Bitcoin (BTC) has been in a sideways price action for months, but that hasn’t stopped institutional investors from buying. According to K33 Research’s Chief Analyst, Beth Lunde, more than 262 new companies invested in U.S. spot Bitcoin exchange-traded funds (ETFs) in Q2 2024.
It’s encouraging to see that institutional investors have largely maintained or increased their positions. Matt Hougan, Bitwise’s chief investment officer, wrote in a post on X that 44% of asset managers increased their Bitcoin ETF positions, while 22% kept them the same. Only 13% liquidated their positions, while the remaining 21% reduced their positions. Hougan called this “a pretty good result, in line with other ETFs.”
While the long-term outlook remains bullish, analysts are turning bearish in the short term. Crypto analytics platform Coinglass warned in a post on X that the increasing open positions in Bitcoin suggest “room to go down.” Analysts are also watching closely for a possible death cross as the 50-day simple moving average (SMA) falls below the 200-day SMA.
Will Bitcoin crash below $55,724 support and fall to $50,000? Are altcoins at risk of a crash? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin fell below the 50-day SMA ($61,577) on August 14, but bounced back to solid support at $55,724 on August 15, suggesting buying on the decline.
The bulls will try to push the price above the 50-day SMA again. If they do so, it will indicate that selling pressure is decreasing. Then, the BTC/USDT pair can attempt a rally to $65,659 and then $70,000.
Contrary to this assumption, if the price breaks down from the moving average, it is a signal that the bears are active at higher levels. Then, the pair may consolidate for some time between the 50-day SMA and $55,724. If the $55,724 support breaks down, the pair may fall to $49,000.
Ether Price Analysis
Ether (ETH) is trending higher from support near $2,500 on August 16, suggesting that bulls are looking to form a higher low.
The bulls will try to start a recovery, but the ETH/USDT pair is expected to face strong selling from the 20-day EMA ($2,772) to the $2,850 area. If the price breaks down from the overhead area, it suggests that the bears are looking to turn the $2,850 level into resistance. This will increase the risk of a drop below $2,500.
Conversely, a breakout and close above $2,850 would suggest that the market has rejected the lower levels. The pair could rally to the 50-day SMA ($3,085) and later to $3,400.
BNB Price Analysis
BNB (BNB) has been trading near the 20-day EMA ($526) for the past few days, which shows that bulls are trying to push the price above it.
If successful, the BNB/USDT pair could reach the downtrend line. This is an important level to watch, as a break above and close above this level would start a strong recovery towards $605.
Conversely, if the price breaks down from the current level or the downtrend line, it suggests that sentiment is still negative. Then, the bears will try to push the pair down to the important support level of $460.
Solana Price Analysis
Solana (SOL) fell below the $141 support level on August 15 and continued its downtrend on August 16.
The SOL/USDT pair could drop to $130, which is an important support level to watch. If the price bounces off $130, the bulls will try to push the pair back above the moving averages. The bullish momentum is likely to push the pair above $164.
Instead, a price drop below $130 would signal increasing selling pressure. The pair could retest the important support level of $116. The bulls are expected to defend this level with all their might, as a drop below it could start a new downtrend.
XRP Price Analysis
XRP (XRP) has been trading near the 20-day EMA ($0.57) for the past few days, suggesting a fierce battle between bulls and bears.
A breakout and close above $0.58 would tilt the short-term advantage in favor of the buyers. This could lead to a rally in the XRP/USDT pair towards overhead resistance at $0.64. The bears have defended this level aggressively before and will likely try to do the same again.
This bullish view will be invalidated in the short term if the price declines and falls below the 50-day SMA ($0.54). This could increase selling pressure, pushing the pair towards $0.46.
Dogecoin Price Analysis
The bears are trying to keep the Dogecoin (DOGE) price below the $0.10 support level, but the bulls are not wavering.
The bulls will again try to push the price above the 20-day EMA ($0.11). If they do so, the DOGE/USDT pair will likely gain momentum and reach the downtrend line.
On the downside, if the price holds below $0.10, it indicates that the bears are trying to take control. There is some support at $0.09, but if this level does not hold, the next stop is likely to be support.
Toncoin Price Analysis
Toncoin (TON) rose above its 50-day SMA ($6.89) on August 14, but the bulls failed to sustain the high as seen in the long wick of the candlestick.
If the price breaks below the 20-day EMA ($6.45), it suggests that higher levels are attracting sellers. There is strong support at $6, but if this level breaks, the TON/USDT pair could fall to $5.25.
Alternatively, if the price bounces off the 20-day EMA or $6.05, it suggests that sentiment has turned positive and traders are buying on the dip. A close above the 50-day SMA could suggest a rally to $7.65.
relevant: Will Bitcoin Price Crash Again?
Cardano Price Analysis
In a bull market, Cardano (ADA) is struggling to push above the 20-day EMA ($0.35), which could lead to a sell-off at higher levels.
A small positive for the bulls is that it has prevented the price from falling below $0.31. The bulls will try to push the price above the 20-day EMA again. If they can do this, the ADA/USDT pair could head towards the downtrend line. The bulls will need to push the price above the downtrend line and hold it to signal a potential trend change.
This positive outlook will be invalidated in the short term if the price continues to decline and falls below $0.31. Then, a decline towards the important support level of $0.24 may begin.
Avalanche Price Analysis
Avalanche (AVAX) has been trading within a descending channel pattern for the past few days, indicating a downtrend.
However, sellers are having difficulty in pushing the price below the $19.50 support level, which suggests that the bulls are trying to form a higher low. A breakout and close above the 20-day EMA ($22.46) would be the first sign of strength. The AVAX/USDT pair could rally towards the resistance line.
Conversely, if the price declines and falls below $19.50, it is a signal that the bears have gained the upper hand. Then, the pair may crash to the support line of the channel.
Shiba Inu Price Analysis
Shiba Inu (SHIB) remains below the moving averages, but the downtrend is not stopping and has failed to sustain the price below $0.000012.
The bulls will try to push the price above the moving averages to bounce. If successful, the SHIB/USDT pair could reach the $0.000020 level of breakdown. This level is likely to attract bears to sell.
Another possibility is that the price can fall below the moving average. This would suggest that the bears are in control. The first support level for the downtrend is $0.000012. If this level is broken, selling could increase and the pair could fall to $0.000010.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.