As the S&P Index closed last week with gains of 0.26%, Bitcoin, on the other hand, came under selling pressure, recording 7-day losses of about 11%. The recent price action has left many short-term investors wondering whether Bitcoin has topped out or could resume an uptrend in the coming days.
However, long-term investors don’t seem bothered by the current Bitcoin performance. According to an X post shared by popular market intelligence company Santiment, investors who’ve held BTC for more than a year have been accumulating more Bitcoin in the past few weeks. In August alone, these investors bought over 130,000 BTC.
Moreover, Bitcoin whales (investors holding 100 Bitcoin or more) have increased since the start of last month. Per Santiment’s latest report, the number of Bitcoin whales has grown by 285 in the past 30 days to 16,134.
Meanwhile, many experts say Bitcoin could witness massive selling activity this month, arguing that the coin has performed poorly in September over the past nine years. However, they expect a strong performance in the coming month, in which Bitcoin has posted average returns of 21% over the last five years.
Will Bitcoin extend its current sideways price action, or will it cross and stay above $61,013 to begin a solid rally? We now analyze the charts to find out.
Bitcoin Price Analysis
Although Bitcoin continues to trade below the $58,108 key support, the bears have failed to force a move to the $55,019 pivotal level, suggesting increased demand at lower prices. If the bulls push BTC above $61,013, the 20-day Exponential Moving Average, a rally past the 50-day Simple Moving Average of $61,947 could happen. As such, Bitcoin might reach and reverse from $65,293, as the bears are likely to prevent further bullish movement.
Conversely, if selling pressure exceeds buying pressure right now, we’ll likely see Bitcoin plummet to $55,019 and even to $49,973, a level it hasn’t touched since August 5th.
Ethereum Price Analysis
The price reversal from the $2,395.32 support on September 2nd meant that the buyers were attempting to establish a higher low. Ethereum is now changing hands above the $2,504.22 resistance, enhancing chances of a surge to the 20-day Exponential Moving Average of $2,613. We expect a reversal from there, considering that the bears have protected that level aggressively in the past few weeks. However, if the hurdle is broken, ETH could rally toward the $2,854 breakdown level. As such, it will be assumed that the downtrend has come to an end.
On the bearish side, a reversal from $2,613 would mean that the sellers are still active at higher levels. If they exert solid selling pressure, Ethereum could plunge to $2,308 and later to $2,173.
BNB Price Analysis
BNB depreciated below $500 on September 2nd to find support at $495.41, where it started a recovery rally to $527.11 at press time. The reversal from $495.41 means that the bulls are determined to keep the coin, which powers the Binance crypto exchange, at high levels.
If BNB bulls eventually defeat the bears at the 50-day Simple Moving Average of $548.98, a rally to $600.56 and later to $632.87 would seem possible. However, if $495.41 breaks, BNB risks touching the $460.83 support.
Solana Price Analysis
Solana bears couldn’t pull the asset to lower levels when it crossed below $129.04 on September 1st. The bulls bought the dips, pushing SOL above that support level. However, the crypto asset is currently changing hands for $130.74, meaning the bulls have also failed to start significant upward moves.
The Relative Strength Index (48.76) is showing a balanced market; that is, neither the buyers nor the sellers have an advantage. However, if buying pressure becomes too much for the sellers to handle in the coming days, Solana could rally above $140.08 and head toward the 20-day Exponential Moving Average of $143.16. On the other hand, a sustained selling pressure below $129.04 could make SOL collapse to $116.98.
