Bitcoin (BTC) saw a significant jump over the weekend, moving above $64,000. The world’s largest cryptocurrency shed its recent sluggish price movement due to two positive developments.
The first catalyst was Federal Reserve Chairman Jerome Powell confirming a monetary easing cycle beginning next month. The second catalyst was crypto-friendly RFK Jr. throwing his weight behind Trump in the presidential elections after suspending his own campaign.
Bitcoin (BTC) Sitting Above $64,000
Bitcoin (BTC), already up around 3% on the news of the Federal Reserve confirming a monetary easing cycle, was buoyed further following the news of RFK Jr. announcing his support for Trump. Other major cryptocurrencies, including Solana (SOL), Ethereum (ETH), and several others, also recorded notable gains. However, despite RFK Jr.’s endorsement, the presidential race is still a 50/50 contest. However, the removal of Kennedy from the so-called battleground states presents Trump with a significant advantage.
Trump and Kennedy have promised a crypto-friendly outlook that is much friendlier than what has been witnessed under the Biden administration. Trump has even suggested the US create a Bitcoin strategic reserve. He also promised the immediate firing of Securities and Exchange Commission Chief Gary Gensler if elected to office. However, Democrats have also taken notice, with the Harris campaign stating that her administration would be supportive of crypto.
Crypto Markets Surge In 2024
The cryptocurrency markets registered a staggering growth of $623 billion since the beginning of 2024, with the current market cap at a staggering $2.25 trillion. BTC, the largest and most popular cryptocurrency in the market, has seen its value soar over $20,000 since the beginning of the year. Ethereum (ETH) also saw a $500 jump in value, while Tether (USDT) maintained its dominance in the stablecoin market, with its market cap climbing from $91 billion to over $117 billion.
Meanwhile, Ripple (XRP) has dropped one position to seventh, and Dogecoin (DOGE) has moved to eighth. This position was previously occupied by Cardano (ADA). Toncoin (TON) and Tron (TRX) take the last remaining spots in the top ten major cryptocurrencies.
Telegram CEO Pavel Durov’s Arrest Impacts Toncoin (TON)
The arrest of Telegram CEO Pavel Durov in France significantly impacted Toncoin (TON), which registered an 18% drop. French authorities linked Durov to crimes facilitated via Telegram and the platform’s lack of moderation. As a result, TON slipped below $5.55. Bitcoin (NOT) also tanked over 20% following the news of Durov’s arrest. Durov was detained at France’s Bourget airport after he arrived from Azerbaijan, with the arrest executed under a warrant issued by OFIM.
The arrest is part of an ongoing investigation into Telegram’s alleged lack of moderation, which has allowed criminals and criminal activities onto the platform. Officials have claimed Telegram’s lack of oversight has enabled these illicit activities and raised significant concerns about Telegram’s role in facilitating them.
Binance Faces More Legal Woes
Meanwhile, Binance has continued to face legal troubles. Multiple individuals filed a class action lawsuit against the exchange and its founder, Changpeng Zhao, for allegedly enabling money laundering. Zhao, who remains in custody, was recently moved to a halfway house, a move that precludes his imminent release.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) broke above the overhead resistance on Friday as it climbed above $64,000, buoyed by market developments. These include the Federal Reserve Chair Jerome Powell announcing an easing of monetary policy next month and RFK Jr. throwing his weight behind Donald Trump for the presidential elections, handing the Republican candidate a significant advantage. BTC had been gathering bullish momentum last week, as demonstrated in the price chart, which shows a significant jump to a day high of $61,401 on Tuesday. While sellers thwarted this move above $60,000, the overall sentiment around BTC remained bullish.
