Bitcoin buyers predicted a positive monthly close in September for the first time since 2016. If this happens, it will be a source of motivation as October is generally in favor of buyers. Time is running out for the bulls in September, which is seen as the last exit before the bridge…
According to CoinGlass data, Bitcoin has seen negative monthly closes only twice in October, in 2014 and 2018. However, it was stated that if macroeconomic negativities continue, Bitcoin bulls will have difficulty maintaining this momentum.
On the other hand, it was noted that the United States dollar index (DXY) formed a golden cross, indicating further potential rises in the near term.
Can Bitcoin bulls resist bear pressure in the last week of September?
Bitcoin price analysis
The uncertainty resulting from the intraday candlestick formation on September 22-23 was resolved to the downside on September 24. This situation was interpreted as making the bears accept their superiority.
Sellers will try to further strengthen their positions by pushing the price to the solid support at $24,800. This remains a key level to pay attention to in the near term, as the bulls are expected to defend it with all their might. If the $24,800 support breaks, the BTC/USDT pair could start a downward move towards $20,000.
Ethereum price analysis
Ethereum is slowly slipping from $1,592 towards the key level at $1,531, indicating that the bulls lack buying support.
Although falling moving averages suggest that sellers are gaining an advantage, the RSI is showing signs of a bullish trend. This shows that selling pressure may be decreasing. So it increases the possibility of a bounce from $1,531.
If the bulls push the price above the 20-day EMA ($1,616), it will signal a range-bound move between $1,531 and $1,746 for a few days. This view will be invalidated if the bears sink and sustain the ETH/USDT pair below $1,531. Moreover, the pair could drop to $1,368 later.
XRP price analysis
XRP price may drop to the uptrend line, which is expected to act as a strong support. If the price recovers from the uptrend line, the bulls will try to push the price above the 20-day EMA again. If they do this, it will signal aggressive buying at lower levels. The pair could then climb towards the 50-day SMA ($0.53).
Conversely, if the uptrend line does not hold, XRP price may drop first to $0.46 and then to the formidable support at $0.41. This level is likely to attract strong buying by the bulls.
ADA price analysis
The bulls will need to quickly push the ADA/USDT pair above the downtrend line to reduce the risk of a drop below $0.24. If they can achieve this, the bearish descending triangle will be invalidated, which could push the price to $0.29.
Instead, if the bears sink the ADA price below $0.24, it will complete the bearish setup. This could initiate a downside move towards $0.22 and then the $0.19 pattern target.
Solana price analysis
The 20-day EMA and the RSI just below the midpoint indicate a balance between supply and demand. On the upside, the bulls will need to push the price above the 50-day SMA ($20.80), signaling the beginning of a recovery towards $22.30.
Conversely, if the price turns down from the current level, it will indicate that the bears are in command again. The SOL/USDT pair may then retest the important support at $17.33. If this level is broken, the pair could drop to $14.