Crypto Market Analysis: Key Developments and Price Predictions

Bitcoin (BTC) remains entrenched near the $120,000 resistance level, though the potential for a significant breakout is growing. The upcoming FOMC minutes and Federal Reserve interest rate decision will likely influence the broader crypto sentiment. Institutional players are monitoring the situation closely.

Bitcoin (BTC)

According to Axel Adler Jr., analysis of the past 13 Augusts shows Bitcoin achieving an average return of just 2.56%. However, near-term uncertainty tied to this historical trend did not deter institutional investment. Data provider Strategy recently reported accumulating 21,021 BTC at an average price of $117,256, significantly increasing its total holdings to 628,791 BTC.

BTC is currently consolidating within a tight range between $115,000 and $120,000. A sustained move above $120,000 could initiate a bullish momentum, potentially targeting the $135,000 mark.

Figure 1: BTC/USDT daily chart. Source: Cointelegraph.com/TradingView

[Image Placeholder: BTC daily chart showing consolidation around $120,000]

If the consolidation fails, breaking below $115,000 could signal strong bearishness, opening the path towards the $100,000 support level.

Ether (ETH)

ETH is trading near its recent breakout level of $3,745. Glassnode highlighted a “largest volume skew” on record, observed through ETH perpetual futures volume dominance surpassing BTC, indicating a significant shift in speculative interest towards altcoins.

A rebound near $3,745 could validate support and target the $4,094 resistance. A successful breakout past $4,094 could potentially push prices higher towards $4,868. Conversely, a breakdown below $3,745 would expose bulls to a deeper pullback, potentially seeking support around the 20-day SMA.

Figure 2: ETH/USDT daily chart. Source: Cointelegraph.com/TradingView

[Image Placeholder: ETH daily chart near $3,746]

Altcoin Market Rotation

Evidence suggests a broader rotation: BNB ($794 support) and SOL ($178 support) are positioned to bounce if recent trends hold. XRP ($3.05 support) faces a critical battle to avoid a correction towards $2.65. DOGE and ADA are testing bullish paths near key support zones, while HYPE and XLM exhibit bearish dynamics near moving averages.

XRP (XRP)

XRP is fighting to hold above the $3.16 moving average. A breakdown below $3.05 could initiate a correction targeting $2.95, and potentially deeper if resistance wanes.

BNB (BNB)

BNB has retreated to $794, a crucial pivot point. A successful rebound could challenge the all-time high at $861 and extend towards $900.

Solana (SOL)

SOL remains near the 20-day SMA ($178) as solid support. A sustained bounce could challenge $209, then $220 and $240 if momentum is maintained.

Dogecoin (DOGE)

DOGE recently breached a key technical level. Support is currently found near $0.21, with targets at $0.26 and $0.29 if buying interest emerges.

Sui (SUI)

SUI’s recent ascent above $4.30 proved unsustainable. Bears aim to maintain prices below the $3.85 moving average, potentially targeting $3.51.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.