Price analysis 8/25: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, BCH

Bitcoin (BTC) remains on a strong footing after bears failed to capitalize on the rejection near the psychological mark at $50,000. 

The recent price rise in Bitcoin has not enticed longer-term investors to part with their holdings, and Glassnode data shows that the Bitcoin supply held by long-term holders has hit a new all-time high of 12.69 million BTC. This tops the previous record achieved in October 2020.

MicroStrategy’s recent Form 8-K filing with the United States Securities and Exchange Commission shows that the company bolstered its Bitcoin holdings by 3,907 BTC between July 1 and Aug. 23. The company bought at an average price of $45,294. This brings MicroStrategy’s total holdings to 108,992 BTC, with an average price of $26,769.

Daily cryptocurrency market performance. Source: Coin360

However, not everyone is bullish in the short term. John Bollinger, the creator of the popular technical analysis Bollinger Bands indicator, sounded a note of caution to traders and suggested that they “take some profits or hedge a bit.” He said there was no confirmation of a fall yet, but if it happened, hodlers could use the lower levels to buy more.

After Aug. 25’s minor correction, could Bitcoin and altcoins resume their up-move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.