While altcoins are following the upside move by attempting to confirm their bottoming patterns, Bitcoin price is aiming to break out of its current range and flip $24,000 to support.
The strong start to the week on the stock and cryptocurrency markets in the United States suggests that traders are not afraid to buy ahead of the crucial Consumer Price Index (CPI) data for July, which will be released on August 10.
The fact that investors have not abandoned their positions as a result of the recent recovery in Bitcoin is another positive sign.According to Glassnode data, on August 8, the proportion of supply that has been dormant for at least three years reached an all-time high of 38.426%.
In August, BlackRock CEO Larry Fink made the largest sale since the COVID-19 crash, selling 44,000 shares of BlackRock.The current equity market recovery is only a bear market rally, according to some analysts.Since the two remain closely correlated, if that is the case, then a decline in the equity markets could also increase the selling of cryptocurrency prices.
Could Bitcoin and a few other altcoins rise above their overhead resistance levels and shorten the recovery?Let's look at the top ten cryptocurrency charts to find out.
BTC/USDT Bitcoin gained momentum on Aug. 8 after rebounding off the 20-day exponential moving average (EMA) of $22846.The price rose above $24,000 as a result of the buyers, who may have challenged the overhead resistance of $24,668.
Bulls are in charge, as evidenced by the upward slope of the 20-day exponential moving average (EMA) and positive readings on the relative strength index (RSI).Since there is no significant resistance in between, the BTC/USDT pair could gain momentum and rally to $28,000 if buyers propel the price above the overhead resistance.At this level, bears may attempt to halt the recovery, but if bulls are successful, the uptrend could reach $32,000.
Contrary to this assumption, the pair could reach the 20-day EMA if the price decreases from $24,668.A break below this level could send the price to the 50-day simple moving average (SMA), which is worth $21,594, so keep an eye out for it.The bears could regain control if they break below this level.