Source: TradingView
BTC broke above the 20-day SMA on Wednesday with an increase of 3.50%, settling at $61,134, but dropped by 1.16% on Thursday as the 50-day SMA acted as a resistance level, preventing the price from moving higher. However, with market factors coming into play, BTC surged by almost 6% on Friday, pushing above the 50 and 200-day SMAs and settling at $64,032. The price consolidated over the weekend, registering a marginal increase on Saturday and a marginal decrease on Sunday to settle at $64,085. Both buyers and sellers attempted to take control of the markets on Sunday but were unable to do so.
The current session sees BTC down by 0.49% as sellers took to push the price back below the 200-day SMA. Buyers must keep BTC above the 200-day SMA if they want to attempt a move to $65,000 or above. If buyers regain momentum and break above $65,000, BTC could rally towards $70,000. However, should sellers push BTC below the 200-day SMA, it could drop back to the $60,000 price level. The MACD is currently bullish, indicating that buyers have an advantage.
Ethereum (ETH) Price Analysis
Ethereum (ETH) finally broke above the 20-day SMA and $2,700 on Friday as markets registered a sharp uptick. As we can see in the price chart, ETH was relatively muted over the past week and was struggling to break above the 20-day SMA as sellers actively defended the level. ETH registered a 2.21% increase on Wednesday, rising to $2,631. However, buyers lost steam as before, and ETH registered a marginal drop on Thursday. Sentiment changed on Friday as buyers took control, pushing ETH above the 20-day SMA. As a result, ETH registered an increase of 5.36%, breaking past the $2,700 resistance level and settling at $2,764.
Source: TradingView
Buyers attempted a move towards the crucial $2,850 resistance on Saturday, with ETH reaching a high of $2,820. However, ETH lost steam as sellers pushed the price back down to $2,769. Despite the selling pressure, ETH registered a marginal increase. Buyers pushed ETH down by 0.75% on Saturday as they attempted to drive the price back below $2,700. Despite this, ETH remained above $2,700 and ended Sunday at $2,749. The current session sees ETH marginally down as buyers and sellers struggle for control. Buyers will attempt to regain control and push ETH towards $2,850. A break and close above this crucial level could open the doors for a move towards $3,000. However, should sellers continue to retain control, ETH could slip back below $2,700 and towards the $2,500 support level. The MACD, which is currently in the green, indicates that buyers have an advantage at the moment.
Solana (SOL) Price Analysis
Solana (SOL) surged over the weekend, breaking past several resistance levels and moving averages. The jump in price also saw SOL reclaim the crucial $150 price level. SOL had been relatively subdued over the past week, especially compared to the price movements we generally see associated with SOL. Buyers and sellers struggled to exert influence, as sellers were unable to drive SOL below $140 while buyers could not push above the 20-day SMA. However, this changed on Friday as buyers seized control, and SOL surged over 7%, breaking past the 20 and 200-day SMAs and the $150 price level. SOL eventually ended Friday at $153, with buyers firmly in control.
Source: TradingView
Bullish sentiment persisted on Saturday as SOL pushed above the 50-day SMA after a 4.82% increase to climb above $160 and settle at $160.78. However, with sellers defending this level of resistance, SOL fell to a day low of $155 on Sunday, but buyers could wrest control at lower levels and drive the price back towards $160. SOL eventually settled at $159 after a drop of 1.04%. The current session sees DOL marginally up as buyers attempt to push SOL back above $160.
SOL sits at a crucial juncture regarding any future price movements. If it can break and close above $160, it could indicate buyers are in control and could push towards $190. However, sellers could look to drive SOL back below $150 if sentiment changes.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) tested the $0.110 and the 50-day resistance levels over the weekend but was unable to break past these levels. DOGE had bounced off the $0.100 support level last week and maintained a steady upward trajectory. It pushed above the 20-day SMA, which had been acting as a dynamic level of resistance, on Wednesday after a 2.81% increase, which took the price to $0.106. After countering selling pressure and registering only a marginal drop on Thursday, DOGE registered a 6.52% increase on Friday, pushing above the resistance at $0.110 and settling at $0.112.
