Bitcoin (BTC) is inching towards the $65,000 mark after it jumped past $63,000 early on Monday. The world’s largest cryptocurrency has been up over 2% in the past 24 hours and has risen almost 10% over the past week.
Ethereum (ETH) has also continued its upward trajectory and has registered an increase of almost 18% over the past week to march past the $2,600 level. The overall crypto market cap has also registered a jump of nearly 2% to move to $2.25 trillion.
Almost all major cryptocurrencies have started the week in positive territory as the market rallies, with Solana (SOL), Toncoin (TON), Polkadot (DOT), Dogecoin (DOGE), Dogwifhat (WIF), Bittensor (TAO), and FET opening the week in the green.
Crypto Markets Record Growth
The global cryptocurrency market has registered an increase of $220 billion over the past week as the Federal Reserve’s announcement of a 50 basis points rate cut brought a renewed sense of optimism into the markets. Markets responded almost immediately to the rate cut, with Bitcoin (BTC) climbing above $64,000 and other major altcoins like Ethereum (ETH) following suit. In other developments, the United States Securities and Exchange Commission (SEC) approved options trading for BlackRock’s spot Bitcoin ETF. Spot Bitcoin ETFs launched at the beginning of 2024 and have drawn considerable institutional interest as BTC’s popularity continues to soar.
The SEC’s decision is being viewed as a significant step towards the mainstream adoption of BTC by traditional financial markets.
Kamala Harris Makes First Comment On Crypto
Democratic Party’s presidential candidate Kamala Harris finally broke her silence on crypto, promising to encourage investment in artificial intelligence and digital assets. Harris made the comments during a Wall Street fundraiser in Manhattan, stating,
“We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors. We will create a safe business environment with consistent and transparent rules of the road. We will invest in semiconductors, clean energy, and other industries of the future, and we will cut needless bureaucracy.”
The crypto community hopes Harris will take a friendlier approach to crypto than President Joe Biden, who has adopted a very strict approach. Harris’ senior campaign adviser Brian Nelson hinted last month that Harris would support the crypto industry if elected but added that the industry needs some “rules of the road” given the spate of collapses.
Coinbase policy chief, in response to the remarks, stated on X,
“This is an important and constructive statement from Kamala Harris. It’s not nearly as forward-leaning as the concrete and visionary positions taken by Donald Trump. However, it’s still notable because she recognizes digital asset innovation as being important and on par with AI.”
FET And TAO Lead AI Tokens
AI tokens such as FET and TAO have surged, outperforming other sectors by a considerable margin. FET registered an unprecedented price increase in September, nearly touching $1.70. The token has registered a huge increase of over 27% in the past seven days. The Fed’s decision to cut interest rates has sparked renewed interest in AI tokens, with FET and TAO leading the charge. TAO’s jump has been nothing short of incredible. The AI token has registered a staggering increase of almost 93% in the past seven days and is currently trading just shy of $600.
BTC Miners Turn To Fractal Bitcoin Mining
Data has shown that the blockchain network Fractal Bitcoin continues to capture around 226 exahash per second from the main Bitcoin blockchain. An additional 18.1 EH/s of permissionless mining also boosts network operations. According to the available on-chain data, 40,354 Fractal Bitcoin blocks have been mined, and 2,068,925 FB tokens are in circulation. Mining giant Antpool dedicates 82.34 EH/s to Fractal Bitcoin, while F2Pool dedicates 25.48 EH/s and Spiderpool dedicates 7.72 EH/s.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) and the larger cryptocurrency markets have seen significant price movements as renewed investor interest drives prices higher. BTC had a positive weekend and pushed above $64,000 early today before dropping to its current level of $63,700. Analysts have now predicted BTC could jump to $85,000 towards the end of 2024. One crypto trader referred to BTC’s weekly RSI, interpreting it as a breakout sign for the cryptocurrency, stating,
“The Weekly RSI breakout signals an explosive move by the end of the year for BTC. Historically, when September closes green, Q4 has been bullish.”
However, despite optimism, traders are cautious, with one trader adding that BTC needs to hold a series of higher highs and higher lows on the daily timeframe, adding that $61,000 is a crucial level for BTC. According to analysts, if BTC remains above this level, bullish momentum could continue. BTC’s recent price movement indicates buyers have overpowered sellers, with the world’s largest cryptocurrency surging past $60,000 last Tuesday. BTC’s bullishness can be confirmed by the RSI, which flipped to bullish last Thursday. Since then, BTC has pushed above crucial resistance levels as buyers slowly gained the upper hand.
