Bitcoin (BTC) retreated from $64,000 late on Wednesday after reaching a peak of $64,780, just short of the crucial $65,000 price level. The overall crypto markets saw a slight retreat, with the market cap falling by 0.82% to $2.23 trillion. BTC is down almost 1% over the past 24 hours but could look to push back above $64,000 if buyers can regain momentum.
While BTC retreated, the crypto markets tested new monthly highs when its market cap climbed to $2.25 trillion, approaching levels set during the previous month. New highs for the market could signal buying opportunities, signaling a break in the multi-month downtrend. 10x Research has predicted that BTC could hit new all-time highs in October, driven by the Fed’s rate cut and upcoming payments to creditors of the collapsed FTX exchange.
Spot Bitcoin ETFs See Inflows
Spot Bitcoin ETFs registered inflows of $136 million on Tuesday, the largest in almost a month. The inflows were equivalent to 2,132 BTC, five times the daily supply being removed from the market. Spot Ethereum ETFs also registered inflows worth $62.5 million, the third largest since the launch of ETH ETFs. The inflows came shortly after Ethereum ETFs registered their largest outflows since July. Ethereum ETFs remain in the red despite the strong inflows, having seen net outflows of $624 million since their July 23 listing.
The Federal Reserve’s rate cuts have led to Ethereum growing twice as quickly as BTC, with funding rates for ETH-based perpetuals turning positive, indicating increased demand for leveraged short positions. QCP Capital has stated that interest in the Ethereum options market has moved from puts to calls. Additionally, the implied volatility of ETH contracts exceeds that of BTC by 9%, indicating improved sentiment and greater price movement.
Analyst Eyes Selling Opportunities
According to a crypto analyst, the Federal Reserve’s decision to lower interest rates was already priced into the crypto markets. The analyst also stated they believed now was the right time to explore selling opportunities. Aurelie Barthere, principal research analyst at blockchain analytics firm Nansen, stated,
“The Fed put has also been anticipated by rate markets: in a sense, last week, the Fed was catching up with market expectations. Keeping crypto allocation or skin in the game makes sense, as the Fed has just given more juice to this bull market. But a lot is already in the price of risk assets.”
AI-Focused Cryptocurrencies Lead Charge
The crypto markets have experienced a broad and significant upward trend over the past week, with AI-focused digital assets leading from the front, registering unprecedented growth. The AI crypto market has touched almost $25 billion, with Bittensor (TAO) attracting considerable attention. At one point, TAO was up nearly 90% as it surged past $500 and reached the $560 resistance level. Arkham Intelligence (ARKM) registered an increase of just over 50%, while Graph (GRT) increased by 31.45%. Other major gainers in the AI crypto sector are Artificial Superintelligence Alliance (FET), which rose by almost 25%, and Worldcoin, which increased by 23.12%.
With the latest jump in value, the AI crypto sector has grown by almost 350% since November 2023.
PayPal Now Allows US Business Accounts To Buy And Sell Crypto
Payments giant PayPal has announced that US businesses can buy, sell, hold, and transfer cryptocurrencies directly from their business accounts. The new feature will give businesses access to the same digital asset services available to individual business owners. However, the new service will not be available for business owner accounts in New York State at launch. The move showcases the increasing appetite of businesses and business owners to engage with cryptocurrencies and use them for investments, businesses, and settlements.
According to Jose Fernandez da Ponte, PayPal’s SVP of blockchain, the new feature will allow business owners to seamlessly engage with digital assets.
“This new feature means that small business owners can engage with digital assets’ frictionlessly.’”
It will also allow merchants to withdraw or deposit assets to/from other wallets, which is a big advantage for businesses that wish to manage their digital assets through options other than PayPal.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) slipped below $64,000 as momentum following the rate cut waned on the back of weak macroeconomic data, fears of a potential stock market correction, and the US election impacted investor sentiment. BTC had jumped from $59,500 to almost $65,000 following the Fed’s announcement of a 50 basis points rate cut. However, the resistance at $64,500 and $65,000 proved to be a bridge too far, leading to buyers losing momentum. Investors seem to be still concerned about a recession, with the most recent point of concern emerging from China, which introduced rate cuts and a $142 billion line of credit for businesses and individuals. However, some analysts believe the measures are insufficient to combat the economic slowdown.
