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Bitcoin and altcoins are experiencing some profit-taking today, yet the overall uptrend remains intact. Bitcoin, currently trading near $62,923, has rebounded sharply from its August low of $49,000. Historically, Bitcoin has struggled to maintain gains in September, with an average decline of 4.78% since 2013, and only one positive September in the past seven years. Despite this, Bitcoin-related exchange-traded products (ETPs) have seen substantial inflows, totaling $543 million last week, according to CoinShares.
{Bitcoin} (BTC) has been confined within a range of $55,724 to $73,777 for several months, reflecting a prolonged battle between bullish and bearish forces. This range-bound behavior indicates that any breakout will require considerable momentum.
The S&P 500 Index continued its upward trajectory last week, nearing the resistance level at 5,670. The 20-day exponential moving average (5,509) has turned upwards, and the relative strength index (RSI) remains positive, suggesting that buyers hold the advantage. A decisive break and close above 5,670 could propel the index towards 6,000. Conversely, if the index falls below the moving averages, it might consolidate between 5,119 and 5,670.
The US Dollar Index (DXY) saw a decline, breaking below the key support at 101. The RSI has entered oversold territory, indicating strong bearish momentum. Any recovery attempts may face resistance at 101.50 and again at the 20-day EMA (102.40). Continued weakness could see the index approach 99.57, with buyers needing to push the price above the 20-day EMA to reverse the trend.
Bitcoin's price analysis shows a struggle to surpass the $65,000 resistance level. The 20-day EMA ($61,353) is rising, and the RSI remains positive, suggesting that the bulls are maintaining control. A rebound from the 20-day EMA could increase the likelihood of a move towards $70,000. A decline below the moving averages, however, could lead to a drop to $55,724.
Ether, the price has retreated from the $2,850 level, indicating that bears are trying to turn this level into resistance. A sustained price above the 20-day EMA ($2,717) would signal that buyers are active, potentially driving the price above $2,850. Conversely, a break below the 20-day EMA could suggest ongoing bearish control, with the price possibly consolidating between $2,500 and $2,850.
BNB has faced resistance at $600, with bears attempting to keep the price within the $460 to $635 range. The moving averages are expected to provide support. A rebound from these levels might indicate positive sentiment, with potential for a rally towards $635. However, a further decline below the moving averages could signal that bullish momentum is fading, potentially leading to a drop towards the support zone between $495 and $460.
