Crypto Price Analysis 8-7 BTC, ETH, SOL, DOGE, BCH, UNI, MKR

As a seasoned cryptocurrency investor with over a decade of experience in this dynamic market, I have seen my fair share of ups and downs. The recent volatility we’ve witnessed in the past few days has been quite intriguing, to say the least.

On Tuesday, the cryptocurrency market experienced a robust rebound after experiencing a 30% decrease, which drove Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other leading cryptocurrencies to their lowest points in several months. As stock markets regained strength, so did the cryptocurrency market. Japan’s stock market index saw an almost 11% increase, providing a substantial lift to both stock and crypto markets.

Financial markets experienced one of their steepest declines in recent times, primarily due to escalating conflicts in the Middle East and apprehensions about an impending U.S. economic downturn. However, Bitcoin has since bounced back and is currently trading significantly above $55,000, aiming for a potential increase to $60,000. Notably, most major cryptocurrencies have suffered losses ranging from 10% to 25%.

Crypto Markets Rebound

On Tuesday, the cryptocurrency market experienced a robust rebound. Notably, Bitcoin (BTC), which plummeted by nearly 9% the previous day, surged by almost the same percentage within a 24-hour span. Similarly, other prominent altcoins such as ETH and SOL recorded comparable recoveries. The market seems to have regained its footing following a turbulent weekend. As of now, BTC is trading slightly below $57,000, marking an increase of 2.67% over the past day. ETH has also risen above $2,500, having experienced its steepest decline since last year. However, the gains made on Tuesday only represent a minor fraction of the value lost during the recent market collapse, which resulted in a staggering loss of approximately $400 billion for the crypto sector.

Over the last month, a closer look at Bitcoin transactions shows that significant amounts, totaling approximately $23 billion, have been accumulated by key Bitcoin holders. This observation has led CryptoQuant’s founder, Ki Young Ju, to suggest that there might be some secret activities taking place.

It seems quite likely that significant activities are taking place out of sight. Over the last month, approximately 404,448 Bitcoins have been transferred to long-term storage wallets, indicating a clear build-up. Within a year, we should be able to discern more about this situation.

Young anticipates a surge in Bitcoin demand among long-term holders within the next 30 days. By the third quarter of 2024, traditional financial institutions, businesses, governments, and individual investors may reveal their Bitcoin purchases, leading many to feel remorse for not investing earlier due to factors like the Mt. Gox and German government’s selloff.

“Additionally, retail investors might find themselves regretting their decision not to purchase it earlier, as they were concerned about potential government sales related to Mt. Gox.”

Sellers Exhausted

During this period, Bitcoin sellers seemed to lose momentum as markets rebounded. The cryptocurrency had momentarily fallen below $50,000, causing concern among traders who expected a more significant decrease. However, Bitcoin bounced back, recording a gain of $4,000 per BTC and moving towards $55,000. Notably, well-known trader Rekt Capital attributed the dip to sellers running out of steam when the price dropped below $50,000.

As a seasoned cryptocurrency trader with over ten years of experience in the market, I have witnessed numerous price reversals and trends that have shaped my understanding of Bitcoin’s behavior. In this context, it is worth noting that the recent surge in sell-side volume has caught my attention. This level of selling pressure hasn’t been seen since the Halving in mid-April 2024, a period I vividly remember due to its impact on the market. The fact that we are now seeing similar volumes suggests that we may be on the brink of another significant price reversal. While past performance is not always indicative of future results, this pattern has proven itself reliable in the past and warrants careful consideration for traders navigating the current Bitcoin landscape.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) is aiming for the $60,000 threshold, having bounced back following a steep dip of nearly 30%. The cryptocurrency dipped from close to $70,000 to under $50,000 as markets plummeted last week. As shown in the price chart, bearish sentiments grew stronger from Friday onwards, causing BTC to drop by 5.40% and fall below its 50-day moving average, ending the day at $61,786. Over the weekend, Bitcoin dropped further, falling under its 200-day moving average on Saturday and decreasing by 4.41% on Sunday to dip below $60,000 and settle at $58,301. With stocks and crypto markets experiencing a downturn on Monday, BTC experienced significant selling pressure, pushing the price down below $50,000.

