Bitcoin range recovery may push UNI, SUI, OP and HNT higher.

Bitcoin (BTC) broke the range of $55,724 to $73,777 on September 6 and opened the way to a low of $49,000 on August 5. According to Alvin Kahn, Chief Operating Officer of Bitget Wallet, Bitcoin may remain under pressure until the Federal Reserve's rate decision on September 18. But once the rate cut is announced, Khan expects risk assets to witness growth in the short to medium term.

Arthur Hess, the former CEO of the BitMEX cryptocurrency exchange, who previously predicted that Bitcoin would fall below $50,000, has changed his view. Now expect Bitcoin to rally early next week due to increased US dollar liquidity from the Fed.

Bitcoin's recent weakness has sent several altcoins lower, while a few have snapped up the selloff. This is a positive sign, as such altcoins may fare better down the road if Bitcoin starts a rally.

Will Bitcoin Retrace Above $55,724 and Hold Strong Bears? Let's examine the 5 major currencies that may be involved in the recovery.

Bitcoin price analysis

On September 6, Bitcoin closed below the $55,724 support, indicating that the bears are trying to take control.

Generally, the price will tend to retest the breakout level after a critical support breakout. The BTC/USD pair may rise to $55,724, the bears will try to stop the recovery. If the price drops from $55,724, it indicates that the bears have turned the level into resistance. That could strengthen the selloff and pull the price back to key support around $49,000.

The bulls' first support signal breaks and closes above the 20-day exponential moving average ($57,957). Above this level, the rally could reach the 50-day simple moving average ($60,839).

Bears have not allowed to rise above the moving average for some time, which means that every rally is seen as a selling opportunity. Minor support is at $53,969, but if the level breaks, the pair could drop to $49,000.

At the top, the bulls should drive the price above the 50-SMA to show that the sellers are desperate. That could clear the way for the rally to $60,000 and then to $62,000.

Uniswap price analysis

Uniswap (UNI) is trying to start a rally but is expected to face resistance near the $6.74 breakout level.

The flat 20-day EMA ($6.25) and the RSI near the midpoint suggest that selling pressure is easing. If buyers push the price above the 50-day SMA ($6.55), the UNI/USDT pair could rise to $8.66. There is little resistance at $7.22, but it could be crossed.

Alternatively, if the price declines below $6.74 and breaks below the 20-day EMA, it suggests a range formation in the near term. The pair may fluctuate between $6.36 and $7.22 for some time.

The pair gradually increased to an upward resistance zone between $6.74 and $7.22. 50-SMA is an important support to watch on the downside. If the price stays above the 50-SMA, it suggests that bulls are buying on the dips. That results in a retry of $7.22.

If the bulls want to prevent the breakout, they should pull the price below the 50-SMA and hold it. The pair can drop to $5.50.

Sui price analysis

Sui (SUI) has reached the resistance line of the descending channel pattern where they are trying to stop the upward movement.

If the price breaks below the defensive line but retraces the moving averages, it shows positive sentiment. That increases the chance of breaking over the channel. If that happens, the SUI/USDT pair could rise to $1.20.

If the price breaks below the resistance line and breaks below the moving average, this bullish view is worthless in the near term. Such a move suggests that the pair may remain in the channel for some time.

Both moving averages are up, and the RSI is in the positive zone, indicating that the bulls are in command. If buyers continue the momentum and push the price above the channel, the pair may rise to $1.12 and later to $1.20.

Conversely, if the price continues lower and breaks below the 20-EMA, it suggests that the bears are trying to keep the pair in the channel. If the bears push the price below the 50-SMA, the pair will weaken further.

Related: Bitcoin analyst sees ‘big bull cycle' with BTC price floor now at $45K

Optimistic price analysis

Optimism (OP) closed above the 20-day EMA ($1.40) on September 7 and touched the 50-day SMA ($1.47) on September 8.

The RSI has risen near the midpoint, indicating that the bears are losing their grip. Buyers can move the price above the 50-day SMA and resistance at $1.65. If they do that, the OP/USDT pair could start a new up move towards $2.50.

Contrary to this assumption, if the price fails to stay above the 50-day SMA, it indicates that the bears will continue to sell in rallies. The pair may slide towards $1.22 and then towards strong support at $1.17.

The pair has returned to the moving averages, which indicates that the bears are making a strong challenge near $1.50. If price recovers from the moving averages, prospects for a rally above $1.50 will improve. The pair could rally to $1.65 and then to $1.77.

Instead, if the price continues lower and breaks below the moving averages, it suggests that the bears will sell on smaller increases. Then the pair can slide to the top line. A break below the high line could strengthen the selloff and take the price to $1.20.

Helium price analysis

Helium (HNT) has started an upward movement over the past few days. The bears tried to lower the price on September 3, but the bulls successfully defended the 20-day EMA ($7.33).

A slight negative on the charts is the growing bearish divergence on the RSI. This indicates that the momentum is weakening. A break and close below the 20-day EMA tilts the advantage to the bears.

However, if the price reverses from the current level or the 20-day EMA and breaks above $8.67, it suggests that the upside remains intact. The HNT/USDT pair may test the $10 rally.

The 4-hour chart shows that the pair is facing resistance at $8.50. The flat 20-EMA and the RSI near the midpoint suggest that the buying pressure is easing. A break and close below the 50-SMA could open the doors to a $7 decline.

Alternatively, if the price deviates from the moving averages, the bulls will make another attempt to drive the pair above $8.67. If successful, the pair can resume their move to $9.75.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.