Bitcoin (BTC) briefly climbed above $61,000 on Tuesday but could not stay above this level as sellers immediately drove the price back towards $60,000. Growing selling pressure forced BTC back below $60,000, with the cryptocurrency currently trading around the $59,500 mark.

Crypto markets registered a notable increase on Tuesday, with all major cryptocurrencies registering gains. However, markets have hit a rough patch, with most coins in the red at present. The anticipation around the Federal Reserve meeting minutes and the Jackson Hole symposium is also playing a crucial role in the prevailing scenario in crypto, with traders adopting a conservative approach.

Crypto Markets Await Federal Reserve Comments

The Federal Reserve’s July meeting minutes will be released on Wednesday. They will be followed by the Jackson Hole symposium, which will be held on Thursday. Traders will be waiting in anticipation for the annual economic symposium, which could provide clarity on the interest rate outlook. Federal Reserve Chair Jerome Powell is also scheduled to speak at the event. Markets are expecting a rate cut in September. However, the odds of a 50 basis point reduction have been reduced to 28.5%, according to CME’s FedWatch.

During the meeting at Jackson Hole, Wyoming, Wall Street and the crypto markets anticipate that Federal Reserve Chair Jerome Powell will confirm interest rate cuts. However, investors are still processing last week’s announcement of US retail sales numbers for July and weekly initial unemployment claims, both of which have been stronger than anticipated. The statistics also eased concerns about the strength of the US economy, giving a breather to global stocks. However, Powell could choose to remain tight-lipped about the timing of the rate cut.

Impact On Crypto

The crypto market has had a mixed week so far, with BTC climbing above $61,000 at one point only to be dragged back below $60,000 thanks to selling pressure. The global crypto markets have declined 1.99% in the past 24 hours, with the total market capitalization currently at $2.1 trillion. Major cryptocurrencies have registered significant declines over the past week, with BTC down almost 2%, Ethereum (ETH) down almost 5%, Solana (SOL) down by 1.15%, and Dogecoin (DOGE) down almost 2%.

However, some cryptocurrencies have defied the markets and registered notable gains. These include Ripple (XRP) (up 4%), Tron (TRX), which is up a staggering 22%, Cardano (ADA), up almost 6%, and Polkadot (DOT), which is up almost 2%.

Institutional Ownership Of Bitcoin ETFs Up

Meanwhile, institutional ownership of Bitcoin ETFs reached 24% during the previous quarter despite a drop in BTC prices and a challenging market environment. According to the available data and filings, this is a noticeable jump from the 21.4% recorded during the previous quarter. Notable investors in spot Bitcoin ETFs include Goldman Sachs, holding $412 million in ETF shares, and Morgan Stanley, which holds $188 million in ETF shares. Spot Bitcoin ETFs have registered significant inflows of over $61 million on August 19. This was despite Bitwise’s BITB and Invesco Galaxy’s BTCO registering considerable outflows.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) registered a brief jump over $61,000 on Tuesday, buoyed by a jump in network usage and increased derivatives market activity. The anticipation of Federal Reserve Chair Jerome Powell’s speech also led to an uptick in the price. However, it could not stay at that level and dropped back below $60,000 during the same session. BTC has had a mixed week so far despite entering the weekend positively, thanks to a 1.20% increase on Saturday. However, it fell back in the red on Sunday as buyers could not sustain momentum due to the 20-day SMA acting as a dynamic resistance level. As a result, BTC dropped almost 2% on Sunday to slip below $59,000 and settle at $58,492.

Source: TradingView

Thanks to robust lower-level demand, BTC recovered on Monday, registering an increase of 1.73% to move to $59,501. However, it was unable to move above the 20-day SMA yet again. On Tuesday, BTC finally broke above the moving average and the $60,000 price level thanks to a price jump driven by increased network and derivatives market activity. As a result, BTC surged to an intra-day high of $61,402. However, buyers lost momentum as the price was rejected at the 50-day SMA, allowing sellers to wrest control. With sellers in control, BTC fell back below the 20-day SMA. However, it was able to stay above the $59,000 mark and settle at $59,068. The current session sees BTC up by almost 1% and trading at $59,650.

So, is another push above $60,000 on the cards? This depends on the Federal Reserve’s July meeting minutes and Powell’s speech at the Jackson Hole symposium. If the speech buoys the markets, BTC could climb back above the $60,000 level and retest the resistance at the 50-day SMA. A break above this level could see BTC test $62,000. However, sellers are expected to defend these levels, and should BTC turn bearish, a drop to $58,000 can be expected.

Ethereum (ETH) Price Analysis

Ethereum (ETH) remains in a consolidation phase despite a breakout to $2,697 on Tuesday, which sellers quickly reversed. This indicated intense selling pressure around the $2,700 level. Looking at the daily chart, we can see neither bulls nor bears have been able to take the initiative and dictate price movements. Since losing the $2,700 level on August 12, ETH has struggled to build momentum, with buyers unable to mount a substantial push to higher levels. However, they have kept ETH above $2,500, indicating strong support at this level. ETH has been relatively muted since Friday when it registered an increase of 9.93% to move to $2,594. Saturday saw yet another marginal increase that allowed ETH to settle above $2.600 at $2,614.

Source: TradingView

A push towards $2,700 failed to materialize on Sunday as sellers could drive the price back down from an intra-day high of $2,684. Sellers attempted to push ETH lower on Monday, but buyers were able to retake control and push ETH to $2,639 after an increase of 1%. Buyers made a strong push to break above $2,700 on Tuesday as ETH reached an intra-day high of $2,697. However, with sellers actively defending this level and the 20-day SMA also coming into play, bullish sentiment waned as ETH fell back by 2.44% to $2,574. The current session sees ETH up by almost 1% and trading at $2,599.

