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Bitcoin is currently struggling to maintain levels above $60,000, but this has not deterred activity in spot Bitcoin exchange-traded funds. Data from Farside Investors indicates only two days of outflows. suggesting that the current price level is seen as a long-term opportunity by many participants.
Bitcoin faces a critical need for increased demand to surpass its all-time high, yet recent data from CryptoQuant reveals that Bitcoin whales have slowed their buying pace since the high in March. This trend may impact Bitcoin's ability to stay above $60,000 and trigger widespread buying across the Cryptocurrency Stock.
Bitcoin Price
On August 20, Bitcoin bulls attempted to push the price above the 50-day simple moving average ($61,314), but faced resistance from sellers. The bulls are now making another attempt to push the BTC/USDT pair above this level. Success in this effort could propel the price towards $65,660 and potentially $70,000, though the $70,000 to $73,777 range is expected to see significant selling pressure. Crucial support is located at $55,724; a break below this level could lead to a decline towards $49,000.
Ether Price
Ether has struggled to surpass the 20-day EMA ($2,707) as of August 20, indicating ongoing resistance from sellers. Technical analyst SuperBro notes that Bitcoin's historical performance around U.S. presidential election years suggests potential for a sharp rally post-election. Should Ether fall below $2,500, it might decline to $2,300 and potentially $2,111. Conversely, if the price moves above the 20-day EMA, it may test the $2,850 level, where a battle between bulls and bears is anticipated.
BNB Price
BNB surged above the downtrend line on August 19, signaling bullish momentum. However, bears may attempt to pull the price back below this level and moving averages, indicating a potential bull trap. If the price maintains above the downtrend line, it may rally towards $605 and possibly $635.
Solana Price
Solana faced resistance at the 20-day EMA ($147) on August 20. Continued downward movement could test support at $136, with potential declines towards $116. Conversely, a rebound could push the price above the 20-day EMA, aiming for the 50-day SMA ($153) and $164.
XRP Price
XRP broke above $0.58 on August 19, opening the path to $0.64. The 20-day EMA ($0.57) is trending upward, and if the price surpasses $0.64, further momentum towards $0.74 could follow. Key support to watch is the 50-day SMA, with a break below suggesting a range-bound movement between $0.46 and $0.64.
