Key points:
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Bitcoin remains stuck in a narrow range, suggesting a breakout could be around the corner.
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The FOMC minutes and Federal Reserve interest rate decision could set the tone for crypto’s next steps.
Bitcoin (BTC) continues to trade near the $120,000 resistance, indicating that the bulls have kept up the pressure. Although Bitcoin is on a strong wicket, the up move may face seasonal headwinds. According to Axel Adler Jr., BTC has recorded an average return of just 2.56% in August in the past 13 years.
However, near-term uncertainty or August’s historical weakness has not stopped Strategy from buying more BTC. The firm said on Tuesday that it had acquired 21,021 BTC at an average price of $117,256, boosting its total holding to 628,791 BTC.
As BTC consolidates, Ether (ETH) and BNB (BNB) have been gaining ground. Glassnode said in a post on X that ETH’s perpetual futures volume dominance has surpassed BTC, marking the “largest volume skew” on record. The “shift confirms a meaningful rotation of speculative interest toward the altcoin sector,” the analytics platform added.
Could BTC break out of its range? Will select altcoins continue their bull run? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC continues to trade inside a tight range between $115,000 and $120,000. The longer the price stays inside a narrow range, the larger the eventual breakout from it.
The upsloping 20-day simple moving average ($118,313) and the relative strength index (RSI) in the positive territory indicate that the path of least resistance is to the upside. If buyers drive the price above $120,000, the BTC/USDT pair could pick up momentum and surge to a new all-time high above $123,218. The pair may then ascend to $135,000.
Conversely, a break and close below $115,000 suggests the bears have overpowered the bulls. That could sink the price to $110,530. This is a vital support to keep an eye on because a break below it opens the gates for a drop to $100,000.
Ether price prediction
ETH is trying to maintain above the breakout level of $3,745, signaling that the bulls are not hurrying to book profits as they anticipate another leg higher.
If the price rebounds off the $3,745 support, the ETH/USDT pair could reach the overhead resistance at $4,094. Sellers are expected to pose a strong challenge at $4,094, but if the bulls prevail, the pair could skyrocket toward $4,868.
Instead, if the price turns down and breaks below $3,745, it suggests that the bulls have given up. That could tug the price to the 20-day SMA ($3,516), where the buyers are expected to step in. If the price rebounds off the 20-day SMA with strength, the bulls will again try to pierce the overhead resistance.
XRP price prediction
XRP (XRP) is witnessing a tough battle between the buyers and sellers at the 20-day SMA ($3.16).
If the price skids below the $3.05 support, the next stop is likely to be $2.95. Buyers are expected to fiercely defend the $2.95 level because a break below it could start a deeper correction toward $2.65.
Alternatively, a strong rebound off the $2.95 level suggests solid demand at lower levels. The 20-day SMA could act as a resistance on the way up, but if the bulls overcome it, the XRP/USDT pair may climb to $3.33 and, after that, to $3.66.
BNB price prediction
BNB has pulled back to the breakout level of $794, which is a crucial support to watch out for.
If the price rebounds off $794 with strength, it suggests that the bulls are trying to flip the level into support. If that happens, the BNB/USDT pair could retest the all-time high of $861. A break and close above $861 could start the next leg of the uptrend to $900.
On the contrary, a break and close below the $794 level signals profit-booking by short-term buyers. The pair could then dip to the 20-day SMA ($751), which is likely to attract buyers. Sellers will have to yank the pair below the 20-day SMA to gain the upper hand.
Solana price prediction
Solana (SOL) has pulled back to the 20-day SMA ($178), which is likely to act as solid support.
If the price rebounds off the 20-day SMA with strength, the bulls will again try to push the SOL/USDT pair toward the overhead resistance of $209. A break and close above $209 could open the doors for a rally to $240. There is minor resistance at $220, but it is likely to be crossed.
Contrarily, a break and close below the 20-day SMA could tug the price to the 50-day SMA ($160). That suggests the pair may extend its stay inside the large range between $110 and $209 for a few more days.
Dogecoin price prediction
Dogecoin (DOGE) turned down from $0.25 on Monday and broke below the 20-day…
cointelegraph.com