Price analysis 9/1: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
Bitcoin’s (BTC) volatility has increased over the past few days. The price soared on Aug. 29 after Grayscale scored a victory over the United States Securities and Exchange Commission (SEC). However, the euphoria was short-lived as the price gave back all the recent gains on the news that the SEC delayed the decision on all seven spot Bitcoin exchange-traded fund applications.
News related to Bitcoin ETFs has been the major trigger for the markets in the past few days. Bloomberg ETF analysts remain upbeat over the possibility of the ETFs being approved by the regulator in 2023. In an Aug. 30 post of X (formerly Twitter), Bloomberg senior ETF analyst Eric Balchunas bumped up the approval possibility of a spot Bitcoin ETF from 65% to 75%.
In the near term, the bulls face an uphill battle as September has traditionally favored the bears. According to CoinGlass data, Bitcoin has seen negative returns in September for the past six consecutive years. Will the trend continue in 2023?
The weakness in Bitcoin is affecting several major altcoins, which have dropped close to their strong support levels. Will the decline extend further or is it time for a bounce to happen? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls failed to defend the 20-day exponential moving average ($26,947) on Aug. 31. That started a sell-off which pulled Bitcoin below the breakout level of $26,833.
The price action of the past few days shows that the BTC/USDT pair has been oscillating inside the large range between $24,800 and $31,000. Typically, traders buy the dips to the support of the range and sell near the resistance. The same is expected from the bulls at $24,800.
If bears want to seize control, they will have to sink and
Read more on cointelegraph.com