Adding to these fears are the results of the upcoming US presidential election and a potential stock market bubble. Market watchers are focused on Democratic candidate Kamala Harris and her stance on crypto. According to Alex Svanevik, the Democrats have created a hostile environment for crypto. Bitcoin bulls are hoping for a Republican victory, and have come out in support of Donald Trump.
Looking at the price chart, we can see that BTC’s recent rally has stalled around the $64,500 and $65,000 mark, with sellers preventing a move higher. Market watchers had expected a push adobe $65,000 and a potential rally to $70,000, but it has not materialized as yet. BTC was quite bullish last week and had reached $64,000 by Friday. However, momentum slowed down over the weekend as selling pressure grew. BTC managed only marginal increases on Saturday and Sunday as the 200-day SMA acted as a dynamic resistance level.
Source: TradingView
The current week began with BTC experiencing significant volatility as buyers attempted to push above $65,000 and the 200-day SMA, while sellers attempted to drop the price towards $60,000. Ultimately, BTC registered a marginal drop and settled at $63,348. Sellers pushed BTC to a low of $62,744 on Tuesday, but it quickly recovered as buying activity picked up. As a result, BTC pushed above $64,000 and settled at $64,275. With strong selling pressure at this level, BTC fell back in the red on Wednesday, dropping back below the 200-day SMA to $63,167. The current session sees buyers back in control, with BTC up by almost 1% and trading around the $63,800 mark.
Buyers have kept BTC above $63,000 despite strong bearish pressure preventing a push upwards. The inability of sellers to push BTC lower could indicate support building at this level. If buyers can initiate a strong rally from this level, BTC could push above the 200-day SMA and $65,000 and rally to $70,000. On the other hand, sellers will look to drag BTC below $62,000 and potentially below $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) ’s push to $2,700 stalled on Wednesday as sellers pushed it down to $2,580. However, ETH can still chart a path to $3,000 if it stays above the $2,500 support level. ETH witnessed a considerable surge last week, driven by renewed investor interest, allowing it to break above key resistance levels and reversing some of the bearish sentiment surrounding the altcoin over the past few months. As a result, ETH broke above the 20-day SMA last Thursday and then above the 50-day SMA on Friday, settling at $2,561. The weekend saw ETH continue to push higher on Saturday as it went above $2,600 and settled at $2,600. However, it fell back in the red on Sunday after sellers drove it to a low of $2,525, a level from which it recovered to settle at $2,583 after registering a decline of 1.19%.
Source: TradingView
ETH started the current week with a push towards $2,700 as it reached a high of $2,704. However, sellers were able to push ETH down to $2,647. With strong resistance persisting at $2,700, ETH could only register a marginal increase on Tuesday before dropping back in the red on Wednesday, falling by almost 3% to $2,580. The current session sees ETH back above $2,600, trading at $2,632 after an increase of just over 2%.
Is $3,000 still a possibility for ETH? ETH is currently in a consolidation phase. If it drops to $2,500 and makes a strong rebound, we could see ETH touch $3,000. However, it must first get past the heavily defended $2,700 resistance level.
Solana (SOL) Price Analysis
Solana (SOL) is eying the $155 and $160 levels after reclaiming $150, with the altcoin’s market cap also registering a jump of 1.12%. SOL made a strong recovery last week, with bullish sentiment picking up towards the end of the week, particularly on Thursday when it registered a jump of 6.36% to push above the 50-day SMA and settle at $142. Buyer sentiment picked up on Friday as SOL rose to a day high of $152 before being pegged back by sellers. As a result, SOL settled at $146 after an increase of 2.67%.
Source: TradingView
The weekend saw SOL register an increase of 1.90% on Saturday to move to $149.50. However, with sellers actively defending $150, SOL fell back in the red, dropping to $144 after a decline of 3.20%. The current week began with SOL experiencing intense volatility as buyers and sellers struggled to exert control. In the end, SOL could register only a marginal increase and remain at $144. Bullish sentiment returned on Tuesday as SOL reported an increase of 5.50%, pushing above $150 to settle at $152. Sellers pushed SOL back below $150 on Wednesday as SOL dropped by 3.12% to $148. The current session sees SOL up by 2.34% and trading at $151.49.
Should buyers keep SOL above $150, a move to $155 and $160 could be on the cards. A break above these levels could propel SOL towards $190. On the other hand, sellers will look to push SOL back below $150 and toward the $140 support level.
