On September 22, 2024, Bitcoin price dropped below $63,000, indicating that short-term profit booking by traders is likely. Some analysts are predicting that Bitcoin may enter a slight consolidation phase before targeting the upper resistance at $65,000.
Despite the short-term doubts, analysts remain bullish in the long term. Jeff Kendrick, head of digital assets research at Standard Chartered, expects Bitcoin to hit $200,000 by the end of 2025. Kendrick expects positive inflows into Bitcoin exchange-traded funds, a slight increase in inflation, and the removal of some banking restrictions to support the rally.
Bitcoinâs recovery has boosted buying in some altcoins, leading some to break through resistance levels. If Bitcoin stabilizes around current levels, tradersâ focus may shift to altcoins.
Bitcoin Price Analysis $BTC :
Bitcoinâs recovery is facing profit-taking pressure near the $64,000 level, indicating that buyers are reluctant to continue buying as they approach the overhead resistance at $65,000.
The BTCUSDT pair could pull back to the 20-day EMA ($60,232), which is an important level to watch. If the price bounces from this level, the chances of a rise above $65,000 could improve. After that, the pair could reach the strong overhead resistance at $70,000.
Conversely, if the price continues to decline and breaks below the moving averages, this may indicate a rejection of the markets to higher levels, and the pair may fall to the support line.
The pair has already pulled back to the 20-period EMA on the 4-hour chart. If this support breaks, the price could drop to the 50-period SMA. Buyers are expected to buy dips aggressively at $61,200. If the price bounces from this level, it will indicate that buyers have turned $61,200 into support, and the pair will once again try to break the $65,000 resistance.
If the bears want to prevent this rise, they will have to pull the price and keep it below the 50-period simple moving average. If they succeed, the pair could drop to $59,000 and then to $57,500.
Price Analysis $AVAX :
AVAX broke and closed above a descending channel pattern on September 19, indicating a possible trend change.
Bears are trying to stop the recovery at the $29 breakdown level. If the price reverses from the current level but finds support at the 20-day EMA ($24.81), it could indicate that bulls are trying to take control. The AVAXUSDT pair is likely to gain momentum above the $29 level and jump to $33.
Conversely, if the price declines and breaks below the moving averages, it could indicate that the pair may remain in the range between $19.50 and $29 for a while.
The pair pulled back from the overhead resistance at $29 and reached the 20-period EMA. This is a crucial level that bulls need to defend if they want to maintain the positive momentum. A strong bounce from the 20-period EMA could lead to a retest of the overhead resistance.
Alternatively, if the price remains below the 20-period EMA, it could indicate that bulls are losing control. The pair could then drop to the 50-period SMA, where buyers are expected to defend the moving averages aggressively.
Price Analysis $SUI :
Bulls managed to push SUI above the $1.44 resistance on September 20, but higher levels are currently attracting selling.
The SUIUSDT pair is witnessing a strong battle around the $1.44 level. If the price rises from the current level and surpasses $1.58, it will be a sign that the bulls have turned the $1.44 level into support, which will increase the possibility of a rise to $1.72.
Conversely, if the price declines and settles below $1.44, the correction could reach the 50% Fibonacci retracement level at $1.29. If this level is broken, the pair could drop to the 20-day EMA at $1.15.
The 4-hour chart shows that bulls are trying to push the price above the resistance of $1.58. If they succeed, it will signal the resumption of the uptrend towards the next target at $1.72.
Conversely, if the bears pull the price below the 20-period EMA, it will signal the start of a deeper correction to $1.30. This is a crucial support level because if broken, it could take the price to $1.18.
$TAO Price Analysis:
(TAO) broke and closed above the $361 resistance level on September 19, completing a triple bottom pattern, which has an ultimate target of $517.
This rally may face some selling near $490 and also at $530, but if the bulls do not give up much, the TAOUSDT pair could continue its upward trend. If the $530 level is cleared, the pair could rally to $640.
On the downside, the first support is at the 38.2% Fibonacci retracement level at $401, followed by the 50% retracement level at $378. If the $378 level is broken, the price could retest the breakout level at $361, where bulls and bears are expected to battle for control.
The pair is currently facing a sell-off near $480. Bears will try to push the price towards the 20-day EMA. If the price bounces off the 20-day EMA, bulls will again try to push the pair towards $490 and then to $530.
Conversely, if the price falls and breaks the 20-day EMA, it means that bulls are taking profits. This could open the door to a drop to the breakout level at $361, where bulls are expected to step in to defend this level.
$AAVE Price Analysis:
AAVE closed above the $154 resistance level on September 21, but bulls are having a hard time holding higher.
The bears are trying to pull the price back below the breakout level at $154. If they manage to do so, the AAVEUSDT pair could drop to the 20-day EMA ($142). A strong bounce from this level would indicate that the positive sentiment is still intact. In this case, the bulls will try again to overcome the major hurdle and push the price to $180 and then $200.
This bullish scenario will be reversed if the price breaks and holds below the 20-day EMA. In this case, the pair may drop to the 50-day SMA ($125).
The bullish move is facing selling near $160 on the 4-hour chart, but the pullback is expected to find support at the 20-day EMA. If the price bounces strongly from this average, the uptrend is likely to continue, and the pair could reach $180.
If the price breaks the 20-day EMA, it could signal the start of a deeper correction towards the 50-day SMA. This is an important level for bulls to defend, as a break could take the pair to $134.
