Published on augustus 27, 2024, 12:37 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin and altcoins experience profit-taking, but overall uptrend intact. Historical data shows September lacks recovery continuation for Bitcoin. Investors show interest in Bitcoin-related Exchange-Traded Products (ETP). Bitcoin consolidates between $55,724 to $73,777 with tough battle between bulls and bears. Will Bitcoin surpass $65,000 and move towards $70,000? Altcoins' movements also in question. Charts suggest positive indications for bulls as they hold ground. Other cryptocurrencies present individual challenges and opportunities based on technical analyses. No investment advice provided." } ] ```
Bitcoin and altcoins have seen some profit-taking today, although the overall uptrend remains intact. Bitcoin has rebounded strongly from its August low of $49,000, but historical data suggests a lack of recovery continuation in September. CoinGlass data reveals that since 2013, Bitcoin has experienced an average drop of 4.78%. Notably, in the last seven years, Bitcoin has only shown a positive monthly gain in 2023.
Despite these statistics, investors are showing interest in Bitcoin-related Exchange-Traded Products (ETP). A recent report by CoinShares indicates that Bitcoin-related ETPs attracted $543 million in inflows last week.
In terms of performance, Bitcoin has been trading within a range of $55,724 to $73,777 for several months now, indicating a tough battle between bulls and bears. The prolonged consolidation within this range suggests a significant force will be needed for the price to break out from it.
The question arises: will Bitcoin surpass the $65,000 mark and move towards $70,000? Additionally, there is curiosity about whether altcoins will follow suit with higher movements.
Analyzing charts becomes crucial at this point. The S&P 500 Index displayed a northward trend last week reaching near the critical resistance level of 5,670. Meanwhile, the US Dollar Index experienced downward pressure due to sellers taking control.
Bitcoin’s struggle to break above the $65,000 barrier is notable; however, there are positive indications for bulls as they maintain their ground against bears. As for other cryptocurrencies like Ether (ETH), BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA), each presents its own challenges and opportunities based on their respective technical analyses.
It’s essential to note that no investment advice or recommendations are provided in this article. All trading decisions carry risks necessitating readers to conduct thorough research before making any financial choices related to cryptocurrencies or altcoins.
Original article posted by Fox News
