On Wednesday, the US government announced that the consumer price index (CPI) for August had risen 0.2%, matching analysts’ estimates. In response to the report, risky assets like Bitcoin trended downward but have since recovered their losses.
The next key trigger for Bitcoin could be the expected Fed interest rate cut on September 18th. As of this writing, The CME Group’s FedWatch Tool indicates that 85% of traders are optimistic that the Federal Reserve will cut interest by 25 basis points.
Bitcoin’s recovery rally since Thursday suggests that investor sentiment around crypto is turning positive. Moreover, exchange-traded funds (ETFs) in the United States have seen massive inflows over the past 24 hours, according to data from Farside Investors.
Will the renewed interest in Bitcoin push the coin’s price higher? Let’s look at the charts to find out.
Bitcoin Price Analysis
The bulls have overpowered the bears at $57,872, the 20-day Exponential Moving Average, pushing Bitcoin to $58,384 at press time. A long-wicked candle appeared on the price chart yesterday, signaling that the buyers were active at lower levels.
With BTC’s price now above $58,348, it indicates that the bulls are attempting to create a higher low, increasing the possibility of an upward move. If Bitcoin crosses $59,182, it could rise further to retest a strong resistance at the 50-day Simple Moving Average of $60,315. If this hurdle breaks, the bulls could push BTC to $65,101.
Conversely, a decline below $55,721 will be a clear indication that the bears have overpowered the bulls. As such, Bitcoin could depreciate to $52,553 and later head to $49,208, a vital support level.
Ethereum Price Analysis
While Ethereum has managed to stay above the $2,307.59 breakdown level in the past 24 hours, it has yet to cross the 20-day Exponential Moving Average ($2,471), indicating that the sellers are fighting back. However, if the buyers eventually push the crypto asset past $2,471, a rally to the 50-day Simple Moving Average of $2,672.48 and even to $2,851.90 is possible.
Meanwhile, the buyers must guard $2,307.59 because if it crumbles, ETH could drop to $2,265 and then head toward the $2,006.88 support, where we expect aggressive buying.
Solana Price Analysis
While most of the top ten cryptocurrencies are in the green today, SOL has shed 1.7% of its value following reports that FTX had unstaked and moved its Solana holdings to various addresses. Many believe that the collapsed exchange is planning to dump the tokens to repay its creditors.
Despite the latest news, SOL hasn’t dropped below the $116.78 vital support, signaling that the bulls are keen on keeping the currency at higher prices. If a rally above the 20-day Exponential Moving Average of 137.54 happens, the chances of an upward move to the 50-day Simple Moving Average of $149.78 will improve.
On the lower side, if $116.78 isn’t guarded when Solana’s price reaches there, a solid downtrend could start, causing the coin to touch $100.34 or even $80.46.
Avalanche Price Analysis
Despite rising above the 20-day Exponential Moving Average of $22.89, suggesting the start of a recovery rally, AVAX hasn’t crossed the resistance line, signaling that the bears are selling on rallies at higher levels. However, if the bulls thrust and maintain Avalanche above the resistance line, the prospects of a significant rally to $31.82 will be enhanced.
On the bearish side, the sellers will be happy to drag AVAX to $19.38 if the buyers fail to apply pressure at $22.89. A break below $19.38 makes a move to $17.23 possible.
Dogecoin Price Analysis
Like Avalanche, Dogecoin has struggled to cross the resistance line, signaling aggressive selling at higher levels. The good news is that the bulls have protected the 20-day Exponential Moving Average of $0.10184 from collapsing, making it difficult for the bears to pull DOGE toward the $0.09089 support.
If the meme coin trades above the resistance line in the coming days, we will likely see a move to $0.14074, where massive selling is expected.