Dogwifhat (WIF) Price Analysis
Solana-based meme coin Dogwifhat (WIF) is up almost 11% over the past 24 hours after breaking past $2 on Tuesday. WIF had stalled on Friday as selling pressure thwarted a push above $2 despite it reaching a day high of $1.90 before dropping back. As a result, WIF faced significant selling pressure over the weekend, falling to a low of $1.66 on Saturday before recovering and settling at $1.77 after a marginal decline. Sellers took control on Sunday and drove WIF down by almost 5%, ending the weekend at $1.69.
Source: TradingView
WIF began the current week positively, registering an increase of almost 2% and moving to $1.74. Tuesday saw bullish sentiment intensify as WIF surged almost 15% to settle at $1.99. Buyers reached a day high of $2.13 on Wednesday. However, buyers lost steam, and sellers could push the price back down to $2. WIF eventually registered an increase of 1.41% and settled at $2.01, closing above the crucial $2 level. The current session sees buyers firmly in control, with WIF up over 8% and trading at $2.18.
Toncoin (TON) Price Analysis
Toncoin (TON) is up almost 3% even though Telegram faces considerable regulatory pressure to share user data and crack down on illegal activities. As a result of regulatory pressure, Telegram has updated its terms of service and privacy policy, clarifying it would be sharing the IP addresses and contact details of users found violating platform rules. Despite Telegram’s recent problems, TON has picked up this week, as it looks to push above $6. TON is struggling to move above the 50-day SMA and has been trading in a sideways consolidation phase since last Thursday after failing to push above the 50-day SMA.
Source: TradingView
As a result, TON has been oscillating between $5.50 and $6, with neither buyers nor sellers able to gather momentum and dictate price movements. The current week began with TON registering only a marginal increase, rising by 0.56%. It also remained subdued on Tuesday, registering a marginal decline and settling at $5.62. Buyers attempted to push above the 50-day SMA on Wednesday, reaching a day high of $5.88. However, sellers were able to push TON back below the 50-day SMA, with the price eventually settling at $5.72. The current session sees TON up by just over 2% as buyers make another attempt to push above the 50-day SMA and move to $6.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) pushed above the 50-day SMA on Saturday as it continued to rally after dropping to a low of $3.91 on September 16. Saturday saw ATOM register an increase of 4.48% and settle at $4.72. However, it fell back in the red on Sunday as sellers attempted to push it back below the 50-day SMA and $4.50. ATOM eventually registered a drop of 2.58% and settled at $4.59. The current week began with buyers and sellers struggling to establish control, leading to ATOM facing considerable volatility. It eventually registered a marginal drop and settled at $4.58.
Source: TradingView
ATOM rebounded from the 50-day SMA on Tuesday, registering an increase of just over 5% to move to $4.81, before registering a marginal drop on Tuesday after a failed push to $5 and settled at $4.78. The current session sees ATOM up by almost 2% and trading around the $4.87 mark. Buyers will look to push ATOM to $5 should bullish sentiment persist. On the other hand, sellers will look to push the price back below $4.50. Should this level be breached, ATOM could drop to $4.
Akash Network (AKT) Price Analysis
Akash Network (AKT) ’s recent rally saw it rebound from the 20-day SMA on Tuesday (September 17) and move past the 50-day SMA on Thursday after an increase of 5.38% pushed it to $2.68. Sellers attempted to take control on Friday but could not do so, as buyers prevented a drop towards the 50-day SMA. AKT eventually registered only a marginal decline before recovering over the weekend, registering an increase of 2.42% and settling at $2.74. Sunday saw buyers attempt to push AKT above $3 as it rose to a day high at $2.96. However, with sellers active at upper levels, AKT fell back, eventually settling at $2.83 after an increase of almost 3%.
Source: TradingView
Monday began with buyers remaining in control as AKT moved to $2.90 after registering an increase of 2.58%. However, with selling pressure increasing on Tuesday, AKT fell to a day low of $2.77 before recovering and settling at $2.91, posting a marginal increase of 0.38%. Sellers took control on Wednesday after a failed attempt to push above $3. As buyers lost momentum, sellers drove the price down by 3.36% to $2.81. The current session sees AKT up by just over 1% and trading at $2.84. Buyers will look to build momentum and push AKT past $3. On their part, sellers will look to re-establish control and drive AKT towards $2.50.
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.
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