Initially dipping to $49,351, Bitcoin then rebounded as demand grew at lower prices due to traders taking advantage of the dip. This allowed Bitcoin to surpass $50,000 once more. By the end of the day, Bitcoin had settled at $54,274, marking a nearly 7% decrease from Sunday’s value. Despite this substantial drop, Bitcoin and other cryptocurrencies experienced a recovery on Tuesday, rising by 3.50% to go beyond $55,000 and settle at $56,172. Currently in the ongoing session, Bitcoin is up by 1.40%, hovering just below the $57,000 threshold. At present, Bitcoin encounters resistance near the $57,200 level.

If Bitcoin (BTC) manages to surpass the current level, it indicates that buyers are determined about a market recovery. Breaking through $57,000 will position BTC for further recovery gains. If bullish sentiment remains, a jump to $60,000 might be feasible. On the other hand, if BTC fails to break its immediate resistance, it’s a sign of ongoing market fragility, potentially causing BTC to slide down to around $52,000. Nevertheless, due to high demand at lower prices, the market is predicted to bounce back from this level.

Ethereum (ETH) Price Analysis

The price of Ethereum (ETH) fell significantly, reaching its lowest point since last year, due to the market downturn. Although it has slightly recovered recently, its growth remains minimal. Since mid-June, ETH has been unable to break through the $3,500 barrier, encountering strong resistance at that level. However, on Friday, bearish feelings intensified, causing ETH to drop by nearly 7%, falling below $3,000 and ending the day at $2,987. An additional decrease of 2.79% brought ETH down to $2,904, close to its support level of $2,850.

The price of ETH has repeatedly bounced back when it reached the support level of around 2,850, but on Sunday, after a 7.41% decrease to $2,688, this level failed to hold. Selling pressure intensified further on Monday, causing ETH to plummet to a daily low of $2,131 and sparking concerns it might fall below $2,000. However, as demand increased at lower levels, ETH managed to recover and close the day at $2,421. Despite this rebound from lower prices, ETH still ended up closing below $2,500, marking a significant decline of nearly 10%.

On Tuesday, ETH, along with other markets, climbed to reach a peak of $2,556, but later retreated to close at $2,464, marking a 1.77% rise. At present, during this session, ETH is continuing its upward trend, sitting slightly above $2,500 after another increase of 1.58%. If ETH manages to maintain its position above $2,500, it may encounter resistance at the $2,800 mark. If it fails to surpass this level, there’s a possibility that it could slide back down to $2,500. Should ETH fail to stay above $2,500, it might head towards $2,200. Conversely, if ETH can break through the $2,800 barrier, we may witness prices exceeding $3,000 and challenging the $3,500 threshold.

Solana (SOL) Price Analysis

In the past day, Solana (SOL) has experienced a noteworthy surge of more than 8%, moving closer to the $160 price mark. Over the last two days, this cryptocurrency has witnessed a significant rise of nearly 40%. However, after reaching a peak of $194 on July 29, Solana had primarily been declining. The selling pressure intensified significantly on Friday, causing SOL to drop almost 9% to $152.66, but since then, it has been trending upward in the market recovery.

SOL continued to drop over the weekend, going below the 50 and 200-day SMAs on Saturday after a 6.62% decline. This saw the price slip below $150 and settle at $139.62. A further drop of 3% on Sunday saw SOL end the weekend at $138. Selling pressure intensified on Monday, pushing SOL to a low of $109.99. However, demand picked up at lower levels, allowing SOL to climb back above $120 and settle at $129.87, a drop of 6.08% compared to Sunday. Markets recovered on Tuesday, and so did SOL, registering a substantial increase of 11.33% to settle at $144.

In the ongoing trading, Solana (SOL) has climbed by approximately 5.51% and is currently hovering above $150 as investors try to maintain this position. The aim is for SOL to surpass $160 next, and if it manages to close above this mark, the bulls will strive to push the price towards $170. For SOL’s upward trend to remain steady, it’s essential that the price remains above the $150 threshold. On the flip side, if SOL dips back under $150, it might fall to its immediate support at $130. A drop below this level could potentially cause a further decline to $110.

Dogecoin (DOGE) Price Analysis

As a researcher analyzing the cryptocurrency market, I observed that Dogecoin (DOGE) dipped below the $0.100 mark during Monday’s market turmoil. However, given the resurgence of meme coins, there is potential for DOGE to rebound and aim for the 50-day Simple Moving Average (SMA). Over the weekend, DOGE experienced a substantial decline, dropping by 6.52% on Friday, ending at $0.111. The downward trend continued over the weekend with a 3.31% drop on Saturday and a 3.70% drop on Sunday, leaving DOGE at $0.104. As markets plummeted, DOGE reached a low of $0.080.