Source: TradingView
Here, the 50-day SMA acted as a resistance level, preventing buyers from pushing the price higher. As a result, DOGE faced significant selling pressure, leading to a 0.62% drop on Saturday. Sellers continued to dominate on Sunday as DOGE dropped a further 2.41% to slip back below the $0.110 level as buyers failed to flip it into support. The current session sees DOGE remain in the red with the price trading at $0.109. Sellers will look to drive DOGE back below the 20-day SMA and toward its $0.100 support level. However, if buyers keep DOGE above the 20-day SMA, they could retest the resistance at $0.110 and the 50-day SMA.
Polkadot (DOT) Price Analysis
Polkadot (DOT) ’s recent recovery hit a hurdle this weekend after it was rejected at the $5 level, with buyers unable to conquer this price level. Buyers lost momentum as DOT faced selling pressure, with the price dipping over the past couple of sessions. DOT, which hit a low of $4.22 on August 15, bounced off this level as it steadily increased toward $5. By August 20, DOT reclaimed the $4.50 price level, settling at $4.52, and on August 21, it moved above the 20-day SMA after an increase of 3.32% to settle at $4.67.
Source: TradingView
After a marginal increase on Thursday, DOT registered a substantial uptick on Friday, rising by 4.26% to move to $4.89 as buyers set their sights on $5. DOT surpassed $5 on Saturday, reaching an intra-day high of $5.11. However, buyers lost momentum above $5, and sellers were able to drag DOT back below $5. DOT eventually settled at $4.98 after an increase of 1.84%. Sellers were expected to defend the $5 level, an expectation that led to DOT’s resurgence losing steam as it dropped by 3.01% on Sunday to settle at $4.83. The current session sees DOT down by 1.86% and trading around the $4.74 price level.
So does this mean it’s curtains for DOT’s recent resurgence? This depends on lower-level demand. If buyers can regain momentum and prevent DOT from slipping back below the $4.50 price level and the 20-day SMA, we could see a recovery and DOT could retest $5. A recovery from DOT’s current levels will indicate buyers have not lost momentum yet. However, should DOT continue to drop, we could see it slip back below $4.50 and continue to drop towards $4. However, DOT is not expected to give up these levels easily.
Ripple (XRP) Price Analysis
Ripple (XRP) broke above the $0.60 resistance level on Friday as buying activity picked up following relatively muted price action. XRP had surged over 6% last Monday, breaking above the 20-day SMA and settling at $0.599. However, with sellers defending the $0.60 price level, buyers could not sustain a push above it. As a result, XRP fell back on Tuesday, dropping 0.87% to $0.594. XRP could only push above $0.60 on Friday after buyers took control and pushed the price up by 2.24% to $0.611.
Source: TradingView
Buyers attempted to push higher on Saturday but were unable to sustain momentum thanks to strong selling pressure at higher levels. As a result, XRP reached a day high of $0.631 before sellers drove it down to $0.613, allowing only a marginal increase. Selling pressure took hold on Sunday, driving XRP down by 2.02% as buyers managed to barely keep the price above $0.60. However, the current session sees XRP slip below $0.60, with the price down by 0.32%. XRP’s future price movement depends on whether buyers can keep the price above the moving averages. If buyers keep XRP above the 20-day SMA, we could see the price test $0.60 again. However, should it dip below the moving averages, XRP could drop to the $0.55 support level.
SEI Price Analysis
SEI surged over the weekend, breaking above the 50-day SMA and crucial resistance levels. On Wednesday, it broke above the 20-day SMA and maintained its upward trajectory on Thursday to settle at $0.28. It registered a staggering increase on Friday, rising by 15.80% to push above the resistance at $0.30 and the 50-day SMA to settle at $0.32. SEI continued to push higher over the weekend, registering a 5.56% increase on Saturday and a 1.02% increase on Sunday despite considerable selling pressure.
Source: TradingView
The current session sees SEI up by 0.48% as buyers attempt to push above $0.35.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
