Bitcoin (BTC) price exhibited calmness after an eventful week, culminating in rapid upward movements across the market. Despite glaring signs of profit-taking, higher support is expected to bolster the largest crypto’s uptrend, especially after a major spike in assets under management inflows. Solana price bulls are focused on defending $160 support to renew the bid for the extended rally to $180.
Bitcoin Price Takes A Breather, Uptrend To Continue
Bitcoin price reached $65,000 amidst last week’s broadband bullish momentum triggered by global markets’ embracing the Fed’s Chair, Jerome Powell’s speech at the Jackson Hole meeting in Wyoming. Both small and large-cap altcoins responded positively, with Ethereum reaching $2,820, Solana at $162, and Ripple (XRP) at $0.63.
According to the latest CoinShares report, digital asset investment products witnessed inflows summing to $533 million. This highlighted the largest inflows in five weeks. As per the statistics below, investors primarily focused on Bitcoin, which posted $543 million in inflows, reflecting the asset’s sensitivity to interest rate expectations.
On Friday, Bitcoin ETFs logged $252 million of net inflows while the trading volume across all 11 products surpassed $3.12 billion, SoSoValue data shows. BlackRock’s IBIT extended the lead with $1.2 billion in trading volume and $83 million in net inflows. Fidelity’s FBTC came second with $64 million, while Bitwise’s BITB came third with $42 million. Grayscale’s GBTC was the only product in the red, showcasing $35 million in net outflows, although its mini Bitcoin fund recorded $50 million in inflows.
BTC price hovered at $63,722, sitting above the 20-day Exponential Moving Average (EMA) at $63,386 and below the previous day’s open of $64,225. This key support is critical for the resumption of the uptrend, otherwise BTC may start to trim last week’s accrued gains.
Traders will look for a rebound above $64,000 to increase exposure on long positions while anticipating BTC to advance to $70,000 this week. The above-mentioned increase in digital investment products could accelerate the upswing as confidence improves.
Based on an earlier Bitcoin price prediction, movement below the 20-day EMA could ignite a sell-off to $62,000 or the 20-day EMA. The down leg may extend to $60,000 if investors panic and sell in masses.
Solana Price Analysis: What’s Next As SOL Retests $160
Solana price swiftly returned from support at $140 to $162 amid the uptick in crypto prices on Friday and throughout the weekend. Coinglass data shows a spike in short positions liquidations, reaching $2.24 million in 24 hours and $682k on Monday. About $1 million long positions were liquidated in the last 24 hours and $766 on the day.
The competitive smart contracts token, known for its drastic price actions, currently seeks support at $160 amid calls to extend the leg up to $164 and complete the falling wedge pattern’s 14% breakout to $164.
An upcoming 50-day EMA and 200-day EMA crossover will encourage traders to focus on long positions. The golden cross suggests that SOL price is gaining momentum and may continue to rise.
A daily close below $160 support areas will accentuate correction with Solana price forecast targeting $155 near the 20-day EMA. The RSI is back in the neutral region and dropping to tag the midline (50), which may call on traders to consider shorting SOL, intending to buy at lower levels, including $150 and $140.
Frequently Asked Questions (FAQs)
The Fed’s ChairJerome Powell’s speech at Jackson Hole on Friday affirmed interest rate cuts, encouraging investors to focus on risk assets like BTC.
Bitcoin could reach $70,000 this week if bulls take down resistance at $64,000 and $66,000 bolstered by improving sentiment.
Solana’s price is $180 and $200 levels, but the first support is at $160, which must be held to prevent another correction to $150.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/top-2-solana-bitcoin-price-prediction-btc-gears-up-for-70k-with-543m-fund-inflows/
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