Despite BTC trading sideways for numerous months, long-term investors have continued to hold their coins. According to Glassnode’s latest report, over 73% of Bitcoin hasn’t moved in the last seven months.
One of the questions that remains unanswered is the direction of the potential breakout. On Monday, Nansen’s principal researcher, Aurelie Barthere, wrote on X that Bitcoin could break above the current range if the Fed starts cutting rates next month.
Another bullish point of view came from Rekt Capital, a popular crypto analyst, who said that BTC could be a few weeks away from experiencing a massive breakout to the upside, arguing that the coin historically begins its parabolic phase about 150 days after the halving event.
Will Bitcoin bulls sustain prices above $59,000, or will the coin drop below $55,093 in the short term? We now study the price charts to find the much-needed answers.
Bitcoin Price Analysis
BTC hasn’t broken out of the $55,093 – $61,453 trading range in the last few days. Data from CoinMarketCap shows this crypto asset trading at $60,276 at press time. With Bitcoin above the 20-day Exponential Moving Average of $59,899 and the Relative Strength Index at 54.32, the bulls appear to have a minor advantage.
If the buyers overcome the hurdle at $61,453, Bitcoin is expected to head toward $65,432 or later to $70,032. On the contrary, if $59,899 crumbles, the $55,093 support might collapse, fueling a deeper correction to $49,764.
Ethereum Price Analysis
ETH successfully bounced off the $2,504 support on August 15th, but the buyers are yet to thrust it above the 20-day Exponential Moving Average of $2,724, signaling massive selling pressure at higher levels. If the sellers cause a drop below $2,504 in the coming days, Ethereum may plummet to $2,310.28, where the buyers are likely to fuel a rebound.
On the positive side, breaking above $2,724 will allow ETH to rise toward the $2,849.83 breakout level. While we anticipate sellers’ presence at that point, a rally to the 50-day Simple Moving Average of $3,032 is possible if the buyers prevail.
Solana Price Analysis
SOL’s price chart (1D) shows a long-wicked candle, signaling that bears are determined to guard the 20-day Exponential Moving Average of $147.86. If the coin plunges below $136.43, it would mean that the bulls have weakened, opening the possibility of a move to the $115.82 crucial support.
A bounce-off from $115.82 will indicate that Solana might continue trading within a range for some time. However, if $147.86 collapses, buyers could be motivated to drive the coin toward $185.42.
BNB Price Analysis
BNB crossed above the downtrend line on August 19th, signaling that the buyers had overpowered the bears. The rising Relative Strength Index (57.44) suggests an increasing buying pressure. The bulls will now attempt to build upon the positive momentum by thrusting BNB above $578.11. Achieving this opens room for a surge to $600.32.
On the bearish side, BNB could plummet to the 20-day Exponential Moving Average of $529.87 or even to the $493.75 support if it closes below the downtrend line.
XRP Price Analysis
XRP has traded above the 20-day Exponential Moving Average of $0.57930 for the last few days, signaling that the bulls are trying to stage a comeback. If the coin crosses and stays above $0.60054, the bulls might propel it to the $0.64172 resistance. And if the sellers fail to defend that level, a massive rally to $0.749301 could happen.
Meanwhile, the support at the 50-day Simple Moving Average of $0.54118 is a vital level to keep an eye on if XRP falls below $0.57930.
Dogecoin Price Analysis
Although the bulls have propelled Dogecoin above the 20-day Exponential Moving Average of $0.10034, their failure to cause further price growth suggests a lack of demand above that level.
If selling activity picks up, DOGE could fall below $0.09278 and move toward the $0.81055 support. On the positive side, if the bulls start a rally now, the meme coin could move toward the 50-day Simple Moving Average of $0.11418.
