Traders believe that if Bitcoin sustains a price above $60,000, it could lead to increased momentum in other cryptocurrencies like ETH, SUI, TAO, and NOT. Recently, Bitcoin has shown a strong recovery, bouncing back from lows below $50,000. While this rebound signals significant buying interest and a bullish sentiment, trader Peter Brandt warns of lingering selling pressure, suggesting a 50% chance of Bitcoin dropping below $40,000.<\/p>\n
On a positive note, the Bitcoin bull-bear market cycle indicator has turned bullish again after being negative previously. According to Ki Young Ju, indicators for Bitcoin suggest a bull market, generating interest in alternative coins that are now aiming for upward movements. These altcoins could experience a surge in momentum if Bitcoin maintains its position above $60,000.<\/p>\n
Bitcoin Market Analysis<\/p>\n
Bitcoin’s surge on August 8th towards its moving averages signals strong buying activity by the bulls. Despite resistance from bears at the moving averages, the bulls have held their ground, indicating a potential breakout above these levels. Such a breakout could propel the BTC\/USDT pair towards $70,000, with a significant resistance zone anticipated between $70,000 and $73,777.<\/p>\n
If the price falls below $59,500, it would indicate bearish control, potentially leading the pair down to solid support at $55,724. A bullish crossover in moving averages and an RSI above the midpoint on the 4-hour chart hint at a slight advantage for the bulls. To strengthen their position, buyers need to push the price above $62,745, opening the path to $66,850 and eventually $70,000.<\/p>\n
Ethereum (ETH) Market Analysis<\/p>\n
Ether (ETH) is striving to reclaim the $2,850 breakdown level, a battleground for bulls and bears. Breaking above $2,724 could send the ETH\/USDT pair towards the 20-day EMA at $2,864. Conversely, a drop from the 20-day EMA might signal bearish sentiment, with the price potentially falling below $2,552.<\/p>\n
However, a rise above the 20-day EMA would indicate bullish control, with the pair eyeing the 50-day SMA at $3,162 and $3,400. Moving averages nearing a bullish crossover on the 4-hour chart, along with RSI in positive territory, signify a positive trend. Resistance at $2,724 could be overcome, leading the pair towards the major resistance level at $2,850.<\/p>\n
A shift in sentiment would occur if the price falls below $2,550, possibly driving the pair to $2,300, where bulls may intervene.<\/p>\n
Sui (SUI) Market Analysis<\/p>\n
Sui (SUI) witnessed a surge above moving averages and the downtrend line on August 8th, indicating a potential trend reversal. With moving averages nearing a bullish crossover and RSI in positive territory, bulls seem to be in control. Maintaining the price above the downtrend line could propel the SUI\/USDT pair to $1.17 and later to $1.44.<\/p>\n
A break below the moving averages could hint at continued bearish pressure, potentially leading the pair to $0.60. Bears are resisting at $0.95 on the 4-hour chart, with the 20-EMA acting as a critical support level. A bounce from this level could signal bullish dominance, paving the way for a rise above $0.95 towards $1.15.<\/p>\n
If the price drops below the 20-EMA, it may signal profit-taking, giving bears the opportunity to push the price below $0.80.<\/p>\n
Bittensor (TAO) Price Analysis<\/p>\n
Bittensor (TAO) displayed a bullish move above moving averages on August 8th, indicating a potential weakening of selling pressure. Sustaining the price above moving averages suggests bulls attempting to convert these levels into support. A breach of $320 may lead to a rally towards $367, although this level could attract sellers.<\/p>\n
Falling and staying below moving averages could drive the TAO\/USDT pair to $243 and potentially to $200. Bulls are defending the price above the 20-EMA on the 4-hour chart, with a break above $320 potentially pushing the pair to $367.<\/p>\n
Bears need to pull the price below the 20-EMA to hinder the uptrend, potentially leading to a drop to the 50-SMA and then to $243. Breaking below $243 would shift the advantage to bears.<\/p>\n
Notcoin (NOT) Price Analysis<\/p>\n
Notcoin (NOT) witnessed bulls defending the $0.009 support against bearish pressure on August 5th. Approaching the 20-day EMA at $0.012, bulls are struggling to surpass this barrier, increasing the likelihood of an upward breakout.<\/p>\n
A move above the moving averages could signal weakening bearish control, pushing the pair towards $0.018. Conversely, a drop below $0.009 might propel the pair downward to $0.005.<\/p>\n
With flattened moving averages and RSI below the midpoint, sellers hold a slight advantage. Bears might aim for $0.010 as support, with a breakthrough of $0.013 favoring bulls for an upward move to $0.15. Dropping below $0.010 could indicate continued bearish dominance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Traders believe that if Bitcoin sustains a price above $60,000, it could lead to increased momentum in other cryptocurrencies like ETH, SUI, TAO, and NOT. Recently, Bitcoin has shown a strong recovery, bouncing back from lows below $50,000. While this rebound signals significant buying interest and a bullish sentiment, trader Peter Brandt warns of lingering […]<\/p>\n","protected":false},"author":12,"featured_media":17200,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Cryptocurrencies Poised for Growth if Bitcoin Remains Above $60,000 - Bitrabo","description":"Traders believe that if Bitcoin sustains a price above $60,000, it could lead to increased momentum in other cryptocurrencies like ETH, SUI, TAO, and NOT. Recen"},"footnotes":""},"categories":[318,1],"tags":[785,448,5688,2532,768,3728,7131,915],"class_list":["post-17201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-analysis","category-cryptocurrencies","tag-altcoin","tag-bitcoin","tag-bittensor","tag-ether","tag-ethereum","tag-notcoin","tag-price-analysis","tag-sui"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=17201"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/17200"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=17201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=17201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=17201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}