Bitcoin Price Analysis: Can BTC Recover After Breaking Key Support?
On Sept. 6, Bitcoin (BTC) fell below the critical range of $55,724 to $73,777, signaling further downside potential. The price decline suggests that bears are trying to gain control, with a possible drop to the Aug. 5 intraday low of $49,000. According to Alvin Kan, Chief Operating Officer of Bitget Wallet, Bitcoin may face selling pressure until the Federal Reserve’s rate decision on Sept. 18. However, Kan anticipates a boost for risk assets after the expected rate cut is announced.
Arthur Hayes, the former CEO of BitMEX, had previously speculated that Bitcoin could drop below $50,000. However, Hayes now predicts a rally due to increased U.S. dollar liquidity from the Federal Reserve. This shift in sentiment suggests a potential recovery for Bitcoin, but let’s analyze the price action to see if BTC can rise back above $55,724 and trap aggressive bears.
Bitcoin (BTC) Price Movement
Bitcoin’s sharp decline and close below the $55,724 support on Sept. 6 indicate that bears are attempting to seize control. After breaking a critical support level, the price often retests the breakdown zone. The BTC/USDT pair could attempt a recovery to $55,724, where bears will likely try to stall the relief rally. If the price turns down from this level, it will confirm that bears have flipped the level into resistance, which could accelerate selling pressure and drive the price toward $49,000.
- A break and close above the 20-day EMA ($57,957) could signal relief for bulls.
- Further upside targets include the 50-day SMA at $60,839.
- Minor support exists at $53,969, but a break below this level could lead to a decline to $49,000.
On the upside, bulls will need to push the price above the 50-SMA to confirm that sellers have given up. This could pave the way for a rally toward $60,000 and potentially $62,000.
Uniswap (UNI) Price Analysis: Resistance at $6.74 Looms
Uniswap (UNI) is attempting to start a relief rally but faces strong resistance near the breakdown level of $6.74. The flat 20-day EMA ($6.25) and RSI near the midpoint suggest a decrease in selling pressure. If buyers manage to push the price above the 50-day SMA ($6.55), the UNI/USDT pair could climb toward $8.66, with minor resistance at $7.22.
- If the price breaks below the 20-day EMA, UNI could enter a range-bound movement between $6.36 and $7.22.
- Holding above the 50-SMA will suggest that bulls are buying dips, raising the chances of a retest at $7.22.
- If bears pull the price below the 50-SMA, the pair could slide to $5.50.
Sui (SUI) Price Analysis: Testing Resistance in a Descending Channel
Sui (SUI) has reached the resistance line of its descending channel pattern, where bears will likely try to block further upward movement. If the price turns down from this resistance line but finds support at the moving averages, it could indicate positive sentiment and increase the likelihood of a breakout above the channel. A breakout could propel the SUI/USDT pair to $1.20.
- If the price breaks below the moving averages, it could remain in the descending channel for a longer period.
- Both moving averages are rising, and the RSI is in the positive zone, favoring the bulls.
- A break below the 20-EMA could suggest a continuation of the downtrend.
Optimism (OP) Price Analysis: Bullish Momentum Builds Above $1.40
Optimism (OP) broke above the 20-day EMA ($1.40) on Sept. 7 and briefly touched the 50-day SMA ($1.47) on Sept. 8. The RSI is rising near the midpoint, indicating that the bearish grip is loosening. Buyers will need to drive the price above the 50-day SMA and the key resistance at $1.65 to start a new uptrend toward $2.50.
- If the price fails to hold above the 50-day SMA, OP could slide to $1.22 and then $1.17.
- A rally above $1.65 could lead to further gains toward $1.77.
- If bears push the price below the moving averages, a decline to $1.20 is possible.
Helium (HNT) Price Analysis: Bulls Defend $7.33, Uptrend Remains Intact
Helium (HNT) has started to recover in recent days, with bulls defending the 20-day EMA ($7.33) on Sept. 3. A minor bearish divergence in the RSI suggests weakening bullish momentum. If the price breaks below the 20-day EMA, it could shift the advantage to the bears.
- If the price rises from current levels or the 20-day EMA and breaks above $8.67, the uptrend could continue.
- The HNT/USDT pair could rally toward $10 if bulls succeed in pushing the price higher.
- A break below the 50-SMA could lead to a decline to $7, while a rise above $8.67 could signal a continuation of the uptrend.
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