Bitcoin (BTC) price rallied on August 29, bringing Ethereum (ETH) and Ripple (XRP) price with it as crypto markets celebrated Grayscale asset manager’
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin.
In a dire case, the slump could send Bitcoin price to the psychological $24,000 level, constituting a 10% drop from current levels.However, if sidelined bulls or late buyers come in, Bitcoin price could forge north, shattering the resistance confluence between the 50- and 100-day EMA that rejected the August 29 intra-day high of $28,142. A strong breach above this roadblock would clear the way for BTC to test the supply zone at around $29,170.
If the order block fails to hold as a resistance level and Bitcoin price breaks past it, the psychological $30,000 would be an area of interest, with robust seller momentum expected around the $30,385 an overlay between two supply zones where aggressive selling behavior is expected. For a confirmed uptrend, however, BTC must record a decisive daily candlestick close above $31,439.
In the highly bullish case, a foray past the psychological $2,000 is likely, with Ethereum price likely to tag the $2,008 resistance level.Ripple price must break its tether to the 200-day EMA at $ 0.5251 for the next move. The remittance token has been consolidating along this level since August 18. The RSI momentum indicator suggests the price could fall, possibly dipping into the demand zone between $0.5040 and $0.4600. A decisive daily candlestick close below the mean threshold at $0.
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