After a deadly week that has tested crypto resilience, digital assets rose an impressive return while the total market capitalization bounces to 3.91 billions of dollars, or 3.29% in the last 24 hours. The wide covering sees 95% of the 100 best cryptocurrencies displaying gains, Bitcoin breathing again in the midst of renewed institutional interest and favorable macroeconomic tail winds.
Recovery from cryptographic markets aligns perfectly with traditional markets that find their foot. The S&P 500 climbed 0.5%, extending the rally of this month, while the Nasdaq 100 increased by almost 1%, powered by gains in Nvidia, Applovin and Microsoft among the other technology giants. Gold also reached a record of approximately 3,826 to $ 3,854 by OneDce Troy, raising the assets of the American treasury on precious metal beyond 1 dollars – a signal that the demand for packages remains robust even when risk assets are restored.
However, the wider context remains complex, the federal reserve having reduced its reference rate by 25 basis points to a range of 4.00% to 4.25% at its September meeting. The president of the Fed, Jerome Powell, however described the price inflation to be potentially a “unique” event while warning that “uncertainty around the path of inflation remains high”.
Bitcoin organized a measured recovery, winning 1.85% to end at $ 113,985 after opening the day at $ 111,923. The flagship cryptocurrency briefly affected $ 114,309 – representing an intraday peak of 2.2% – before being settled just below this level of resistance.
Bitcoin price data. Image: tradingView
On the technical front, however, Bitcoin indicators paint a table of consolidation rather than conviction.
The relative resistance index, or RSI, for BTC is 52 years old, which is a dead center in neutral territory. This reading tells traders that neither the bulls nor the bear have decisive control. Think of RSI as a rope against war; At 50, it is perfectly balanced. Readings above 70 report that the bulls can be exhausted (Surbought), while less than 30 suggest that the bears have exaggerated it (occurrence). At 52, this shows that the bulls fought control of the bears – but only slightly – by pushing the medal of the territory of occurrence.
The average directional index, or ADX, measures resistance to the trend on a scale where everything that is less than 20 means “no clear trend”, 20-25 indicates a trend forms, and above 25 confirms a strong directional movement. At 18, Bitcoin drives mainly in a jerky market where neither the purchase nor the sales pressure dominate. This is why you do not see an optimistic or long -term lower trend, and instead, the medal has been bounced laterally for weeks now.
The only luminous point comes from exponential mobile averages or EMA. These averages give traders a feeling of price support and resistances on short, medium and long frames.
Currently, the EMA of 50 days of Bitcoin is negotiated above the 200-day EMA (visible as a green area of the graph). This seems good for bulls, because it demonstrates that the average price of short -term bitcoin is negotiated higher than the long -term average price. But it is important to note: the difference between these EMAs ends, reflecting the fact that the price of bitcoin slowly drops more recently and can enter into a formation of “death cross” in the future unless something changes.
A “cross of death” in trading is when the EMA50 (the average price of the last 50 days, or the short -term movement) crosses the EMA200 (the average price of the last 200 days). Traders read it as an increased risk of decline and can reduce long exposure or look for short configurations, especially if the price remains under both EMAs and the volume resumes. It is essentially the opposite of a configuration of “gold cross”, in Trader, and generally considered as a lower sign.
On a myriad – a prediction market built by DecipherThe mother company Dastan – Trades placed the chances of 46% that Bitcoin reached $ 125,000 than $ 105,000 earlier. This market, which has been active since the beginning of July, provides an aggregate feeling gauge for Bitcoin among these users of the prediction market.
Less than two weeks ago, these chances were completely reversed, bettors giving BTC a 71% chance of hitting $ 125,000 on September 18. The chances now reflect the prudent market position despite today’s earnings. It seems that even a 5% rebound in the price of Bitcoin is sufficient to make these predictors shrugg up again.
The more modest Solana gain at 0.30% to 211.58 may seem disappointing compared to the Bitcoin movement, but the technical configuration suggests an accumulation below the surface.
In the past 24 hours, Solana has increased by 3.5%, making it the most efficient asset in the top 10 by market capitalization.
After opening at $ 210.95, Sol affected $ 213.58 (an intraday peak of 1.2%) before consolidating around the bar of $ 211, which can contain a market capitalization of $ 113 billion.
Solana price data. Image: tradingView
The RSI at 47 places solves slightly in lowering territory. After violent swings in recent weeks, this intermediary RSI could be interpreted by traders as a healthy consolidation, especially since it is now up after a sharp decline last week. Solana tested the resistance of a short -term lowering channel, which had been in place throughout the month.
The ADX at 27 combined with prices higher than the EMA of 50 days and 200 days, suggests that the bulls maintain control despite the modest gains today. When the ADX is greater than 25, day traders often increase position size because trends tend to persist. The prices are negotiated again above the EMA50, which is also a good sign for short-term bulls.
The future decisions of the SEC on Solana ETF applications, with deadlines from next month, could serve as a catalyst, Bloomberg analysts estimating a chance of approval of 90%. This regulatory clarity could unlock institutional flows similar to what Bitcoin has experienced post-ETF approval.
Again, as for Bitcoin predictions, Myriad users do not yet feel upper vibrations. A myriad of predictions place the chances of 40% that Solana reaches a new price of all time this year above $ 294. It is a strong drop of 65% of a new soil of all time in height a little over a week ago.
Key levels:
Immediate support: $ 204.82 (lower)
Solid support: $ 200.00 (psychological level)
Immediate resistance: $ 213.58 (Channel’s High)
Strong resistance: $ 222.00 (level 0.5 fibonacci)
The opinions and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
