Bitcoin Holds Steady Amid Market Fluctuations: A Look into Altcoin Potential
Summary:
Despite the recent decline in S&P 500, Bitcoin (BTC) maintained a steady trading range, suggesting cryptocurrency investors are not in a rush to exit. Analysts see potential for recovery in certain altcoins and examine whether Bitcoin could initiate an altcoin rally. Chainlink (LINK) showed promise by surging above its downward trend line, while Maker (MKR) faced challenges at $1,370. Despite a downtrend, Arbitrum (ARB) and Theta Network (THETA) have shown some bullish signs. The article emphasizes that all trading moves involve risk and require thorough research.
Despite the past four days of decline in the S&P 500, Bitcoin (BTC) has maintained a steady trading range, illustrating that cryptocurrency investors are not in a rush to make a hasty exit, despite market fluctuations. In fact, according to CryptoCon, a well-known analyst, the Bitcoin supply appears to be transferring to stronger investors. He noted that short-term holder (STH) – traders with 155 days or less of Bitcoin in their possession – now own the smallest portion of Bitcoin's supply in over a decade, data sourced from Glassnode. Though uncertainty around Bitcoin’s future direction has led to a slowdown in price activity across several significant altcoins, the potential for a recovery from a few altcoins remains palpable.
Can Bitcoin awaken from its equilibrium and make a bullish move that could spark an altcoin rally? Let’s take a closer look at several top cryptocurrencies that may be primed for an increase.
Analysis of Bitcoin price shows that although the traders have managed to keep the price above the 20-day exponential moving average ($26,523), they have been unable to initiate a robust surge, implying a lack of demand at inflated prices. A downward break below this mean would be a win for the bears, leading to a potential drop to $24,800. Advantage will return to the buyers if the price goes beyond the 50-day simple moving average ($26,948), potentially leading to an attempted rally to $28,143.
Meanwhile, Chainlink (LINK) has shown promise by surging above its downward trend line on September 22. This shows a probable trend change. In the circumstances of correction, the 20-day EMA ($6.55) is likely to attract buyers, and if a strong rebound occurs, it may lead to an upward move to $8.50.
Also making a splash is Maker (MKR), which faced resistance at $1,370 on September 21. Now, the bulls are eying the 20-day EMA of $1,226, a level that, if reached, could drive Maker () toward the $1,759 mark. Elsewise, the bears may maintain the range between $980 and $1,370.
Arbitrum (ARB), despite being in a downtrend, has shown bullish tenacity. If the price can surpass the 20-day EMA, there's potential for a significant recovery. On the other hand, a fall below the $0.74 level might result in the resumption of the bearish trend.
Finally, Theta Network (THETA) displayed robust bullish movement above the 20-day EMA ($0.61) on September 23, indicating a potential bullish comeback. A rise to $0.76 may be on the cards if it surpasses the significant $0.70 mark. A fall below the 20-day EMA would put this prediction in jeopardy, potentially leading to a retest of the $0.57 level.
Readers should be aware that every trading decision involves risk and thorough research is always crucial before making any investment decision. This article should not be viewed as investment advice, but as a brief overview of the current cryptocurrency landscape.
Published At
9/24/2023 4:37:59 PM
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