Bitcoin’s (BTC) tough recovery and move towards the psychological level at $50,000 has become better and has improved the overall sentiment in the crypto sector. This has increased the total crypto market capitalization to over $1.9 trillion.
Recent data shows a sharp increase in the bitcoin transactions surpassing the $1 million in the last few months. The on-chain analytics firm pointed out in its report that the transactions by the $1 million to $10 million group increased when Bitcoin corrected to $29,000 in July. This proves that institutional investors might have been purchasing is somewhat “fairly constructive for price.”
The bears have been trying pull the price below the 200-day simple moving average ($45,091) for the last two days but the bulls are staying strong. The 20-day substantial moving average ($41,010) has been increasing and the relative strength index (RSI) is in the overbought zone pointing those bulls are ahead. If the buyers increase the price above $46,700 the BTC/USDT pair is most likely to begin its journey toward the $50,000 to $51,000 resistance zone. The bears will try to delay the rally in this area but if the bulls get ahead of this challenge the pair could increase to $60,000. If the price rebounds off the 20-day EMA, the bulls try again to initiate the uptrend.
Ether’s (ETH) strong rebound on Aug. 9 depicts those bulls changed the $3,000 level into support. This level is most probably going to behave like a floor on future declines. The bulls are trying to resume the uptrend today. The ETH/USDT pair could now rally to the $3,4441.73 to $3,587.06 resistance zone where the bulls will most likely pose like a threat. If the price decreases from this zone but rebounds off $3,000 this points those bulls are purchasing on dips. This will enhance the aspects of a rally to $4,000. Nonetheless, if bears increase the price under the 20-day EMA ($2,712) it means that the present breakout was a bull trap.
Binance Coin (BNB) rebounded off the moving averages on Aug. 9 it began its journey towards the upward level and the resistance of the large $211.70 to $433 range. The bears are most probably going to support the $433 level belligerently. Nevertheless, if bulls do not give up the area $433 increases. If this happens, the BNB/USDT pair would rally up to $520 and later to $600. Also, if the price goes down from the present level, it would mean range-bound action would continue for a few more days.