Crypto Price Analysis 8-2 BTC, ETH, SOL, DOGE, BCH, RNDR, SEI

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As a seasoned investor with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. Today, I find myself reflecting on the current state of several cryptocurrencies, and I must say, it’s a rollercoaster ride we’re all buckled up for.

On Thursday, Bitcoin (BTC) temporarily fell below $64,000 due to selling pressure, reaching a low of $62,304. Yet, buyers stepped in and supported the price, allowing it to rebound and surpass $65,000 once more. The digital currency ended the day just shy of its 20-day Simple Moving Average (SMA) at approximately $65,312.

Over the last few weeks, the most significant digital currency on the planet has been holding steady, bouncing back from a dip at $53,591, and is currently fluctuating within a broad spectrum. Investors are optimistic that an event could cause BTC to touch a fresh record high by the end of this year.

Whales Added $5.4 Billion Worth Of BTC In July 

Large Bitcoin (BTC) investors demonstrated strong conviction in the cryptocurrency during July, rapidly increasing their Bitcoin holdings at a record pace. These significant investors, possessing at least 0.1% of the total circulating BTC supply, amassed approximately 84,000 BTC valued around $5.4 billion today. This represents the most substantial monthly accumulation of Bitcoin since October 2014, as reported by IntoTheBlock. The pattern of acquisition was marked by whales purchasing during market dips in early July, followed by temporary pauses as Bitcoin surged to hit $69,000.

The accumulation of BTC indicates a strong belief in its long-term prospects. Traders are optimistic that the cryptocurrency’s prolonged consolidation phase, between $50,000 and $70,000, will end with a bullish breakout, which could drive the price beyond $100,000. According to Jag Kooner, the head of derivatives at Bitfinex, a rate cut in September will provide a sense of bullishness and increase liquidity in the market, which will be a positive development for BTC and other cryptocurrencies. 

A decrease in interest rates in September might instill optimism among investors, potentially boosting market liquidity, which is advantageous for Bitcoin and other digital currencies since they often serve as alternatives for higher yields outside conventional assets. This situation could exert upward pressure on Bitcoin’s price and stimulate more ETF investments, as investors aim to benefit from a more conducive setting for riskier assets.

MicroStrategy Continues Adding To BTC Stockpile 

One such company is MicroStrategy, which has continued adding to its BTC stockpile. The firm added an additional 12,222 BTC in the second quarter of this year, bringing its total BTC holdings to a staggering 226,500 BTC, worth almost $15 billion at current prices. However, the company also disclosed in its Q2 earnings call that it posted losses of $5.74 per share on a quarterly revenue of $111.4 million. This is a decline of $7% year-over-year. Microstrategy disclosed that its total BTC holdings were acquired at a cost of $8.5 billion, at an average price of $36,821 per BTC. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) experienced a downward trend this week, despite briefly recovering slightly on Thursday. The digital currency started off strongly, attempting to reach $70,000 at the beginning of the week. However, once it reached that level, it encountered substantial selling pressure from higher levels, causing the price to turn bearish almost instantly. As a result, BTC dipped and decreased by 2.12%, closing at $66,810 on Monday. The downward trend persisted on Tuesday with a 0.83% decrease. On Wednesday, the negative sentiment around BTC intensified as it fell below its 20-day Simple Moving Average (SMA) and dropped to $64,671, losing the important $65,000 mark in the process.

On Thursday, bears tried pushing Bitcoin (BTC) towards $60,000 as its price dropped to a daily low of $62,304. Yet, robust demand at lower prices helped Bitcoin bounce back and regain the $65,000 mark, resulting in a 0.99% increase to reach $65,312. However, sellers have re-emerged in the current session, causing a 1.70% decrease, with Bitcoin trading below $64,000. If Bitcoin falls below this level, it may slide down to $61,000, and the 200-day Simple Moving Average (SMA) could potentially act as a supportive line. On the other hand, if bulls manage to keep Bitcoin above the 200-day SMA, it would suggest a bullish trend. Traders are anticipating a dip purchase, which might lead to recovery.

An essential point to bear in mind is that approximately $3 billion in Bitcoin (BTC) and Ethereum (ETH) options are due to expire, potentially causing a stir in the markets. This event may heighten market volatility; however, analysts, looking at past patterns, anticipate this quarter to be more promising overall.

Ethereum (ETH) Price Analysis

The cost of Ethereum (ETH) is trending downward, hovering near $3,100 – a key support point. Traders, or bears, aim to push the price below this level due to large withdrawals from Ethereum ETFs and suspicions of a whale selling off 19,500 ETH on Binance. At present, ETH is slightly above its $3,100 support, causing approximately $78 million in liquidations. Furthermore, the number of long (buy) positions versus short (sell) positions has decreased, suggesting that many traders anticipate a continued decline in ETH’s price.

During the past week, ETH initially surged by 1.42% on Monday, moving towards $3,500 due to strong buying activity. However, this push was unsuccessful, causing ETH to dip into negative territory and fall by 1.17% to $3,280 on Tuesday. A recovery attempt took place on Wednesday, but sellers seized control, resulting in a further drop of 1.45% to $3,232. Although selling pressure was significant on Thursday, it eventually gave way to demand at lower levels, pushing the price back up to $3,202 – a decrease of 0.95%. Today, ETH has dipped by 1.61%, with sellers aiming to push below $3,100.

