Price analysis 8/28: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Bitcoin’s fall below $60,000 signals near-term weakness, but longer-term investors continue withdrawing coins from exchanges, signaling a bullish outlook.
BTC #btcupdates2024
$58,951
continues to witness random and volatile price action inside the $55,724 to $73,777 range. Although it is difficult to predict the direction of the breakout from the range, long-term investors remain bullish. CryptoQuant data shows net outflows of roughly 45,000 Bitcoin from exchanges on Aug. 27, the third highest outflows.
In addition to Bitcoin, investors seem keen on accumulating Ether
ETH $ETH
$2,520
though the price action has been subdued. Popular analyst Satoshi Sniper highlighted in his post on X that Ether whales had added 200,000 Ether worth roughly $540 million.
However, Bloomberg Intelligence senior commodity strategist Mike McGlone suggested in his latest analysis on X that the risk-asset race “may be over.” According to McGlone, Bitcoin peaked at 15 times the value of the S&P 500 (SPX) in the first quarter of 2020, and the high in 2024 was 14 times. He projects a possible 50% drop toward 7 times the value of the S&P 500.
Could Bitcoin plummet to $55,724, or will it climb to $65,000? How are the altcoins likely to behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s failure to break above $65,000 on Aug. 25 suggests that demand dries up at higher levels. That started a pullback, which dropped below the moving averages on Aug. 27.
The bulls are trying to form a higher low at $58,000, but the relief rally is likely to face selling at the moving averages. If the price continues lower or turns down from the 20-day exponential moving average ($60,9046), it will suggest that bears remain in charge. The BTC/USDT pair may then slump to $55,724.
The moving averages are the near-term resistance levels to watch out for. If buyers overcome this hurdle, the pair may retest the $65,000 resistance.