The price chart shows that BTC is testing the resistance at $64,000 as buyers look to push to $65,000 and above. The price reached a day high of $63,886 on Thursday before dropping and settling at $62,912, an increase of 1.84%. Buyers remained in control on Friday, and BTC rose to $63,229. However, sellers still managed to prevent a move past $65,000. BTC remained in the green over the weekend as well, registering an increase of 0.25% on Saturday and 0.32% on Sunday to move to $63,856. Despite this, it could still not move above $64,000 as sellers continued to defend the level.
Source: TradingView
The current session sees BTC marginally down as buyers and sellers struggle to establish control. Buyers are trying their best to push BTC above $64,000, while sellers are attempting to push it down to $60,000. So where does BTC go from here? If it can push above the resistance at $64,000 and the 200-day SMA, we can expect a move past $65,000. A close above these levels could see BTC surge to $70,000. On the other hand, sellers will look to drive BTC back below $60,000. If BTC remains above $ 60,000, it would indicate that sellers are losing their influence and that bullish sentiment is returning to the markets.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has registered significantly bullish price action over the past week, registering an increase of almost 16% in 7 days, as bullish sentiment returns to the market. The world’s second-largest cryptocurrency has also registered a huge jump in trading volume, rising by almost 56% in the past 24 hours. Looking at the price chart, we see ETH has been bullish since last week, steadily pushing above crucial levels such as $2,300, $2,400, and now even $2,600.
ETH pushed above the 20-day SMA on Thursday after registering an increase of almost 4%, rising to $2,465. It went above the crucial $2,500 level and the 50-day SMA on Friday after registering an increase of 3.90% and moving to $2,561. The weekend was mixed for ETH as it pushed above $2,600 on Saturday after an increase of 2.14%, which saw it move to $2,614. However, sellers took control on Sunday as they looked to push ETH below $2,500. As a result of the selling pressure, ETH dropped to a day low of $2,525. However, it recovered and settled at $2,583, slipping back below $2,600 and ending the week on a bearish note.
Source: TradingView
The current session has seen ETH make a strong recovery, with the price up by 2.30%. As a result, ETH reclaimed the $2,600 level and is currently trading at $2,643. Buyers attempted a push above $2,700 but were thwarted, with sellers actively defending the level. Sellers will look to push ETH back below $2,500. However, with momentum shifting and support building at that level, they will find it difficult to counter the bullish sentiment. On their part, buyers will look to test the $2,700 resistance once again. A move above this level could see ETH push towards the crucial $2,850 level. Should this level be conquered, ETH could rally to $3,000.
Solana (SOL) Price Analysis
Solana’s attempts to move above $150 are being thwarted as sellers actively defend resistance levels. As a result, SOL is facing considerable selling pressure despite being incredibly bullish towards the end of the previous week. As we can see in the price chart, SOL pushed above the 20-day SMA on Wednesday after registering an increase of 2.07% and moving to $134. Buying activity picked up on Thursday as SOL registered a jump of 6.36% to climb above $140 and settle at $142. Crucially, this increase also allowed SOL to push above the 50-day SMA, which buyers could flip into a level of support.
Source: TradingView
SOL attempted a move above $150 on Friday, rising to a day high of $152. However, sellers pushed SOL back below $150, eventually settling at $146 after an increase of 2.67%. The weekend was mixed as SOL rose to $149 on Saturday before sellers took control on Sunday and dragged the price down by 3.20% to $144. They also attempted to drive SOL below $140, but as we had mentioned, the 50-day SMA, which was witnessing buyers enter at that level, acted as support, allowing the price to recover. The current session sees SOL marginally up as buyers and sellers struggle to establish control.
SOL faces resistance at $150 and $155, where the 200-day SMA is acting as a dynamic level of resistance. If it can push above these levels, it means sentiment is changing, and bears are losing their dominance. However, buyers must ensure SOL does not slip below $140 for such a move to materialize.
Dogecoin (DOGE) Price Analysis
Popular meme coin Dogecoin (DOGE) has been up just over 6% in the past seven days but has failed to push above $0.110 after falling in the red over the weekend. As we can see in the price chart, DOGE was quite bullish during the previous week, using the 20-day SMA as support and moving past the 50-day SMA on Wednesday. By Thursday, DOGE was testing the resistance at $0.105, as it rose to a day high of $0.107, facing significant volatility. The volatility persisted on Friday as buyers looked to consolidate above $0.105 while sellers attempted to drive the price below $0.100.
