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Crypto Price Analysis 9-5 BTC, ETH, SOL, DOGE, WIF, SEI, AKT

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Cryptocurrency prices remained subdued on Wednesday primarily due to renewed concerns over a US economic slowdown and anticipation of key data that could potentially impact the Federal Reserve’s decision on interest rates. 

Bitcoin (BTC) and Ethereum (ETH) fell almost 5%, although they have posted somewhat of a recovery since. Data from the Institute of Supply Management (ISM) showed that US manufacturing remained subdued in August, hinting at an ongoing weakness in the sector. Stocks, gold, and crypto all tumbled as September got off to a rough start for assets, with investors waiting for the first interest rate cut from the Fed. 

US Growth Worries Resurface 

Data from the Institute for Supply Management (ISM) revealed that manufacturing in the US remained considerably subdued in August. ISM data showed its manufacturing PMI rose to 47.2 in August, up from 46.8 in July, which was the lowest reading since November 2023. PMI readings below 50 indicate a contraction in the manufacturing sector, which accounts for 10.3% of the US economy. As a result of these uncertainties, Bitcoin (BTC) dipped to a low of $56,366 before recovering during the ongoing session. 

“Bearish sentiment in cryptocurrencies is impacted by the ISM Manufacturing PMI data, which indicates ongoing economic contraction. The interplay between traditional and cryptocurrency markets is becoming increasingly apparent as traders adjust their expectations based on Federal Reserve interest rate decisions. While cryptocurrencies may experience volatility, strong trading activity suggests potential for recovery and growth.”

A series of economic reports are set to be released later this week, including job openings, jobless claims, and the critical nonfarm payrolls report, which are set to be released on Friday. The reports will determine if the upcoming Federal Reserve rate cut will be implemented as expected or be more substantial. 

“Bitcoin has dropped amid increasing selling pressure, reflecting declines in both US and Asian equity markets. Investors are closely monitoring upcoming US data, which could provide insights into a potential interest rate cut by the Federal Reserve. Bitcoin’s immediate support is around the $56,350 level. Further losses could push the price down to the $53,500 support level in the near term.”

Jim Cramer Explains Crypto Decline 

American TV personality Jim Cramer explained the recent crypto crash, which saw BTC tumble towards $55,000, stating that sector-focused sell-offs highlight the struggles within specific industries rather than a broader economic decline. According to Cramer, the sell-off is confined to AI, data, and computing sectors. 

“It’s not a market-wide sell-off at all. It is a sell-off of anything having to do with AI/data center/computing as well as housing and oil and some companies leveraged to infrastructure.”

Cramer’s comments come after Nvidia’s stock tumbled almost 10% as reports swirled about authorities ramping up an antitrust investigation against the world’s largest chipmaker. As a result, AI tokens took a significant hit. The markets are now awaiting the release of the August nonfarm payrolls, scheduled for Friday. Analysts expect the numbers to be higher than the previous 114,000. If the nonfarm payroll data numbers exceed expectations, it would indicate a more robust US job market and support the anticipated interest rate cuts at the upcoming FOMC meeting. 

Bitcoin (BTC) Impacted By Weak Recovery 

Weakness in the US markets pulled the crypto markets lower on September 3, with selling continuing on September 4. However, one positive is that lower levels are attracting buyers in droves. According to trading firm QCP Capital, BTC and ETH could enter a period of volatility. Analysts are of the opinion that upcoming rate cuts will be beneficial for risk assets. However, Bitfinex analysts believe BTC could plunge up to 20% following the rate cuts, adding that the world’s largest cryptocurrency could bottom between $40,000 and $50,000. 

BTC’s uncertainty and volatility are putting pressure on altcoins, which have recently registered significant declines. In fact, the crypto market cap slipped below $2 trillion before regaining it after a 0.76% increase. 

Spot Bitcoin, Ethereum ETFs In The Red 

Spot Bitcoin ETFs have seen sentiment around them change considerably over the past few weeks. Available data shows six consecutive days of consistent outflows, indicating that the state of the local economy has impacted investor outlook regarding spot Bitcoin ETFs. While investors allocated substantial inflows on August 23 and 26, things quickly changed as investors began pulling out funds. Between August 27 and 30, Bitcoin ETFs registered only outflows. Following the September 2 national holiday, negative sentiment returned, with nearly $300 million being withdrawn from the largest ETFs. 

