The current price action suggests that Bitcoin bears are looking to seize control. Over the weekend, BTC crossed below $54,000 after breaking out of the $55,752 – $73,762 range, signaling growing selling pressure.
As Bitcoin continued bleeding, BitMex’s former CEO, Arthur Hayes, shared a post on X predicting that Bitcoin could soon trade below $49,000 before a rally happens. Popular trader Peter Brandt had a similar view, claiming that the coin could find support at $45,900.
But not everyone is bearish. Some crypto analysts believe that macro factors will surprise Bitcoin bears in the coming weeks. For instance, Tyr Capital CIO Ed Hindi said on Sunday that while September has been a bearish month for crypto in the past nine years, a combination of a considerably robust US economy and the potential Fed rate cut could push prices to new territories.
Will the bears continue dragging Bitcoin and top altcoins downwards, or will the bulls start recovery rallies this week? Let’s analyze the price charts to get the answers.
Bitcoin Price Analysis
BTC reached the $55,763 support on September 4th but didn’t find buyers to purchase the dip, allowing the sellers to maintain selling pressure, which fueled a move to $53,774 on Saturday. The bulls have kept BTC above the $53,200 crucial support over the past two days but haven’t started a rally toward the 20-day Exponential Moving Average of $58,798, suggesting that the sellers remain active.
If $53,200 breaks in the coming days, Bitcoin could plummet to $49,531 and later head toward the $45,586 support. On the other hand, the coin could surge to the 50-day Simple Moving Average of $61,329 if $58,798 gives way.
Ethereum Price Analysis
ETH fell below the $2,204 support on September 7th, but the drop was short-lived, thanks to the buyers who bought the dip. While the coin has crossed above the $2,299 resistance as of this writing, the Relative Strength Index (43.21) suggests an advantage to the bears. That said, if the bulls fail to keep Ethereum above $2,299, the bears will likely drag the digital currency to $2,173 and later to $2,001.
However, if a recovery rally starts now, Ethereum could climb to the 20-day Exponential Moving Average of $2,572. A break above this level will signal a rising strength on the bulls’ side. In this scenario, ETH may ascend to $2,854.80, a key breakdown level.
Dogecoin Price Analysis
Although the bears have exerted selling pressure on DOGE since Saturday, it has been insufficient to force a break below the $0.09019 support. However, they have blocked the bulls from pushing the meme coin above the $0.1004 resistance level.
If the sellers finally pull and sustain Dogecoin below $0.09019, a solid downtrend could start, with $0.8098 being the first stop. If this price breaks, a move to $0.07534 becomes possible. From a bullish point of view, DOGE could rise to $0.1405 if the buyers push and keep its price above $0.1004.
Avalanche Price Analysis
Avalanche has traded below the 50-day Simple Moving Average of $24.78 since last Friday. However, sellers haven’t managed to cause a drop to the key support at $19.48, indicating that selling activity is slowing down at lower prices.
However, if AVAX eventually slides below $19.48, it may drop to $17.12 before heading toward $15, where buying pressure is expected to intensify.
Conversely, a solid break above $24.78 would enable the buyers to drive the coin to $29 and later to $33.50.
Shiba Inu Price Analysis
The bears dragged Shiba Inu below the $0.00001265 support on September 7th, but the massive buying pressure at lower levels couldn’t allow them to sustain the downtrend. SHIB has jumped to $0.00001317 at press time. A break above the 20-day Exponential Moving Average of $0.00001398 would improve the chances of a rally to $0.00001652. On the bearish side, a break below $0.00001265 could cause Shiba Inu to plunge to $0.00001108.
