Price analysis 9/4: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON
The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.
One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts.
In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.
The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.
Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.
The S&P 500 Index broke above the moving averages on Aug. 29, indicating that bulls have started a strong relief rally.
If buyers sustain the price above the moving averages, it will suggest that the sentiment remains positive and traders are buying on minor dips. That will enhance the prospects of a rally above the overhead resistance at 4,607. If this level is conquered, the index will try to rise to 4,650 and subsequently to 4,800.
Resuming the uptrend is likely to be a difficult task as the bears will try to yank the price below the moving averages. If they do that, the pair may slump to the strong support at 4,325. The bears will have to break this level to start a new downtrend.
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