Meanwhile, Ethereum ETFs have continued to attract significantly lower demand, witnessing considerable outflows since the beginning of September. Investors withdrew $47.4 million on September 3 and $37.5 million on September 4. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) is struggling to remain above $57,000 as sellers look to continue exerting influence and drive the price towards $55,000. The price has struggled since slipping below the moving averages and headed into September on a bearish note, with sellers attempting to push BTC below crucial support levels. BTC has also seen heightened volatility since the beginning of September, with the asset currently trading between $55,000 and $60,000. BTC saw significant volatility heading into the weekend, hitting a low of $57,733 on Friday before buyers propped it back above $59,000.

Source: TradingView

BTC remained in the red over the weekend and dropped to $57,399 by Sunday after a drop of 2.62%. Monday saw a strong recovery as the price rallied by 3.08% to move back above $59,000 and settle at $59,169. However, while there is strong demand at lower levels, buyers are unable to sustain momentum at upper levels. As a result, BTC fell back in the red on Tuesday after failing to push above the 20-day SMA, dropping almost 3% and settling at $57,529. BTC saw considerable selling pressure on Wednesday as markets tanked, hitting a low of $55,658. Once again, lower-level demand allowed buyers to retake control and push BTC back towards $60,000. The price eventually settled at $58,017 after an increase of 0.85%.

The current session sees BTC down by almost 1.50% as sellers look to drive it back below $57,000. BTC bulls are expected to defend the $55,000 price level. Failure to do so could drag BTC below $50,000 to $49,000, another level expected to attract buyers. Should this level also be breached, BTC could tumble to $42,000. However, this outlook will be invalidated if bulls can prevent a drop below $57,000. Should this happen, BTC could push towards the $60,000 price level.

Ethereum (ETH) Price Analysis

Ethereum (ETH) ’s recent price movements indicate buying on dips and selling on rallies, keeping the price in a trading range of $2,300 and $2,600. ETH has struggled over the past couple of months and has shown little signs of an impending recovery. ETH had dipped below the 200-day SMA at the beginning of August, hitting a low of $2,131. Since then, it has been trading sideways, oscillating between a larger trading range of $2,300 and $2,800. ETH has been confined to an even narrower trading range after dipping below the 20-day SMA at the end of August.

Source: TradingView

ETH began September with a drop of 3.46%, with the price dropping to 3.46%. Thanks to strong lower-level demand, ETH rebounded on Monday, rising by almost 5% to move back above $2,500 and settle at $2,539. However, with the 20-day SMA coming into play as a dynamic level of resistance, ETH fell back on Tuesday, registering a drop of 4.49% and settling at $2,425. Sellers attempted to drive ETH below $2,300 on Wednesday as it dipped to a day low of $2,310. Once again, buyers bought the dip, pushing ETH back above $2,400. ETH eventually registered an increase of 1.07% and settled at $2,451. The current session sees sellers back in control, with ETH down 1.54% and trading around $2,413.

As we can see, the MACD is currently bearish, and the RSI is under 50, which also indicates a bearish sentiment around ETH. Should selling pressure persist and push ETH below $2,300, it could drop as low as $2,100 before stabilizing. On the other hand, buyers will attempt a relief rally, which could test the resistance at $2,550.

Solana (SOL) Price Analysis

Solana (SOL) moved above $130 on Wednesday, but buyers are struggling to maintain momentum and push beyond $135. The altcoin has registered a decline of almost 10% over the past week as it struggles to build substantial bullish momentum and push toward $150. SOL has been in a downward trend since failing to capture $160, with sellers dragging it below $150 and lower. SOL started September firmly in the red, registering a drop of 5.03% to slip below $130 and settle at $128.

Source: TradingView

Thanks to strong lower-level demand, SOL rebounded on Monday, rising by 4.98% and settling at $135. However, buyers could not push above this level thanks to demand drying up. As a result, SOL fell back into the red on Tuesday after a failed attempt to push above $135, registering a drop of 5.47% and settling at $127. Sellers attempted to drag SOL to $120 on Wednesday, but strong demand close to its support level allowed buyers to push back and eventually seize control, allowing SOL to register an increase of almost 5% and settle at $133. The current session sees SOL marginally down as buyers and sellers struggle to establish control. 

To counter the bearish pressure, SOL must push above $135 and $140. A move above these levels would mean bears are losing grip, and buyers could establish control. Should a push above $135 fail to materialize, it would mean sellers hold the upper hand. However, experts have predicted a strong rally for SOL, factoring in the recent negative turn in its funding rate. Brian Quinlivan, the Lead Analyst at Santiment, stated that the funding rate turning negative indicates extreme bearish sentiment and opens up the potential for a strong rebound. 

