Published on augustus 10, 2024, 12:27 am
Image source: Fox News
```json { "TLDR": "Bitcoin faces challenges amidst a potential death cross but historical data shows positive returns after such occurrences. Bitcoin whales are buying, ETF traders selling off. Uncertainty remains if Bitcoin will reach $70,000 or drop to $55,000, affecting other top cryptocurrencies. Ethereum shows buying interest at $2,850. Binance Coin struggles near $495 with support at $460. Solana eyes resistance at $189 consolidating around $157. XRP rallies above $0.64 facing pressure around $0.57. Dogecoin trends downward while Toncoin aims above $8.29 resistance. Cardano and Avalanche face challenges from sellers despite bullish signals in Shiba Inu's comeback attempt." } ```
Buyers are facing challenges as they try to build on Bitcoin’s recent recovery, signaling that bears are still active at higher levels. Bitcoin is on the verge of a death cross, a technical indicator where the 50-day moving average falls below the 200-day moving average. Despite the bearish implications of this pattern, historical data suggests that Bitcoin has seen an average return of 18% two months after such occurrences since 2015.
Bitcoin whales, holders of significant amounts of Bitcoin, have been making bullish moves by purchasing more during recent dips. On the other hand, traders in spot Bitcoin exchange-traded funds have been selling off their holdings, leading to a net outflow according to Farside Investors data. The tug-of-war between bulls and bears in the market has resulted in volatile price actions with uncertain outcomes.
The question arises: will buyers propel Bitcoin towards $70,000, or will bears push it down to $55,000? This uncertainty prevails not only for Bitcoin but also for other cryptocurrencies within the top 10 rankings. For instance, Ethereum (ETH) recently showed strong buying interest at lower levels and aims to challenge resistance at $2,850.
Binance Coin (BNB) faces resistance from bears near $495 but holds crucial support at $460; a breach could indicate a downtrend. Solana (SOL) is consolidating around $157 and eyes resistance at $189 while XRP attempts a rally above $0.64 amidst bearish pressures around $0.57.
Dogecoin (DOGE) struggles in a downtrend, eyeing key support levels; Toncoin (TON) shows potential for an upward trend above resistance at $8.29. Cardano (ADA) faces challenges from sellers near moving averages while Avalanche (AVAX) battles to maintain levels above $21.80 despite bearish signals.
Shiba Inu (SHIB) is attempting a comeback from moving averages as bulls aim for higher levels amid prevailing market sentiment struggles across various cryptocurrencies mentioned in this analysis. As volatility continues in crypto markets, investors should approach trading decisions cautiously and conduct thorough research before making investment choices as these markets carry inherent risks that every participant should be aware of without relying solely on this information for decision-making purposes.
Original article posted by Fox News
