Published on september 21, 2024, 12:38 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin faced resistance near $64,000 but stayed above $62,000, showing positive prospects. Short-term holder realized price is key support at around $62,000. Institutional investors reduced Bitcoin short positions. Altcoins like Ethereum, Binance Coin, Solana, Ripple, and Dogecoin are showing potential upward movements. Market awaits top 10 cryptocurrencies' next moves." } ] ```
Bitcoin saw resistance near $64,000, but managed to stay above the short-term holder realized price close to $62,000. This situation indicates a positive outlook for the leading cryptocurrency. On September 20th, Bitcoin hit $64,000 before experiencing a pullback, revealing that bears are still active in selling near key resistance levels.
An analysis by CryptoQuant emphasized that the short-term holder (STH) realized price is approximately $62,000. This metric represents the average purchase price of investors who have held their coins for less than 155 days. During uptrends, the STH serves as a crucial support level that could propel Bitcoin’s price higher if maintained.
Institutional investors have decreased their Bitcoin short positions according to Ki Young Ju, the founder of CryptoQuant. Furthermore, data from Farside Investors indicates that spot Bitcoin exchange-traded funds (ETFs) observed inflows of $158 million on September 19th.
As Bitcoin attempts to surpass the $65,000 resistance level and altcoins show potential momentum gains, market participants eagerly await further movements across the top 10 cryptocurrencies.
Recently, Bitcoin broke out of a symmetrical triangle pattern on September 18th. With the 20-day exponential moving average trending upwards around $59,629 and the relative strength index (RSI) positioned positively – signaling bullish sentiment – eyes are set on overcoming stiff resistance at $65,000 for a potential surge towards $70,000.
In parallel developments within other major cryptocurrencies:
– Ethereum (ETH) showcased resilience by staying above key moving averages which may open doors for an ascent towards levels around $2,850.
– Binance Coin (BNB) witnessed a bounce off moving averages reflecting positive trader sentiment with potential upward movement towards resistance zones between $600 to $722.
– Solana (SOL) presented a bullish move above critical support suggesting targets near $164 and onwards to $210 if current levels are sustained.
– Ripple (XRP) hinted at potential upward movement beyond the tight range between $0.56 and $0.60 with near-term targets towards $0.64.
– Dogecoin (DOGE) struggled against downtrend pressures but aims to break above resistance points indicating bullish reversals beyond levels such as $0.14.
– Other cryptocurrencies like TONCOIN (TON), Cardano (ADA), Avalanche (AVAX), and SHIBA INU (SHIB) also exhibited various price actions suggesting diverse trends and potential future movements within the market.
It’s important to note that this article does not serve as investment advice but acts as an informative piece for readers interested in understanding recent developments within the cryptocurrency space encompassing various digital assets’ movements and technical analyses relevant to market dynamics.
Original article posted by Fox News
