Since the start of this month, Bitcoin’s price has been ranging between $25,312 and $26,367. In most cases, such a volatility squeeze leads to high price volatility. However, predicting whether BTC’s price will head upward or downward after the breakout is tough at the moment.
Crypto research firm CoinGlass published an interesting report in the mid-week showing that Bitcoin has posted losses every September for the past six years. This report may discourage the bulls from entering the market and let the bears take control.
Furthermore, the United States Dollar Index, which is inversely correlated to cryptocurrencies, has been rising over the last three weeks, suggesting that Bitcoin and other digital currencies could face pressure over the next few weeks.
Nonetheless, despite the bears being in charge, their attempts to cause crypto prices to collapse could be blocked next month as the possibility of a spot Bitcoin ETF approval continues to increase. Crypto analysts are optimistic that the crypto market will rally significantly if the United Securities and Exchange Commission approves a spot Bitcoin ETF.
So, which support levels are the bulls likely to come in and purchase the dip? Let’s explore the price charts to get answers.
Bitcoin Price Analysis
BTC was valued below $26,000 from Monday until today when it briefly crossed the mark to hit $26,367. The largest coin by market cap is priced at $25,765 as of this writing, data from Coingecko shows.
The bears are looking to tug BTC below $25,312 so they can drag it further to $20,200, where the buyers are anticipated to purchase the dip. Any price above the 20-day EMA (Exponential Moving Average) of $26,456 will allow the bulls to stage a relief rally toward the 50-day SMA (Simple Moving Average) of $28,039. More buying pressure may push BTC to $30,896.
Ethereum Price Analysis
For the second time this month, the bulls have bought the dip at $1,616.37, suggesting they are giving everything to protect the level. However, there hasn’t been sufficient buying activity at higher levels to cause a rally. The bears continue to book profits near the $1,649.54 resistance level.
In the event Ethereum crosses below $1,616.37, it could signal that the bears have taken full control, and we may now look at the prospects of ETH reaching $1,545.70. On the contrary, sustaining Ethereum’s price above the 20-day EMA of $1,675.03 could cause the crypto asset to hit $1,770.23, the 50-day SMA.
BNB Price Analysis
The bears are still unable to cause BNB’s price to collapse despite the token trading below the $220.48 strong support level since September 1. With the selling pressure seemingly reducing at lower prices, BNB may continue trading between $200.07 and $220.48 for a couple of days. However, if $200.07 cracks, the next destination will be $183.55. Meanwhile, any chances of a comeback will require the bulls to thrust BNB above $220.48. If it happens, the digital currency could touch $240.64 or even $265.07.
XRP Price Analysis
The $0.50325 support level cracked briefly today, but the bulls couldn’t let the bears fuel a downward movement. Although XRP is now trading above $0.50325, there is a lack of buying pressure to push the crypto asset to retest major resistance levels of $0.56563 and $0.63827.
If the bears sustain XRP below $0.50325, the token may touch $0.42680 for the first time since March 25.
TON Price Analysis
The past two weeks have been good for Toncoin. While most top crypto assets declined in value, TON gained 28% during that period. The interest in the token has been growing since the TON Foundation announced significant developments in the Toncoin ecosystem. After TON rose to $1.93 on September 4, the bears caused a correction to the 20-day EMA of $1.73, a level that attracted buying, pushing Toncoin to $1.81 as of this writing. The next possible destination is $2.06. However, TON could plummet to $1.51 if $1.73 cracks.
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