Price analysis 8/3: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

cointelegraph.com:

Bitcoin (BTC) and altcoins are tracking the United States equities markets higher on Aug. 3 as traders buy the dip.

Smaller investors seem to be making the most of the bear market in Bitcoin as the number of wholecoiners has soared by 40,000 since the sharp fall in June. In comparison, wallet addresses with more than 1,000 Bitcoin have declined by 113 since May.

Some analysts believe that Bitcoin has not yet formed a macro bottom, however. Trading firm QCP Capital expects Bitcoin to gradually rise for most of the third quarter amid high volatility.

They believe Bitcoin’s rally could hit a roof around $28,700. For the long-term, the firm did not rule out a final capitulation in Bitcoin to around $10,000, which may mark a bottom for the bear market.

Nevertheless, Bitcoin miners seem to be in an upbeat mode as they increased their Bitcoin holdings in July following the capitulation in June. According to data from on-chain analytics firm CryptoQuant, Bitcoin held by the miners hit the highest levels since.

Could Bitcoin and altcoins resume their up-move or will the recovery falter at higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin dropped to the 20-day exponential moving average (EMA) ($22,632) on Aug. 2, which is acting as strong support. The gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory suggest that bulls have a slight edge.

The buyers will now attempt to push the price above the overhead resistance at $24,668. If they succeed, the BTC/USDT pair could rally to $28,000 where the bears may mount a stiff resistance. If bulls clear this hurdle, the rally could extend to $32,000.

Contrary to this assumption, if the price turns down from the