Price analysis 8/9: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Bitcoin’s rebound off $28,701 on Aug. 7 shows that lower levels continue to attract buyers. The recovery has kept the price stuck inside the range as traders await the start of a new trending move. A recent report by ARK Invest says that “Bitcoin’s volatility dropped to a 6-year low during July.”
Traders who expected a strong move in either direction have been disappointed by the ongoing range-bound action in August. If history repeats itself, then August and September may turn out to be washout months, as their average moves have been 0.73% and -5.01%, respectively.
Although the short-term is uncertain, the long-term continues to look attractive. Galaxy Digital CEO Mike Novogratz, citing sources at BlackRock and Invesco, said that the first spot Bitcoin (BTC) exchange-traded fund in the United States may be approved by the Securities and Exchange Commission in four to six months.
Such a move is expected to be hugely positive for the crypto space. In the meantime, important resistance levels continue to impact Bitcoin and altcoins. Could bulls overcome the roadblock? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s strong relief rally from the $28,861 support shows that the bulls have not yet given up and they continue to view the dips as a buying opportunity.
The BTC/USDT pair rose above the 20-day exponential moving average (EMA) of $29,455 on Aug. 8, and the bulls are trying to build upon the momentum by pushing the price above the 50-day simple moving average (SMA) of $29,981. If they manage to do that, the pair could pick up momentum and soar toward the overhead resistance zone between $31,804 and $32,400.
Contrarily, if the price turns down and skids below the 20-day EMA, it will suggest that
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