Bitcoin (BTC) fell back below $ 39,000 on August 2, suggesting short-term traders posted gains after the price failed to close above $ 42,451.67.

However, lower levels could attract buyers again, as was seen in late July. Data from Santiment showed that bitcoin held on wallet addresses storing between 100 and 10,000 bitcoin rose to a new all-time high of 9.23 million bitcoin on August 1. The previous all-time high for this group of investors was recorded on April 5th. just over a week before Bitcoin hit an all-time high of $ 64,854 on April 14.

Santiment emphasized that the “addresses have accumulated about 170,000 more Bitcoin in the last four weeks”. A similar buying pace was recorded at the end of December 2020, shortly before the start of the strong bull market in 2021.

Daily performance of the cryptocurrency market. Source: Coin360

CoinShares data showed that assets under management in Bitcoin-focused funds fell by $ 20 million last week, the fourth straight weekly decline. Last month, Bitcoin funds saw cumulative outflows of $ 67.8 million.

The data wasn’t all bearish as multi-asset funds saw cumulative inflows of $ 7.5 million last week and $ 11.9 million last month.

Could Bitcoin break out of its reach and lead the crypto markets up? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin peeked above the overhead resistance at $ 42,451.67 on August 1, but the bulls were unable to hold the higher levels. This shows that bears are trying to keep range-bound action intact.

BTC / USDT daily chart. Source: TradingView

The rising 20-day exponential moving average ($ 36,968) and Relative Strength Index (RSI) above 62 suggest positive sentiment. If the price recovers from the 20-day EMA, the bulls will try again to push and hold the price above $ 42,451.67.

If they are successful, this will signal the start of a new uptrend. The first upside target will be a move into the overhead resistance zone at $ 50,000- $ 51,500, where bears could build stiff resistance again.

This bullish view will be invalidated if the price drops from current levels and falls below the USD 36,670 support. This suggests that the BTC / USDT pair could extend its consolidation between $ 28,805 and $ 42,599 for a few days.

ETH / USDT

Ether (ETH) broke the downtrend line on July 31, invalidating the descending triangle pattern. The bears sold at higher levels on August 1st, as evidenced by the long wick on the daily candle, but the positive sign is that the bulls did not allow the price to drop below the downtrend line.

ETH / USDT daily chart. Source: TradingView

The rising 20-day EMA (2273) and the RSI in the overbought area show that the bulls are in control. The ETH / USDT pair may now rebound to the psychological level of $ 3,000 where the bears could build strong resistance again.

Contrary to this assumption, if the bears pull price back below the 20-day EMA, it could trap the aggressive bulls. This could lead to a long liquidation that could bring the pair down to $ 2,000 and then to the critical support at $ 1,728.74.

BNB / USDT

Binance Coin (BNB) surged above the overhead resistance at USD 340 on August 1, but the long wick on the daily candle suggests the bears are trying to defend that level.

BNB / USDT daily chart. Source: TradingView

Although the price fell back below $ 340 on August 1, the positive sign is that the bulls haven’t given up much ground. If the price consolidates between the moving averages and $ 340, it improves the prospect of a break above $ 340.

In this case, the BNB / USDT pair will complete a bullish ascending triangle pattern. This setup has a target target of $ 454.58, but the climb may not be easy as the bears will erect roadblocks at $ 380 and then again at $ 433.

On the flip side, the pair could fall on the trendline if bears let the price dip below the moving averages. This is an important support to look out for because if it cracks, the next stop could be at $ 211.70.

ADA / USDT

Cardano (ADA) rose above the downtrendline on August 1st, but the long wick on the daily candle suggests that the bears are aggressively defending the resistance.

ADA / USDT daily chart. Source: TradingView

The slightly rising 20-day EMA ($ 1.27) and the RSI above 56 suggest that bulls have a slight advantage. If buyers can push and hold the price above the downtrend line, the descending triangle pattern becomes invalid.

The ADA / USDT pair could then move to $ 1.50 where the bears could be another major challenge. If buyers can overcome this resistance, the pair could begin its journey towards $ 1.94.

That positive view will be dashed if the price goes down and drops below $ 1.20. That could open the doors for another slide to $ 1.14 and then to $ 1.

XRP / USDT

XRP has been consolidating near the overhead resistance at $ 0.75 for the past few days, suggesting the bulls are not posting gains as they expect the relief rally to extend further.

