Traders Optimistic as Bitcoin Eyes $60K Mark, Potential Gains for ETH, SUI, TAO, and NOT

Bitcoin enthusiasts are working to establish $60,000 as a strong support level, and should they succeed, altcoins such as ETH, SUI, TAO, and NOT might experience upward momentum.

Price Analysis Overview

Bitcoin (BTC) has made a notable recovery after hitting lows beneath $50,000 earlier in the week, indicating strong buying activity at these lower price points. Despite this rebound, seasoned trader Peter Brandt cautions that selling isn’t over yet, suggesting there is a 50% chance Bitcoin could dip below $40,000.

Conversely, a recent bullish shift in the Bitcoin bull-bear market cycle indicator has been reported. CryptoQuant founder Ki Young Ju highlighted on social media that several on-chain indicators have reverted back to signaling a bull market.

Bitcoin’s recent surge has garnered interest in various altcoins, which are beginning to turn upward as well. Should Bitcoin maintain its position above $60,000, an altcoin rally may follow.

Bitcoin Price Insights

On August 8, Bitcoin spiked and tested the moving averages, revealing that bulls actively purchased during the dip.

Although bears are attempting to hinder the recovery at the moving averages, bulls are maintaining their ground, lending credence to the potential for breaking through these averages. If this breakthrough occurs, the BTC/USDT pair could potentially reach $70,000, although a strong resistance awaits between $70,000 and $73,777.

If the price diminishes from current levels and fails to hold above $59,500, it may indicate a bear resurgence, which could lead to a drop towards $55,724 support.

A bullish crossover is being observed on the 4-hour moving averages, and with RSI indicators above neutral territory, bulls show some advantage. Should buyers push prices beyond $62,745, it could clear the path to $66,850, then towards $70,000. Conversely, if bears regain control by dropping prices below moving averages, a fall to $55,724 could occur, where buyers are likely to represent significant support.

Ether Price Analysis

Ether (ETH) is attempting to recover back to a crucial resistance level of $2,850, where significant buying and selling battles are likely to occur.

If the price surpasses $2,724, the ETH/USDT pair may approach the declining 20-day EMA at $2,864. This area is critical, as a downturn from here could indicate continuing negative sentiment, compelling bears to attempt a drop below $2,552.

If ETH crosses above the 20-day EMA, it would signal bulls’ reestablishment of market control, potentially pushing prices up to the 50-day SMA of $3,162, then onwards to $3,400.

On the 4-hour moving average chart, a bullish crossover signals potential for a positive trend. Minor resistance lies at $2,724, but a successful break here could see movement toward the significant resistance of $2,850. Conversely, should prices dive below $2,550, the pair might decline further to $2,300, where bulls could regroup.

Sui Price Overview

Sui (SUI) has surged beyond both moving averages and a downtrend line on August 8, possibly indicating a near-term trend shift.

The 4-hour chart illustrates the moving averages nearing a bullish crossover with the RSI in positive territory, suggesting that bulls have taken control. If they maintain prices above the downtrend line, the SUI/USDT could rise to $1.17, and possibly to $1.44 thereafter.

Should moving averages break and close beneath recent highs, it would suggest a return of bearish sentiment and could result in a price drop to $0.60.

The 4-hour analysis shows bears attempting to stall the relief rally at $0.95. The 20-EMA could serve as pivotal support. A bounce from this support would imply bullish control and the potential for the price to break past $0.95, possibly aiming for $1.15. On the other hand, a slip below the 20-EMA may signal profit-taking, pushing the price below $0.80.

Bittensor Price Assessment

The bulls guided Bittensor (TAO) above key moving averages on August 8, indicating a reduction in selling pressure.

A positive sign is that bulls have managed to keep the price above the moving averages, hinting their attempt to establish these averages as support. A break above $320 could set the stage for a rally to $367, though heavy selling pressure is likely at that level.

If prices settle below the moving averages, it indicates the bears may regain control, potentially leading down to $243 and further to $200.

The recent 4-hour analysis indicates bulls trying to maintain above the 20-EMA. If successful, this may reflect a positive sentiment among traders, with the possibility of a rise to $367 if they clear the resistance at $320. Should bears reclaim the market by pushing prices below the 20-EMA, a drop to the 50-SMA and further to $243 is likely, which could enable the bears to take the advantage.

Notcoin Price Review

Bears attempted to drive Notcoin (NOT) below the support level of $0.009 on August 5, but bulls managed to hold on.

While the NOT/USDT pair approached the 20-day EMA ($0.012) on August 6, bulls are struggling to breach this level. However, price stability around the 20-day EMA increases chances for a breakout opportunity.

Should buyers push the price above the moving averages, it would signify the bears’ losing grip, potentially driving the price toward $0.018. However, a decline below $0.009 would suggest an impending drop to $0.005.

Both moving averages have leveled off, and the RSI sits just below neutral territory, indicating a slight advantage for sellers. If bears manage to bring prices down to $0.010, it may act as a support level. Should bulls manage to maintain prices above $0.013, it could signal the start of an upward trend towards $0.15. Conversely, a fall beneath $0.010 would indicate bear control.

This overview does not constitute financial advice. It is essential for individuals to conduct their own research and consider the risks before making investment decisions.