Bitcoin touched $70,000 on Monday but couldn’t grow further, signaling that the sellers were determined to defend the resistance level. However, investors are not worried about BTC crossing above the current all-time high ($73,723) to enter new territories. According to an X poll conducted by Santiment, 73% of the participants are optimistic that Bitcoin will reach a new peak price by October.
Meanwhile, CoinShares’ latest report shows that investors are still purchasing BTC. Over the past seven days, the BTC market has seen over $520 million in net inflows. That takes the inflows for this month to $3.5 million and $19 billion since the start of the year. CoinShares has said that talks regarding Bitcoin becoming the United States’ reserve asset and a likely rate cut in September could fuel crypto prices to higher levels.
Founder and CEO of Global Macro Investor Raoul Pal is also bullish on Bitcoin’s future. In an X post, he said macroeconomic factors were improving and that we should expect a Bitcoin rally, which could last until the second quarter of 2025.
With that said, let’s now study the price charts to determine if Bitcoin can cross $70,000 or continue to trade sideways.
Bitcoin Price Analysis
A long-wicked candle formed on Bitcoin’s price chart (1D) indicates that the bears are present at the $70,000 – $73,734 resistance zone and will try to block any uptrend attempts. Bitcoin is currently going for $66,647. If the sellers drag it below the 20-day Exponential Moving Average of $65,237, it will suggest that the bulls are weakening, and this could lead to a fall toward $60,032 and even to $57,820.
However, if the bulls successfully push BTC above $70,000, the likelihood of a surge to $73,734 will grow. Overcoming the bears at that level opens room for a move to $80,000.
Ethereum Price Analysis
Ethereum’s current price ($3,336) means that the bulls have blocked bears’ attempts to tug the second-largest token by market cap below the 20-day Exponential Moving Average of $3,321. This also shows that bulls regard lower levels as an opportunity to buy the dip.
Despite increased buying activity, Ethereum has yet to cross the downtrend line. Positive signs of this line being crossed will show when the bulls thrust ETH above the Simple Moving Average of $3,370. As such, the digital asset could exceed the downtrend line and move toward $4,034.
Solana Price Analysis
The current price action suggests that investor interest in Solana is back. SOL has been one of the top performers since last Friday. It has now surpassed BNB to become the fourth-largest cryptocurrency by market cap.
While the Relative Strength Index (63.27) suggests that the buyers are at an advantage, the bears haven’t let the $190.23 resistance collapse. However, if this level eventually gives way, we anticipate Solana reaching $209.88. On the other hand, it is possible that SOL could drop to the 20-day Exponential Moving Average of $168.47 if the support at $175.45 collapses.
BNB Price Analysis
As mentioned earlier, BNB has been overthrown by Solana, and now sits at position 5. The bulls’ struggle to thrust the coin above $604.89 has contributed significantly to the recent downtrend. As of this writing, the Binance Coin is valued at $571.93, below the 20-day Exponential Moving Average of $574.21.
This price action signals that the bulls are being overpowered. If they let $550.49 crumble, BNB might reach $494.55. On the positive side, thrusting the digital coin above $604.89 will enable the bulls to fuel a move to $636.03 and even to $721.
Dogecoin Price Analysis
DOGE bulls haven’t let the meme coin’s price go below the 20-day Exponential Moving Average of $0.12800, indicating they are determined to push further. If they thrust Dogecoin above $0.14061, a rally to $0.18227 would seem likely. However, this may not happen if the bears manage to pull Dogecoin below $0.12800. That’s because a bearish move to $0.10074 could occur.
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