BNB BNB price bounced off the moving averages on Sept. 17, indicating that the sentiment remains positive, and traders are buying on dips.
BNB/USDT daily chart. Source: TradingView
The BNB/USDT pair is likely to rise to the $600 to $635 overhead resistance zone. The bears are expected to defend this zone with all their might, but if the bulls prevail, the pair could start a new up move to $722.
Contrarily, if the price turns down from the overhead zone and breaks below the 20-day EMA ($542), it will signal that the bears have not given up. That could extend the pair’s stay inside the range for some more time.
Solana price analysis
Solana SOL price surged above the 50-day SMA ($141) on Sept. 19, indicating that the $116 to $210 range remains intact.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair could rise to $164, where the bears will try to halt the up move. If the price turns down from $164 and breaks below the moving averages, it will signal that the pair may remain in the lower half of the large range.
Alternatively, if buyers thrust the price above $164, it will suggest that the pair could be ready for a rally to $190 and subsequently to $210. The bears are expected to fiercely defend the $190 to $210 zone.
XRP price analysis
XRP XRP price has been trading inside a tight range between $0.56 and $0
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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