Bitcoin (BTC) Price Struggles and Market Analysis

Bitcoin (BTC) has encountered difficulties maintaining its price above $64,000. Recent market behavior has seen slight losses pushing the price below $63,000. This trend is reflected across other major cryptocurrencies such as Solana (SOL), Ethereum (ETH), and Ripple (XRP), which have also recorded marginal losses despite a positive weekend performance.

AI-Related Tokens Show Strong Performance

In contrast to the struggles of major cryptocurrencies, AI-related tokens have seen significant gains over the past 24 hours. Notably, Artificial Superintelligence Alliance’s FET token and Bittensor’s TAO token have led the market with increases of 8.8% and 4.7%, respectively. These gains are partly driven by anticipation surrounding Nvidia’s earnings report.

Can Bitcoin (BTC) Overcome Historical September Challenges?

Bitcoin (BTC) has shown a strong recovery since dipping below $49,000 in early August. However, it faced resistance in the previous session with a slight price dip. Historically, September has been a challenging month for BTC, often referred to as a low period for the cryptocurrency. Data from CoinGlass indicates that BTC has dropped an average of 4.78% in September since 2013, with only one positive gain in the last seven years.

Despite these historical trends, investors continue to show confidence in Bitcoin-related exchange-traded products (ETPs). CoinShares reported that Bitcoin-related ETPs saw $543 million in inflows last week. Currently, BTC is trading within a range of $55,000 to $73,500, highlighting the ongoing battle between bullish and bearish market sentiments.

Positive Developments for the Crypto Market

Federal Reserve Chair Jerome Powell recently indicated that there is ample room for the central bank to cut interest rates. Wall Street consensus suggests a potential reduction in overnight borrowing costs from 5.33% to 3.33% over the next 18 months. This anticipated rate cut could improve liquidity, making borrowing easier for businesses, households, and asset managers.

Despite weekend gains, major tokens began the week with losses: BTC fell below $63,000, ETH dropped below $2,700, and SOL also experienced a slight decline. On the other hand, TRX surged by nearly 14%, driven by increased demand linked to a meme coin frenzy. According to Lucy Hu, a senior analyst at Metalpha:

“With inflation more or less under control now, market focus will shift to the labor market and whether the Fed can deliver a soft landing for the US economy. We expect market sentiment to improve in the coming months as rate cuts loom and potential crypto-friendly policies may emerge if Trump gets elected.”

AI Tokens Anticipate Nvidia Earnings

AI tokens have garnered attention as traders invest heavily in anticipation of Nvidia’s earnings report, set for release on August 28. Both Artificial Superintelligence Alliance’s FET token and Bittensor’s TAO token have seen significant growth, with FET up nearly 9% and TAO up almost 4% over the past day.

Analysts predict a strong performance for Nvidia this quarter, with earnings expected at 65 cents per share—a substantial 141% increase from the previous year. Revenue forecasts suggest an impressive $28.72 billion, up 113% year-over-year. This quarter could mark the fifth consecutive period of triple-digit growth for Nvidia, reinforcing the tech sector’s robust performance.

Bitcoin (BTC) Price Analysis

Despite substantial inflows into spot Bitcoin ETFs, BTC remains under pressure. BlackRock’s iShares Bitcoin Trust (IBIT) saw significant inflows amounting to $224 million. Other Bitcoin ETFs like Franklin Bitcoin ETF and WisdomTree Bitcoin Fund also recorded inflows of $5.5 million and $5.1 million, respectively. However, Ark 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, CoinShares Valkyrie Bitcoin Fund ETF, and Grayscale’s ETF products had zero net inflows on Monday. Conversely, Bitwise Bitcoin ETF experienced outflows totaling $16.6 million, with Fidelity Wise Origin Bitcoin Fund and VanEck Bitcoin ETF also in the red with outflows of $8.3 million and $7.2 million respectively.

Despite these positive numbers for spot Bitcoin ETFs, BTC has faced selling pressure, dropping from a day high of $65,000 on Friday to below $63,000. This decline has also affected open interest rates for BTC, suggesting traders might be shifting focus towards altcoins.

