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Bitcoin (BTC) surged in the crypto markets on August 29th following Grayscale’s victory in its lawsuit against the United States Securities and Exchange Commission. However, analysts warned that the victory does not guarantee the approval of the spot Bitcoin exchange-traded fund, which resulted in the rally not being sustainable.
Bitcoin (BTC)
Bitcoin broke through its range on August 29th with a sharp upward movement. This movement suggests that the price will likely oscillate within a wide range of $24,800 to $31,000 for a few days. The 20-day exponential moving average is flatlining and the relative strength index (RSI) is just below the midpoint, indicating a decrease in selling pressure.
Buyers may attempt to defend the $26,833 breakout level. If successful, it could signal that the bulls have turned the level into support. The BTC/USDT pair could then rise to the 50-day simple moving average and attempt to reach $31,000. If bears want to trap aggressive bulls, they may need to pull the price below $26,833. If they do, it could indicate that bears are selling on every recovery attempt. The pair could then retest strong support at $24,800.
Ethereum (ETH)
Ethereum rebounded from the critical support of $1,626 once again on August 28th, indicating that bulls are buying the dips. Momentum increased on August 29th, and bulls pushed the price above the 20-day EMA. This suggests that the ETH/USDT pair could continue to range between $1,816 and $1,626 for a while.
The price falling below the 20-day EMA on August 30th signaled that bears have not given up yet. If the price remains below the 20-day EMA, the pair could drop to $1,626. On the other hand, if the price rises and crosses above the 20-day EMA, the pair could reach the overall resistance of $1,816.
