Bitcoin (BTC) Price Sideways Movement Reflects Dwindling Interest, Impacts Ethereum (ETH) and XRP Prices

Bitcoin price sits below all three key bull market indicators: the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs).

Bitcoin (BTC) price action over the last 24 hours has impacted the broader cryptocurrency market, with altcoin majors such as Ethereum (ETH) price and XRP price showing signs of dwindling interest.

The market directionality will be determined by the outcome of the current bullish and bearish struggle.

Bitcoin Price Scouting The Next Move

After a strong rally that began in June, Bitcoin price encountered resistance at the 200-day EMA (exponential moving average) on Monday. This level has acted as a pivot point throughout the bull market, and its failure to propel BTC price further up has sparked concerns among traders.

Moreover, Bitcoin price now sits below all three key bull market indicators: the 20-day, 50-day, and 200-day EMAs. A daily close above the previous day’s open of $58,425 or near-term support at $58,000 is required to affirm the uptrend above $60,000.

On the other hand, a failure to hold this support could lead to another leg down towards the lower boundary of the ascending channel at $54,000.

From a technical perspective, based on the Moving Average Convergence Divergence (MACD), a bearish outcome is highly likely. Traders will focus on shorting BTC price as long as the MACD upholds a sell signal in short-term ranges.

In retrospect, inflation data increased the chances of the Federal Reserve enacting the first rate cut of the year in September. This news bodes well for Bitcoin price prediction, as investors expect the cryptocurrency to pick up the pace following the cut.

A sustained uptrend above $62,000 would clear the course to $66,000, thus narrowing the gap to $70,000.

Ethereum Price Set To Edge Lower

After being rejected at $2,775 late last week due to resistance highlighted by the 20-day EMA in the daily range, Ethereum price now grapples with increasing overhead pressure.

Two death cross patterns signal a continued downtrend below $2,500 short-term support to the liquidity-rich $2,400 area.

According to Coinglass, the drop in ETH futures market open interest while volume increases hints at growing indecision among traders. This situation will likely culminate in bearish sentiment and increase the probability of another swing to $2,400.

If traders in the spot market panic and sell, ETH price will drop to retest $2,200, collecting liquidity ahead of another breakout.

On the other side of the fence, a buy signal flaunted by the MACD upholds the short-term bullish thesis. However, for bulls to pull through with a major trend reversal, they must reclaim the short-term hurdle at $2,600. From here, $2,800 will be the next target, followed by $3,000, as ETH price forecast depicts.

XRP Signals Stay Green

XRP price now holds above a key trend line support as well as the 20-day, 50-day, and 200-day EMAs after traders jumped on the bullish train during the Asian session on Monday.

This buying pressure pushed XRP price up to highs of $0.53 before encountering resistance at the 100-day EMA. A daily close above this level would clear the path to $0.56 and eventually $0.60.

On the other hand, a failure to hold the trend line support could lead to another leg down towards the lower boundary of the ascending channel at $0.48.

From a technical perspective, XRP price is still trading within a bullish ascending channel on the daily chart. This channel is formed by connecting the lows of May 12 and June 14, and the highs of May 27 and July 14.

As long as XRP price continues to trade within this channel, the bullish trend is likely to remain intact. A breakout from the upper boundary of the channel could lead to a retest of the highs at $0.60 or even $0.65.

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