The Top 10 Cryptocurrencies in 2021
Bitcoin’s recovery and the fact that it is facing selling pressure above $27,000 indicates uneasiness in the near term due to the Fed meeting. However, long-term investors were not affected by this situation and continued to accumulate as Glassnode data shows that Bitcoin’s inactive supply is at its highest level since July. This upward trend is not reflected in corporate activities as investors have reduced their cryptocurrency exposure and expect greater clarity on the macroeconomic front. CoinShares announced that outflows from exchange-traded products reached $455 million in the last nine weeks.
Meanwhile, analysts are divided on Bitcoin’s near-term price movement. Although Bollinger said in his post on X that Bitcoin could start an upward movement, he pointed out that it was too early to say anything definitive. Volatility may increase after Fed Chairman Jerome Powell’s press conference, but investors need to be wary of a bull or bear trap.
In terms of Bitcoin price trends, Bitcoin is facing stiff resistance at the 50-day simple moving average ($27,154), indicating that bears are attempting to stop the recovery. However, the bulls remain in control, and a recovery of the price from the 20-day EMA could increase the chances of a rise above the 50-day SMA. Ether continues to remain above the $1626 breakout level for the past few days, and buyers attempted to push BNB above the $220 overhead resistance on September 18 and 19.
XRP experienced an upward movement and closed higher above the 20-day EMA ($0.50) on September 19, indicating that bulls have the upper hand. Cardano, Dogecoin, Solana, Toncoin, Polkadot, and Polygon are all experiencing various levels of resistance and support, with the battle between bulls and bears ongoing. The overall trend remains uncertain as investors await the outcome of the Fed meeting and subsequent market movements.