XRP / USDT daily chart. Source: TradingView

The moving averages have made a bullish crossover and the RSI is above 63, suggesting that the path of least resistance is up. If buyers drive and hold the price above $ 0.75, the XRP / USDT pair will complete a double floor pattern that has a target at $ 1.

If the bulls cannot keep the price above $ 0.75, short-term traders can close out their positions. That could drag the pair down on the moving averages. A break below this support will suggest the pair may extend their stay within the $ 0.50 to $ 0.75 range for a few days.

DOGE / USDT

Dogecoin (DOGE) has been consolidating near the overhead resistance at $ 0.21 for the past few days. This indicates a state of uncertainty among the bulls and bears.

DOGE / USDT daily chart. Source: TradingView

The flat 20-day EMA ($ 0.20) and the RSI near the middle indicate a balance between supply and demand. Usually a tight consolidation near the rigid resistance to the top will dissipate. If buyers lift the price above the 0.21 to 50 day ($ 0.22) simple moving average resistance zone, the DOGE / USDT pair could rise to $ 0.28 and then to $ 0.33. Dollar rise.

On the contrary, if the bulls fail to overcome the overhead hurdle, it could lead to profit bookings. The pair could then gradually slide to the critical support at $ 0.15. A rebound from this level could hold the pair between $ 0.15 and $ 0.21 for some time.

DOT / USDT

The $ 16.93 level had acted as strong resistance between June 22nd and July 8th, but the bulls pushed Polkadot (DOT) above August 1st, which is a positive sign.

DOT / USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI is just below the overbought area, suggesting that buyers have the upper hand. If the bulls flip $ 16.93 in support, the DOT / USDT pair could continue its journey to $ 26.50.

On the flip side, if the bears pull the price below $ 16.93, the pair could fall to the 20-day EMA ($ 15.21), which could act as support. If the price recovers from these levels, buyers will try again to resume the relief rally. A break and close below the 20-day EMA could trigger a retest of $ 13.

UNI / USDT

The long wick on Uniswap’s (UNI) candlestick on Aug. 1 suggests the bears are defending overhead resistance at $ 23.45, but the positive sign is that the bulls haven’t given up much ground.

UNI / USDT daily chart. Source: TradingView

The moving averages have made a bullish crossover and the RSI is near the overbought zone, suggesting that buyers have the upper hand. A break above $ 23.45 will pave the way for a possible rally to $ 30.

If price deviates from the overhead resistance again, the UNI / USDT pair is likely to find support at the 20-day EMA ($ 19.55). If price bounces off this support, it improves the prospect of a break above $ 23.45.

Conversely, if the price goes down and falls below the moving averages, it suggests that the range-bound action could continue for a few more days.

Related: There’s no reason not to hold Bitcoin for 100 years, says Michael Saylor

BCH / USDT

Bitcoin Cash (BCH) has been trading between the 50-day SMA ($ 498) and the overhead resistance at $ 546.83 for the past four days. Tight consolidation near strong resistance suggests buyers will not close their positions as they expect an upward move.

BCH / USDT daily chart. Source: TradingView

If the bulls hold the price above $ 546.83, the BCH / USDT pair will complete a double bottom pattern. This bullish reversal setup has a target target of $ 710.13. The moving averages are on the verge of a bullish crossover and the RSI is in positive territory, suggesting that the path of least resistance is up.

This bullish view will be void if the price drops from current levels and falls below the moving averages. Such a move suggests that the pair could extend its range-linked action between $ 383.53 and $ 546.83 for a few days.

LINK / USDT

The bulls pushed Chainlink (LINK) above the overhead resistance at $ 22.07 on July 30, but the bears will not allow buyers to rally out of control.

LINK / USDT daily chart. Source: TradingView

The bears are trying to push the price back below $ 22.07 but the bulls have held support for the past three days. The moving averages have made a bullish crossover and the RSI is near the overbought area, suggesting that buyers have the upper hand.

If the bulls push the price above $ 24, the LINK / USDT pair could rise to $ 26.48. A break above this resistance could pave the way for a possible rally to $ 32.

Alternatively, if the price falls below $ 22.07, the pair could fall to the 20-day EMA ($ 19.17). A strong rebound from this support will suggest sentiment remains positive as traders buy on dips. The bears need to bring the price below the moving averages to get the upper hand.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You should do your own research when making a decision.

Market data is provided by HitBTC Exchange.

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