Bitcoin BTCUSD Plunged Below the $55,724 to $73,777 Range on Sept. 6

Bitcoin may remain under pressure until the Federal Reserve's rate decision on Sept. 18. However, after the rate cut is announced, Kan anticipates risk assets to witness a short- to mid-term boost.

Bitcoin price analysis: BTC grinds lower, top 5 cryptos to watch for a potential recovery

Bitcoin (BTC) price plunged and closed below the $55,724 support on Sept. 6, signaling that the bears are trying to seize control.

Generally, the price tends to retest the breakdown level after a crucial support cracks. The BTCUSDT pair could rise to $55,724, where the bears will try to stall the recovery. If the price turns down from $55,724, it will suggest that the bears have flipped the level into resistance. That could intensify selling and pull the price toward the pivotal support at $49,000.

The first sign of relief for the bulls will be a break and close above the 20-day exponential moving average ($57,957). Above this level, the relief rally may reach the 50-day simple moving average ($60,839).

The bears have not allowed the price to rise above the moving averages for some time, suggesting that every relief rally is being viewed as a selling opportunity. Minor support is at $53,969, but if the level breaks down, the pair may descend to $49,000.

On the upside, the bulls will have to drive the price above the 50-SMA to signal that the sellers have given up. That may clear the path for a rally to $60,000 and thereafter to $62,000.

Uniswap price analysis: UNI grinds lower, key resistance at $6.74

Uniswap (UNI) price is trying to start a relief rally but is expected to face resistance near the breakdown level of $6.74.

The flattish 20-day EMA ($6.25) and the RSI near the midpoint suggest that the selling pressure is reducing. If buyers shove the price above the 50-day SMA ($6.55), the UNIUSDT pair may climb toward $8.66. Minor resistance at $7.22 exists, but it is likely to be crossed.

Alternatively, if the price turns down from $6.74 and breaks below the 20-day EMA, it will suggest a range formation in the near term. The pair could swing between $6.36 and $7.22 for a while.

The pair has gradually risen toward the overhead resistance zone between $6.74 and $7.22. The 50-SMA is the crucial support to watch out for on the downside. If the price maintains above the 50-SMA, it will suggest that the bulls are buying on dips. That will result in a possible retest of $7.22.

If bulls want to prevent the upside, they will have to drag and maintain the price below the 50-SMA. The pair may then slump to $5.50.

Sui price analysis: SUI faces descending channel resistance

Sui (SUI) has reached the resistance line of the descending channel pattern, where the bears will try to stall the up move.

If the price turns down from the resistance line but rebounds off the moving averages, it will signal a positive sentiment. That will increase the likelihood of a break above the channel. If that happens, the SUIUSDT pair may climb to $1.20.

This positive view will be invalidated in the near term if the price turns down from the resistance line and breaks below the moving averages. Such a move suggests that the pair may remain inside the channel for some more time.

Both moving averages have turned up, and the RSI is in the positive zone, indicating that the bulls are in command. If buyers maintain the momentum and thrust the price above the channel, the pair may rise to $1.12 and later to $1.20.

Contrarily, if the price continues lower and breaks below the 20-EMA, it will suggest that the bears are trying to keep the pair inside the channel. The pair will weaken further if the bears tug the price below the 50-SMA.

Optimism price analysis: OP grinds lower, key resistance at $1.47

Optimism (OP) broke and closed above the 20-day EMA ($1.40) on Sept. 7 and touched the 50-day SMA ($1.47) on Sept. 8.

The RSI has risen near the midpoint, indicating that the bears are losing their grip. Buyers are likely to drive the price above the 50-day SMA and the overhead resistance of $1.65. If they do that, the OPUSDT pair may start a new up move toward $2.50.

Contrary to this assumption, if the price fails to sustain

The above is the detailed content of Bitcoin BTCUSD Plunged Below the $55,724 to $73,777 Range on Sept. 6. For more information, please follow other related articles on the PHP Chinese website!