Source: TradingView
Buyers gained the upper hand on Saturday as DOGE finally broke above $0.105 and moved to $0.109 after an increase of almost 4%. However, sellers retook control on Sunday as DOGE dropped 3.19% and settled at $0.106. The current session sees DOGE marginally down but witnessing significant volatility as buyers and sellers look to establish control. As we can see in the price chart, buyers have already attempted a move above $0.110, while sellers have attempted to push the price below $0.105.
Polkadot (DOT) Price Analysis
Polkadot (DOT) ended the weekend in the red after failing to push above $4.50 yet again, as sellers continue to prevent a move above this level. DOT was incredibly bullish the previous week despite dropping to a low of $3.98 on Wednesday before buyers pushed the price back above $4 to $4.17. DOT continued to push higher on Thursday, registering an increase of 2.16% to move past the 20-day SMA and settle at $4.26. Buyers attempted a move past $4.50 on Friday as DOT rose to a day high of $4.49. However, buyers lost steam as selling pressure increased at higher levels, allowing sellers to push DOT back below the 50-day SMA to $4.34. Despite the selling pressure, DOT registered an increase of 1.88%.
DOT moved past the 50-day SMA once again on Saturday. However, sellers could not push it back down this time, as DOT settled at $4.46 after an increase of almost 3%. Once again, a move above $4.50 failed to materialize as sellers took control on Sunday. As a result, DOT fell over 3.36%, slipping back below the 50-day SMA and settling at $4.31 after recovering from a day low of $4.24. The current session sees DOT up by 0.70% and trading around the $4.34 mark. As we can see in the price chart, buyers have already thwarted sellers’ attempts to push DOT below the 20-day SMA. On their part, sellers have also thwarted yet another attempt by buyers to go above $4.50.
Source: TradingView
DOT’s recent price movements indicate support building at the 20-day SMA, with the price rebounding twice from this level. If DOT can build a higher low and consolidate above this level, buyers could build enough momentum to break above $4.50. A move and close above this level would indicate that the bears have lost steam, and an increase to $5 could become a reality. With support building around $4.20, sellers will struggle to push DOT lower. If DOT does slip below the 20-day SMA, it will drop to $4, a level that has attracted buyers in several previous instances.
Bittensor (TAO) Price Analysis
Bittensor’s (TAO) price chart has stunned analysts, with one describing it as “insane.” No matter how one describes it, few words can describe TAO’s incredible surge past $500 and toward its $560 resistance level. At one point, TAO was up by a staggering 95% in 7 days, and it is currently up almost 18% during the ongoing session and 89% over the past week. TAO surged past the $560 resistance level during the current session, rising to an intra-day high of $582 before dropping to its current level of $549. TAO’s surge has seen it push above critical resistance levels, with analysts wondering if it can go above $600 during its ongoing bull run.
Source: TradingView
As we can see in the price chart, TAO has registered double-digit increases on almost all days since Tuesday. An increase of over 15% on Saturday saw the price climb above $450 and settle at $469. Sunday saw TAO experience volatility as sellers looked to drag the price below $450 but could not. The current session sees TAO up by an incredible 16.51% as buyers continue to dominate the market. Analysts believe TAO could hit $560 or even $600 before experiencing any pullback and advised followers to buy the dip, suggesting further gains ahead. One analyst stated,
“TAO chart really does look primed for a move. It’ll be interesting to see how strong support holds during any pullbacks. I’m keeping an eye on those levels before jumping in—could be some great buying opportunities on dips.”
Ripple (XRP) Price Analysis
Ripple (XRP) is still struggling to push above the $0.60 level as it enters a period of sideways consolidation, oscillating between $0.55 and $0.60. The 50-day SMA has acted as a dynamic level of support, preventing a further decline, but with demand drying up at upper levels, XRP has been unable to push higher. As we can see in the price chart, XRP saw significant selling pressure on Wednesday as sellers dragged the price to a day low of $0.56. However, buyers pushed XRP back above the 50-day SMA and eventually registered a marginal increase of 0.17%. Thursday saw yet another marginal increase, while Friday saw a marginal drop, with buyers and sellers struggling to influence the market.
Source: TradingView
This changed over the weekend as buyers were able to wrest control on Saturday and push XRP up by 2.28% to 0.59. Buyers attempted a move past $0.60 as well but were thwarted. However, sellers took control on Sunday, pushing XRP down by 1.62% as the weekend ended on a bearish note. The current session sees XRP marginally up and experiencing considerable volatility as buyers and sellers look to seize control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/09/crypto-price-analysis-9-23-btc-eth-sol-doge-dot-tao-xrp