The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels. Bitcoin is down about 11% in August and has historically declined in September. Bloomberg Intelligence senior macro strategist Mike McGlone warns that Bitcoin could nosedive to as low as $10,000 in case of a “global economic reset.” The S&P 500 Index turned down from the moving averages but could rally to the overhead resistance zone if buyers overcome this roadblock. The U.S. Dollar Index has signaled that the correction may be over in the near term. Bitcoin continues to trade inside a range between $24,800 and $26,833, with bears in command. Ether has been trading near crucial support at $1,626, indicating selling pressure. BNB’s pullback is facing selling at the breakdown level of $220, while XRP lacks demand at higher levels. Cardano has been swinging inside a narrow range between $0.24 and $0.28, while Dogecoin has been trading between strong support at $0.06 and the 20-day EMA. Solana has been gradually drifting lower, and Polkadot is encountering stiff resistance from bears at the 20-day EMA.