Dogecoin surged from that point to finish at $0.094 on Monday, marking an 9.13% decrease compared to Sunday’s price. The value continued climbing higher on Tuesday, reaching $0.101, but sellers stepped in, causing Dogecoin to fall back to $0.096. At the moment, Dogecoin is nearly 3% higher and trading at $0.098. For this recovery to be sustained, buyers need to push Dogecoin beyond $0.100. A closing price above this level would enable Dogecoin to regain its pre-weekend level of $0.111. The outlook for the top meme cryptocurrency looks positive, as trading volumes and open interest are both on the rise.

Bitcoin Cash (BCH) Price Analysis

Bitcoin Cash (BCH) is experiencing a robust comeback as markets regain strength. There’s been a substantial influx of funds into this cryptocurrency, suggesting an optimistic outlook and signs of resilience ahead. As per data from Coinglass, shifts in BCH derivatives have played a considerable role in its recovery, along with other market influencers. Despite a dip in trading activity, open interest has shown a noticeable surge. Now, let’s examine the Bitcoin Cash price chart.

In the graph provided, Bitcoin Cash (BCH) experienced a significant decrease of nearly 8% on Friday, falling below the critical $400 mark and closing at $381.63. This decline caused BCH to drop beneath both its 200-day Simple Moving Average (SMA) and 20-day SMA. The downward trend continued over the weekend, with BCH dipping below the 50-day SMA on Saturday and ending at $364. On Sunday, BCH plummeted almost 9% to reach $332.40. Intense selling pressure brought BCH down to a low of $274 on Monday, but increased demand in lower price levels allowed it to rebound above $300 and close the day at $310.22.

On Tuesday, the price climbed steadily, reaching a peak of $330. But BCH failed to hold above this mark and dropped to $315, representing a rise of 1.65%. Currently, BCH is almost 2% up, trading at $321. If BCH maintains its rising trend, it may exceed the $350 price point and aim for another test at $400. The RSI has dipped below 50 but has bounced back from the oversold area, suggesting some buying activity.

Uniswap (UNI) Price Analysis

In the past 24 hours, Uniswap (UNI) has experienced a 9% surge, demonstrating a robust rebound alongside other marketplaces. This altcoin had been on a downward spiral since mid-June, with negative sentiments escalating last week. On Friday, there was a substantial decrease of over 8%, causing UNI to fall below the $7 mark and settle at $6.60. A slight uptick was observed on Saturday, but UNI resumed its decline on Sunday, dropping by nearly 7% to reach $6.17. The coin continued to drop on Monday, hitting a low of $4.71. However, it managed to bounce back, moving above the $5 mark and settling at $5.37. Despite this rebound, UNI still ended the day with a significant loss of almost 13%.

On Tuesday, UNI‘s prices bounced back, recording an almost 8% rise to close at $5.77. In the ongoing trading session, buyers continue to hold the upper hand, pushing prices up by around 3%. Given that the Relative Strength Index (RSI) had dropped into the oversold zone earlier, suggesting a recovery, it seems that recovery is indeed taking place. For this recovery to be sustained, traders must aim to push UNI above $6. A successful close above this level could potentially pave the way for further growth, possibly even surpassing $7.

Maker (MKR) Price Analysis

In the last week, the value of Maker (MKR) has plummeted by approximately 35%, significantly breaching key support zones. Prior to Friday, MKR was trading within a range of $3,000 and $2,700. However, increased selling activity on Friday caused MKR to plunge more than 11%, breaking below the $2,500 mark and settling at $2,432. The downward trend persisted over the weekend with a drop of around 4.8% on Saturday and 6.3% on Sunday, taking the price down to $2,170. MKR continued its descent on Monday, dropping over 12% to reach $1,904 as it slipped below the $2,000 threshold.

On Tuesday, buyers made an effort to regain ground as MKR peaked at $2,029. Yet, with sellers present at this price point, the value dipped by 2.16%, ending the day at $1,862. Currently, buyers are attempting to surpass $2,000 again, pushing up MKR by more than 2%. The Relative Strength Index (RSI) suggests a short-term recovery, as it is currently in the oversold zone. To maintain this momentum, MKR needs to reclaim the $2,000 level. A successful close above this level could help it regain its previous levels before the weekend.

2024-08-07 15:15