If Ethereum (ETH) falls below $3,000, the $2,850 support level will become significant. This level has been tested multiple times in recent months and has consistently helped the price rebound and halt any further drops. As the Relative Strength Index (RSI) inches toward the oversold region, there’s a possibility of a short-term recovery as ETH nears $3,000. However, for the bulls to initiate an uptrend aiming at $3,500, ETH must first stabilize above $3,200.

Solana (SOL) Price Analysis

The downtrend in Solana’s (SOL) value, which began this week, shows no signs of slowing down as the token falls further. Prior to this week, SOL had been on an upward trajectory, closing above $185 on Sunday. The beginning of the week saw a strong push towards $200, with SOL reaching a high of $194 on Monday. However, this momentum halted at the $200 mark, with sellers actively pushing prices higher. This allowed buyers to lose their momentum, paving the way for sellers to take control and drive the price down by 1.30% to $182. The bearish trend continued on Tuesday, with SOL dropping by almost 2% to $175.25. On Wednesday, SOL experienced a more significant drop of 4.18%, as bears successfully prevented a rise towards $190, resulting in the price settling at $171.

On Thursday, Solana (SOL) dipped beneath its 20-day Simple Moving Average (SMA), experiencing significant selling activity, which took it to a daily low of $157. Nevertheless, buyers stepped in and raised the price again, with SOL ending the day at $167.36. Currently, SOL is seeing a drop of 3.26% and is trading slightly above the $160 mark. Despite this, analysts predict a significant surge as SOL currently trades above both its 50-day SMA and 200-day SMA. If SOL falls below $160, it might head towards $150 or even down to $120. However, a rebound from these levels could potentially propel Solana up to $200.

Dogecoin (DOGE) Price Analysis

In the last seven days, Dogecoin (DOGE) has experienced a significant decrease of more than 10%. This downturn in meme coin prices is evident as DOGE has been on a losing streak all week, dropping below its 20, 50, and 200-day Simple Moving Averages (SMAs). The price peaked at $0.140 on July 21 but has since fallen steadily. The beginning of the current week saw a minor drop of 1%, followed by a 1.95% fall on Tuesday and a 3.42% decrease on Wednesday, causing DOGE to slide below its 20 and 50-day SMAs and reach $0.121. On Thursday, the price dipped even further to hit an intraday low of $0.112 before recovering slightly to close at $0.119. At present, DOGE is down by more than 3%, with financial analysts anticipating additional losses.

When considering the overall trend, the Dogecoin (DOGE) price graph indicates it’s in a falling wedge formation, often signaling an impending bullish reversal. As the price oscillates between two lines that are descending but gradually converging, there’s a likelihood of a breakout as the point of convergence nears. If the downward trend persists, Dogecoin may dip to around $0.100.

Bitcoin Cash (BCH) Price Analysis

In the last day, Bitcoin Cash (BCH) has dropped nearly 5% due to persistent selling activity, with its value dipping below $400. On Monday, it had reached a peak of $459 and began the week optimistically, surpassing the $450 mark. However, as selling pressure increased at higher levels, the price fell back under $450, closing at $439 – an increase of over 5% compared to Sunday. Despite a positive start to the week, buying activity weakened on Tuesday, causing a 1.49% decrease. Selling activity intensified on Wednesday as BCH dipped below its 200-day moving average, reaching a low of $389. However, it recovered from this level and rose above $400 again, ending the day at $413 – a minimal drop of 0.22%.

In the ongoing trading session, Bitcoin Cash (BCH) has decreased by approximately 3.38% and is now valued at $399. This drop might be linked to the recent Mt. Gox restitutions, as the trustee has been making substantial repayments in Bitcoin (BTC) and Bitcoin Cash (BCH). The latest wave of repayments took place on July 31.

Render (RNDR) Price Analysis

Despite being one of the largest decentralized cloud GPU rendering platforms within the blockchain ecosystem, RNDR‘s token has been consistently decreasing in value. Over the past week, it has dropped by nearly 17%, and is currently 60% lower than its all-time high. A closer look at the price chart indicates that RNDR has been experiencing a downtrend all week, and its trajectory has been downward since early June. Technical indicators suggest that this bearish trend might persist for some time, especially since the 50-day Simple Moving Average (SMA) has fallen below the 200-day SMA.

As an analyst, I observed that on Wednesday, RNDR dipped below its crucial $6 mark due to persistent selling pressure, with some support found at $5.40. If the $5.40 level is broken, a potential drop towards $3.60 may occur, where we anticipate another level of support. However, given that the Relative Strength Index (RSI) is approaching oversold territory, there’s a possibility for a short-term recovery. That being said, the market still presents a potential for further downside. Additionally, it’s worth noting that trading volume for RNDR has significantly decreased in July, suggesting reduced buying interest at current prices.

SEI Price Analysis

SEI’s value has plummeted recently, falling substantially from its peak of $0.41 on July 22. This decline broke through a critical support level and caused the stock to remain in negative territory. By Monday, it had dropped to $0.35, and on Tuesday, it dipped below both the 20-day and 50-day moving averages, closing at $0.33. The drop also pushed the price beneath an essential support level. Selling pressure has been intense throughout the week, causing the value to decline by nearly 5% on Wednesday and another 3.88% on Thursday, ending the day at $0.30. Today’s trading session sees SEI down by over 4% and currently trading at $0.29.

If the selling pressure persists on SEI, its price might fall further to around $0.25, and there’s a possibility it could even dip down to $0.20.

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2024-08-02 16:17