As seen on TradingView charts, BTC rebounded from the 20-day SMA on Wednesday to reach $61,130 but faced resistance at the 50-day SMA on Thursday. The price increased by 5.97% on Friday, surpassing both the 50 and 200-day SMAs to settle at $64,032. However, selling pressure kept the price marginally up on Saturday and sellers pushed BTC below the 200-day SMA on Sunday before buyers lifted it back above $64,000.

The bearish trend continued on Monday as BTC dropped to $62,903. Buyers must keep BTC above the 50-day SMA to prevent further decline; otherwise, BTC could fall to $60,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has declined over 2% in the past 24 hours, struggling to maintain its position above $2,700 amid weak demand. ETH encountered strong resistance at $2,850 and fluctuated around $2,700 throughout last week.

ETH climbed above the 20-day SMA on Wednesday but faced marginal declines on Thursday before rising by 5.36% on Friday to settle at $2,764. Attempts to breach the $2,850 resistance level on Saturday were unsuccessful as sellers regained control.

TradingView data shows that sellers took charge on Sunday with ETH dropping by 0.75%. Although buyers managed to keep ETH above $2,700 initially, Monday saw ETH decline by 2.42%, settling at $2,682. The current session shows ETH trading at $2,685 with buyers and sellers vying for control.

If ETH remains above the 20-day SMA, investor buying interest could signal a potential rally towards $2,850 and possibly test the 50-day SMA. However, if ETH drops below this support level again, it could decline towards its $2,500 support level.

Solana (SOL) Price Analysis

Solana (SOL) has faced challenges breaking past its resistance level of $160 despite multiple attempts since Friday. SOL surged over 7% heading into the weekend but failed to sustain gains beyond $160 due to seller activity.

SOL reached an intra-day high of $160.78 on Saturday but fell back into negative territory on Sunday with a drop of 1.04%, rebounding from the 50-day SMA to settle at $159.

On Monday SOL registered another decline of 1.18%, settling at $157 despite buyers’ efforts to push prices past $160. The current session shows SOL trading marginally higher as buyers attempt another push above this resistance level.

If SOL successfully breaks through the $160 resistance barrier it could surge towards $180 or even $200. Conversely if sellers regain control SOL could crash back down to $150 or lower.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) saw a strong upward trajectory since hitting a low of $1.38 on August 18 but faced resistance near the $2 mark over the weekend.

WIF moved past its 20-day SMA by Thursday before surging nearly 14% on Friday to settle at $1.84. However attempts to breach the $2 level were thwarted by sellers leading WIF to close at $1.96.

Sunday saw sellers regain control pushing WIF down by just over 3% to $1.90 with bearish sentiment continuing into Monday resulting in a further drop of 7.32% settling at $1.76.

The current session shows WIF marginally down as sellers aim to push prices below its 20-day SMA which could see WIF fall back towards its support level of $1.50 or lower if selling pressure continues.

Polkadot (DOT) Price Analysis

Polkadot (DOT) experienced a recent recovery until facing resistance over the weekend driving prices back towards $4.50 though buyers are attempting a recovery in current sessions.

DOT dipped to $4.28 on August 15 but began rising steadily towards $5 moving past its 20-day SMA mid-week reaching highs of $4.98 by Saturday before sellers pushed prices back down.

Monday saw bearish sentiment drive DOT below its 20-day SMA settling at $4.56 but current sessions show recovery attempts trading at approximately $4.64.

For DOT recovery maintaining levels above both its 20-day SMA & support level around $4.50 is crucial failing which further declines towards earlier lows around$4 levels cannot be ruled out.

Celestia (TIA) Price Analysis

Celestia (TIA) continued its downtrend after failing to maintain levels above$6 post-weekend rally seeing significant declines due intense selling pressures driving prices below$5 .43 currently trading around$5 .38 .

Buyers lost momentum after initial surge Friday onwards allowing seller dominance preventing price stabilization above key resistance levels leading potential drops towards$4 .50/$4 if downward trend persists .

Avalanche (AVAX) Price Analysis

Avalanche (AVAX) showed significant recovery post-mid August lows surging past both its moving averages reaching peaks close$30 mark although sellers prevented sustained gains dropping prices back towards$25 currently attempting consolidation efforts .

Toncoin (TON) Price Analysis

Toncoin(TON) faced drastic declines following founder Pavel Durov’s arrest plunging over21 % within week slipping below crucial support levels although lower-level demand indicates potential recovery attempts currently trading around$5 .45 .