Bitcoin has been trading near the $29,000 level for the past few days. This suggests a lack of strong demand at higher levels, but the only solace for the bulls is that they have managed to sustain the price above the immediate support.
The uncertainty about the next directional move may have tempted short-term traders to book profits. CoinShares said in its latest weekly report that Bitcoin (BTC) investment products witnessed $111 million in outflows, the largest weekly outflows since March.
While the short-term price action remains uninspiring, crypto bulls remain confident that Bitcoin will rally before its next halving in 2024. Blockstream CEO Adam Back said in a conversation on X (previously known as Twitter) that Bitcoin will hit $100,000 by the end of March.
Could Bitcoin extend its decline in the near term, or will it turn up? Will the altcoins outperform Bitcoin over the next few days? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average (EMA) of 4,511. Sellers pulled the price below the 20-day EMA on Aug. 2, indicating that the bullish momentum is weakening.
The bulls pushed the price back above the 20-day EMA on Aug. 4, but the bears aggressively sold the rally. This suggests that the bears are pouncing on relief rallies. The index could decline to the 50-day simple moving average (SMA) of 4,414, which could act as strong support.
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Author: Rakesh Upadhyay
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