Bitcoin and select altcoins are showing signs of recovery, but bears still appear to be in control as selling at the top of each price breakout continues.
Bitcoin has remained range-bound after a sharp fall on August 17, indicating indecision between bulls and bears about the next directional move.
Short-term holders of Bitcoin have seen about 88% of their holdings plunge into loss, suggesting increasing price sensitivity among this group.
Traders are closely watching Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Economic Symposium on August 25, as it may impact the market sentiment.
Important support and resistance levels to watch for in Bitcoin and altcoins include the breakout level of 4,307 for the S&P 500 Index, the downtrend line for the U.S. Dollar Index, the range between $24,800 and $31,000 for Bitcoin, and the resistance at $1,700 for Ether.
Other altcoins like BNB, XRP, Cardano, Dogecoin, Solana, and Polkadot are also facing resistance from bears and are struggling to start strong recoveries.
Summary:
– Bitcoin and select altcoins are recovering, but bears remain in control.
– Short-term holders of Bitcoin have seen significant losses.
– Traders are watching Powell’s speech for market impact.
– Important support and resistance levels to watch in Bitcoin and altcoins.
– Other altcoins are also facing resistance from bears.