ETH is trading within a narrow range, oscillating between the $2,500 support level and the $2,700 resistance level. ETH must break and close above the 20-day SMA and the $2,700 price level for any substantial upward price action. Buyers must also defend the $2,500 support level. Should this level be breached, ETH could tank to $2,200.

Solana (SOL) Price Analysis

Solana (SOL)’s push to $150 stalled on Tuesday despite a strong push by buyers. SOL lost momentum as it faced considerable selling pressure around the $150 level, with the 200-day SMA acting as a dynamic resistance level. SOL had been trading in a bearish trajectory since August 8, when its price hit $163. However, buyers lost momentum, and the price quickly dropped below the 50 and 200-day SMAs to settle at $141. Buyers attempted a push to $150 but could not move above the 200-day SMA. Instead, SOL dropped to $139 by Friday as selling pressure intensified.

Source: TradingView

However, support at this level allowed buyers to enter the market, allowing SOL to reclaim $140 after a 2.04% increase, which pushed the price to $141. Buyers attempted a move to $150 on Sunday but were thwarted. As a result, SOL fell to $142 from an intra-day high of $147, a marginal increase of 0.37%. Buyers also remained in control on Monday, with SOL rising by 1.35%. Buyers attempted another push above $150 on Tuesday as SOL rose to $148.91. However, sellers pushed the price back below the 20-day SMA to $142. The current session sees buyers and sellers struggling to establish control, with the price at $142.

Buyers must push above $150 to reclaim pre-August 5 levels. However, with sellers active, they must also defend the $140 support level. A break below this level could yank SOL down to $130 or even lower.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE)’s positive start to the week continued as the popular meme coin continued its upward trajectory. DOGE’s price could see further upward momentum after it emerged that DOGE miners have acquired 140 million DOGE over the past 20 days. DOGE has been in a consolidation phase for the past couple of weeks. Despite sellers attempting to breach $0.100, DOGE’s support has held firm with buyers, ensuring DOGE stays above its critical level of support.

Source: TradingView

DOGE has done well to recover from an intra-day low of $0.098 on Thursday, having climbed back above $0.100 by Saturday to settle at $0.102. Sellers attempted to drive DOGE back below $0.100 on Sunday but could not do so despite dragging the price down by 2.05%. Instead, buyers were able to take control on Monday, pushing DOGE up by 1.60% to $0.101. Momentum picked up on Tuesday, allowing DOGE to push above the 20-day SMA and settle at $0.101. The current session sees DOGE up by 0.68% and trading at $0.104.

Ripple (XRP) Price Analysis

Ripple (XRP) had a strong start to the week after spending several days unable to gather momentum and break above the 20-day SMA. The altcoin had been trading with relatively little volatility since Tuesday (August 13), with neither buyers nor sellers unable to influence the price to a significant degree. The 20-day SMA acted as a dynamic level of resistance, preventing a move toward $0.60, while buyers could defend the $0.55 support. This began to change on Sunday as buyers mounted a strong push towards $0.60. However, they lost momentum as XRP approached higher levels, allowing sellers to retake control. XRP eventually dropped by 0.49% to $0.56.

Source: TradingView

The current week began with buyers firmly in control as XRP surged past the 20-day SMA after an increase of 6.32% to settle at $0.59. Sellers were expected to defend this level, and while buyers attempted to push higher on Tuesday, they could not do so as sellers drove the price down by 0.87%. The current session sees XRP marginally up. If buyers can gather momentum and push above $0.60, XRP could move toward $0.65, a crucial resistance level. However, sellers are expected to defend both levels and attempt to push XRP down towards $0.55.

Uniswap (UNI) Price Analysis

Uniswap (UNI) has broken past the 20-day SMA after failing to do so on Friday. UNI had registered a sharp increase on Friday, registering a 4.92% jump to settle at $6.51. However, with sellers defending this level, UNI could not push above the 20-day SMA. Instead, it turned bearish over the weekend, dropping by 1.48% on Saturday and a further 3.76% on Sunday to settle at $6.17. Sellers attempted to drag UNI below the $6 support level. However, strong lower-level demand allowed buyers to regain control and push UNI up to $6.20 on Monday.

Source: TradingView

On Tuesday, buyers attempted to move above the 20-day SMA as UNI reached an intra-day high of $6.47. However, sellers pushed the price below the moving average to $6.26.

The current session sees UNI up over 2% as buyers attempt another move to push above $6.50. If UNI can break and close above $6.50, buyers will attempt a move towards $7. However, sellers are expected to defend both levels.

Celestia (TIA) Price Analysis

Celestia (TIA) has turned bearish since its rally faltered on August 13 after it broke above the 20 and 50-day SMAs to reach $6.20. Since then, TIA has dropped back below the moving averages and lost the $6 level to slip to $5.15. By Sunday, TIA hit a low of $4.99 as bearish sentiment took hold after TIA lost crucial support levels. Buyers are struggling to keep TIA above $5 as weak demand meant it could only register a marginal increase on Monday. However, sellers also have lost momentum and could push TIA marginally down as it held on to its $5 support level. The current session sees buyers attempting a move towards the 20-day SMA. However, TIA has only been marginally up so far.

Source: TradingView

TIA must push above the 20-day SMA for sustained buying momentum to take hold. However, if it loses its $5 support level, the price could drop towards $4.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.