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Bitcoin

The S&amp;P 500 Index (SPX) rose marginally by 0.24% last week, but Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null">BTC</a>) succumbed to selling pressure and fell nearly 11%. Will Bitcoin resume its uptrend, or has it already topped out? That is the big question worrying investors.
However, the whales do not seem to be perturbed by the sideways price action and have been on a buying spree. According to a post on X by market intelligence platform Santiment, Bitcoin whale wallets holding 100 Bitcoin or more <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-whale-wallets-hit-17-month-high" rel="noopener noreferrer nofollow" target="null" text="null">surged by 283 wallets to 16,129 wallets</a>, the highest in 17 months.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b388-f6f0-7a46-8140-7b320e4b38a9">
 <figcaption style="text-align: center;">
 Daily cryptocurrency market performance. Source: <a data-ct-non-breakable="null" href="https://coin360.com" rel="noopener noreferrer nofollow" target="null" text="null">Coin360</a>
 </figcaption>
</figure>
Bitcoin could be under pressure in the near term as September has historically been a weak month for Bitcoin, with an average return of -4.45%. However, market participants are looking further out, expecting a strong performance in October, which has an average return of 22.90%, according to CoinGlass <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="noopener noreferrer nofollow" target="null" text="null">data</a>.&nbsp;&nbsp;&nbsp;
Could Bitcoin stay above $55,724, extending its sideways price action? Will that attract buying in altcoins? Let’s analyze the charts to find out.
<h2 id="sp-500-index-price-analysis">S&amp;P 500 Index price analysis</h2>
The S&amp;P 500 Index has been consolidating in a tight range just below the all-time high of 5,670, indicating that the bulls are in no hurry to book profits.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b389-9d05-7603-8cd1-35d8dd883704">
 <figcaption style="text-align: center;">
 SPX daily chart. Source: TradingView
 </figcaption>
</figure>
The upsloping 20-day exponential moving average (5,544) and the relative strength index (RSI) in the positive territory indicate the possibility of an upside breakout. If that happens, the index may start the next leg of the uptrend toward 6,000.
If bears want to prevent the upside, they will have to drag the price back below the moving averages. If they do that, the selling may pick up, and the index could decline toward 5,265. That may keep the index range-bound between 5,119 and 5,670 for a few days.
<h2 id="us-dollar-index-price-analysis">US Dollar Index price analysis</h2>
The US Dollar Index (DXY) rebounded sharply off 100.50, indicating solid demand from the bulls at lower levels.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38a-5411-7ffc-b845-f9efcdf42c9f">
 <figcaption style="text-align: center;">
 DXY daily chart. Source: TradingView
 </figcaption>
</figure>
The relief rally is expected to face stiff resistance at the 20-day EMA (102). If the price turns down from the 20-day EMA, the bears will again attempt to sink the index below 100.50. If they do that, the next stop may be 99.57.
Contrarily, if buyers drive the price above the 20-day EMA, it will suggest that the selling pressure is reducing. The index may then attempt a rally to the 50-day simple moving average (103).
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
Bitcoin closed below the immediate support of $58,000 on Sept. 1, but the bears failed to drag the price to the pivotal level of $55,724. This suggests demand at lower levels.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38b-0072-77f7-a3a7-f875e3d9c521">
 <figcaption style="text-align: center;">
 BTC/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The bulls will try to push the price above the moving averages. If they can pull it off, the BTC/USDT pair may rally to $65,000. This level is expected to act as a formidable hurdle in the near term. That will keep the pair inside the large range between $55,724 and $73,777 for some more days.
Conversely, if the price turns down from the 20-day EMA ($60,007), the bears will make one more attempt to yank the price below $55,724. If they are successful, the pair could plunge to the Aug. 5 intraday low of $49,000.
<h2 id="ether-price-analysis">Ether price analysis</h2>
Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null">ETH</a>) bounced off the immediate support at $2,392 on Sept. 2, indicating that the bulls are trying to form a higher low.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38b-e7d5-7775-aa8d-ecccea13159f">
 <figcaption style="text-align: center;">
 ETH/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The relief rally is expected to face selling at the 20-day EMA ($2,605). If the price turns down sharply from the 20-day EMA, the bears will attempt to sink the ETH/USDT pair to $2,300 and then to $2,111.
