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Bitcoin recently fell below the $55,724 support level, potentially setting the stage for a further decline toward the August 5 intraday low of $49,000. According to Alvin Kan, Chief Operating Officer at Bitget Wallet, Bitcoin might continue to face pressure until the Federal Reserve’s rate decision on September 18. However, a rate cut could provide a short- to mid-term boost for risk assets, including cryptocurrencies.
Arthur Hayes, former CEO of BitMEX, has adjusted his earlier forecast of a Bitcoin drop below $50,000, now anticipating a potential rally due to increased liquidity from the Federal Reserve. Despite Bitcoin's recent weakness impacting several altcoins, some have shown resilience. This resilience suggests these altcoins could outperform if Bitcoin initiates a relief rally.
Bitcoin's recent dip below the $55,724 support indicates bearish control. A typical market response involves a retest of the breakdown level. Should Bitcoin price rise to $55,724, it may encounter resistance from bears. Failure to surpass this level could lead to intensified selling, driving the price toward the crucial support at $49,000. A bullish signal would emerge if Bitcoin surpasses the 20-day exponential moving average (EMA), potentially reaching the 50-day simple moving average (SMA). A sustained movement above the 50-SMA could pave the way for further gains up to $60,000.
{Uniswap} (UNI): Uniswap is attempting a relief rally but faces resistance near the breakdown level of $6.74. If the price surpasses the 50-day SMA, it may climb toward $8.66. Failure to breach $6.74 and a break below the 20-day EMA could result in the pair trading between $6.36 and $7.22.
{Sui} (SUI): Sui is testing the resistance line of its descending channel. A rebound from this resistance line, supported by the moving averages, may lead to a breakout and a rise to $1.20. Conversely, if the price declines below the moving averages, the pair could remain within the channel.
{Optimism} (OP): Optimism has moved above the 20-day EMA and is approaching the 50-day SMA. A sustained move above the 50-day SMA and resistance at $1.65 could signal a rally toward $2.50. If it fails to hold above the 50-day SMA, the price may retreat to $1.17.
{Helium} (HNT): Helium has recently started an uptrend but is facing resistance at $8.50. A break above $8.67 could maintain the uptrend, possibly reaching $10. A decline below the 20-day EMA would favor the bears and could lead to a drop to $7.
