Although selling may be tapering off, Bitcoin is still below the $55,724 support level, which raises the prospect of a relief bounce in OP, HNT, SUI, and UNI.
Bitcoin (BTC) ticks lower at $54,821 dropped below the range of $55,724 to $73,777 on September 6, opening the door for a subsequent drop to the intraday low of $49,000 on August 5. Alvin Kan, the chief operating officer of Bitget Wallet, believes that Bitcoin might continue to face pressure until the Federal Reserve announces its rate decision on September 18. Kan, however, believes that risk assets would have a short- to mid-term boost following the announcement of the rate cut.
Former BitMEX CEO Arthur Hayes, who previously predicted that Bitcoin will go below $50,000, has modified his prediction. He now believes that the Fed’s enhanced US dollar liquidity will cause Bitcoin to rally as early as next week.
A few cryptocurrencies have avoided the selling, but several have seen losses due to Bitcoin’s recent decline. That’s encouraging as, should Bitcoin initiate a relief rally, these altcoins are probably going to do better in the ascending order.
Could Bitcoin surpass $55,724 once more, ensnaring the belligerent bears? Let’s examine the top 5 cryptocurrencies that could be involved in a future upswing.
On September 6, Bitcoin fell and closed below the $55,724 support, indicating that the bears are attempting to take the upper hand.
After a critical support breaks, the price usually retests the breakdown level. The bears will attempt to block the comeback above $55,724, the potential high point for the BTC/USDT pair. The price may indicate that the bears have turned the level into resistance if it declines from $55,724. This can exacerbate the selling and push the price closer to the critical $49,000 support level.