The first sign of strength will be a break and close above the 20-day EMA. That will clear the path for a possible rise to the breakdown level of $2,850. Buyers will have to overcome this barrier to suggest that the downtrend may be over.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB (<a data-ct-non-breakable="null" href="https://cointelegraph.com/binance-coin-price-index" rel="noopener noreferrer nofollow" target="null" text="null">BNB</a>) has been trading inside the large range between $460 and $635 for the past several weeks, indicating buying on dips and selling on rallies.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38c-9de9-704c-bf52-ba9a934e4e8f">
 <figcaption style="text-align: center;">
 BNB/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The BNB/USDT pair turned down from the moving averages on Sept. 1 but bounced off the $495 support on Sept. 2. This suggests that the buyers will fiercely defend the $460 to $495 support zone.
On the upside, the moving averages are the important resistance levels that need to be crossed to attract buyers. A close above the 50-day SMA ($549) could push the pair to $600 and subsequently to $635.
<h2 id="solana-price-analysis">Solana price analysis</h2>
Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="null" text="null">SOL</a>) broke below the $129 support on Sept. 1, but the bulls purchased the dip and pushed the price back above the level on Sept. 2.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38d-513a-76c2-81cf-8e05b0974ad5">
 <figcaption style="text-align: center;">
 SOL/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
If the price sustains above $129, the bulls will try to push the SOL/USDT pair above the 20-day EMA ($143). If they do that, the pair could rally to the overhead resistance of $164. This level may act as a significant hurdle in the short term.
If the price turns down from the current level or the 20-day EMA, it will suggest that the sentiment remains negative. That may sink the pair to the critical support at $116. Buyers will try to defend this level with all their might because a break below it could open the gates for a fall to $100.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow" target="null" text="null">XRP</a>) turned down from the 20-day EMA ($0.57) on Aug. 31 and reached the solid support at $0.54 on Sept. 1.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38e-0be1-72d2-aa65-955090951a4c">
 <figcaption style="text-align: center;">
 XRP/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
A break and close below $0.54 will open the doors for a fall to $0.49. The XRP/USDT pair may then oscillate inside the $0.41 to $0.64 range for some more time.&nbsp;
Alternatively, if the price turns up from the current level and breaks above the moving averages, it will suggest that the bulls continue to buy on dips. The pair may then climb to the stiff overhead resistance of $0.64. Buyers will have to overcome this barrier to start the next leg of the up move to $0.74.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/is-solana-price-dropping-under-100-in-september" rel="noopener noreferrer nofollow" target="null" text="null">Is Solana price dropping under $100 in September?</a>
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow" target="null" text="null">DOGE</a>) turned down from the 20-day EMA ($0.10) on Sept. 1, indicating that the bears continue to sell on minor rallies.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38e-cfe5-792f-9fc8-9d266a36e1c5">
 <figcaption style="text-align: center;">
 DOGE/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
Minor support is at $0.09, but if the bulls fail to defend the level, the selling could intensify, and the DOGE/USDT pair may plunge to $0.08 and eventually to the support line of the falling wedge pattern.
The bulls have an uphill task in front of them. If they want to signal a potential trend change, buyers will have to push and sustain the pair above the downtrend line. The pair may then start a new up move to $0.14.
<h2 id="toncoin-price-analysis">Toncoin price analysis</h2>
Toncoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/toncoin-price-index" rel="noopener noreferrer nofollow" target="null" text="null">TON</a>) has been forming a large bearish head-and-shoulders pattern, which will complete on a break and close below $4.72.&nbsp;
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b38f-82e2-7033-960f-34a87a4e40f2">
 <figcaption style="text-align: center;">
 TON/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The downsloping moving averages and the RSI in the negative territory indicate that bears are in control. There is minor support at $5.12, but that is likely to be broken. The TON/USDT pair may fall to $4.72, which is expected to witness aggressive buying by the bulls.
If the price bounces off $4.72 and breaks above the 20-day EMA ($5.81), it will suggest that the selling pressure is reducing. The pair may then climb to the 50-day SMA ($6.38). Such a move will suggest that the pair may extend its stay inside the $4.72 to $8.29 range for a while.
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow" target="null" text="null">ADA</a>) slipped below the uptrend line on Sept. 1, but the bears are struggling to sustain the lower levels.
<figure><img alt="Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b390-61ca-78e0-893a-413bc96dfc42">
 <figcaption style="text-align: center;">
 ADA/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
If the price maintains above the uptrend line, the bulls will again try to propel the ADA/USDT pair above the moving averages. If they succeed, the pair may reach the downtrend line. Buyers will have to kick and sustain the price above the downtrend line to signal a short-term trend change.
If the price fails to remain above the uptrend line, the slide could reach $0.31. This level is likely to witness strong buying by the bulls, but if the bears prevail, the pair may drop to $0.27 and later to the crucial support of $0.24.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 9/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

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