“SOL has always been very sentiment-driven, so we’re keeping an eye on its Binance funding rate. Ideally, we see traders trying to short the asset and those liquidations could act as a catalyst to start its next rally. Right now, there has been a pattern of increasing shorts.”

Dogecoin (DOGE) Price Analysis 

Despite several attempts this week, Dogecoin (DOGE) failed to reclaim the $0.100 price level, with bears holding their ground and attempting to drive the price below $0.090. DOGE dipped below the 20-day SMA on August 27, with buyers attempting a move back above it on August 30. However, thanks to strong selling pressure, buyers could not push higher. By September 1, DOGE slipped back below $0.100 after registering a drop of almost 6% and settling at $0.095 before rebounding on Monday and settling at $0.098.

Source: TradingView

However, DOGE was unable to push towards $0.100 and dropped by 1.62% on Tuesday, settling at $0.97. Sellers attempted to drive DOGE to $0.090 on Wednesday as it fell to a low of $0.092, but strong lower-level demand enabled DOGE to recover and register an increase of 0.82% and move to $0.098. The current session sees DOGE marginally down as buyers and sellers struggle to establish control. Sellers will try to drive DOGE below $0.090. However, buyers are expected to defend this level aggressively. If DOGE can recover from this level, it means demand is picking up at lower levels. It could drop as low as $0.080 if sellers breach this level.

Dogwifhat (WIF) Price Analysis

Solana-based meme coin Dogwifhat (WIF) has rebounded strongly after dropping to its $1.40 support level on Sunday following a decline of over 8%. Following the drop, WIF made a strong recovery as traders bought the dip, registering an increase of 10.34% on Monday and settling at $1.54. Buyers attempted a move above the 20-day SMA on Tuesday as WIF rose to a day high of $1.63. However, demand dried up at upper levels, leading to buyers losing momentum. As a result, sellers could wrest control and drive WIF back below the 20-day SMA. WIF ultimately registered a drop of 3.09% and settled at $1.49.

Source: TradingView

On Wednesday it was the sellers who attempted to assert control and drive WIF below its $1.40 support level. WIF rebounded from its support level as demand picked up and surged past the 20-day SMA after registering an increase of almost 10%. It settled at $1.64 after breaking above the resistance. The current session sees sellers in control with WIF down just over 3%, as sellers attempt to drive it back towards $1.55.

SEI Price Analysis

SEI is attempting to reverse a recent downtrend after it was rejected from the $0.35 level on August 25. Since then, SEI has dipped below the 20 and 50-day SMAs and dropped to $0.26 on Sunday (September 1) after a fall of 6.41%. The price rebounded on Monday, rising by almost 7% and settling at $0.28. Buyers attempted to move above the 20-day SMA on Tuesday but failed, allowing sellers to take over and push SEI down by 7.51% to $0.26.

Source: TradingView

SEI fell to a day low of $0.25 on Wednesday before recovering and registering an increase of almost 4% to settle at $0.27. SEI is experiencing considerable volatility during the ongoing session as buyers attempt to move above the 20-day SMA while sellers look to drive the price below $0.25.

Akash Network (AKT) Price Analysis

AI-focused cryptocurrencies, including Akash Network (AKT), saw double-digit declines earlier in the week after Nvidia’s stock plummeted by almost 10%, leading to a staggering $270 billion decline in the company’s market capitalization. Following the news of the DOJ probe on Nvidia, AKT fell over 11% from its intra-day high of $2.40, losing a crucial support level. AKT slipped below the 20-day SMA towards the end of August and had fallen to $2.37 by the beginning of September.

Source: TradingView

AKT began the current week on a positive note, registering a 4.38% increase to settle at $2.48. However, buyers lost momentum as the 20-day SMA came into play, and selling pressure increased following Nvidia’s drastic decline. As a result, AKT dropped by almost 9%, falling to $2.26 on Tuesday. The price hit a low of $2.13 on Wednesday as bearish sentiment persisted. However, buyers could push the price back up and register a marginal increase. Buyers attempted a move above the 20-day SMA during the ongoing session, with AKT hitting an intra-day high of $2.43. However, demand dried up closer to the 20-day SMA, and sellers took control. AKT is currently down by almost 1.40% and trading at $2.24.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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