BTC-Newswire

Price analysis 8/30: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

Press Releases Crypto News Cointelegraph Price analysis 8/30: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

Bitcoin led the cryptocurrency markets higher on Aug. 29 following Grayscale’s victory in the lawsuit against the United States Securities and Exchange Commission. However, the rally could not be sustained, as analysts cautioned that the victory did not guarantee the approval of a spot Bitcoin (BTC) exchange-traded fund.

Still, the victory may prove to be bullish for Grayscale. Glassnode analysts said in an X (formerly Twitter) post on Aug. 30 that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year. It is important to note that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years.

*Daily cryptocurrency market performance. Source:* *Coin360*

In the short term, even though the S&P 500 Index is on a path of recovery and the U.S. Dollar Index has turned down in the near term, the crypto markets are not able to sustain the higher levels. This shows that traders have maintained their focus on crypto-specific news.

Could bulls defend the support levels in Bitcoin and altcoins? Will that lead to a stronger recovery soon? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s range resolved to the upside with a sharp breakout on Aug. 29. This move indicates that the price is likely to oscillate inside the large range between $24,800 and $31,000 for a few days.