Decentral Block Post

The United States equities markets are attempting to stabilize after the carnage on Aug. 26. On similar lines, Bitcoin (BTC) is also witnessing a see-saw battle near the psychological level of $20,000 with both the bulls and the bears vying for supremacy. 

Although several analysts are bearish on Bitcoin in the near term, it has not stopped the whales from accumulating at lower levels. Data from on-chain research firm Santiment shows that the number of whale addresses holding between 100 to 10,000 Bitcoin has risen by 103 in the past 30 days.

In bear markets, rumors spread fast and could result in quick declines, but many times, the fears are unfounded. Mt. Gox creditors confirmed on Twitter that the rumor of a 137,000 Bitcoin dump spread on social media was false. The creditors said that the infrastructure needed to start the repayment was still not there in place.

Could Bitcoin and major altcoins sustain the rebound? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin closed below the psychological level of $20,000 on Aug. 28 but the bears could not build upon their advantage. Buyers have pushed the price back above $20,000 on Aug. 29, which shows strong demand at lower levels.

Bitcoin (BTC) regained some lost ground at the Aug. 29 Wall Street open amid talk of an imminent short squeeze.

Shorts lose out in modest squeeze higher for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to near $20,400 on Bitstamp as United States equities began trading.

The move signaled welcome relief for hodlers, who had looked on as the pair dove increasingly below $20,000 during the weekend.

Now, with the market “aggressively short positioned,” conditions appeared to favor a further relief bounce to burn those nursing short trades.

“You know what is next,” popular Twitter account Il Capo of Crypto warned, reinforcing his belief that the bounce would be followed by a deeper retracement.

Bitcoin (BTC) regained some lost ground at the Aug. 29 Wall Street open amid talk of an imminent short squeeze.

Shorts lose out in modest squeeze higher for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to near $20,400 on Bitstamp as United States equities began trading.

The move signaled welcome relief for hodlers, who had looked on as the pair dove increasingly below $20,000 during the weekend.

Now, with the market “aggressively short positioned,” conditions appeared to favor a further relief bounce to burn those nursing short trades.

“You know what is next,” popular Twitter account Il Capo of Crypto warned, reinforcing his belief that the bounce would be followed by a deeper retracement.

The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.

Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them

Chiliz (CHZ)

Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively. 

On the daily chart, CHZ's price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.

Originally, the CHZ price rally started amid a rebound witnessed across the crypto market. But Its upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona's Barça Studios.

The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's (Luna) —now renamed Terra Classic (LUNC) — collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.

Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them:

Chiliz (CHZ)

Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively. 

On the daily chart, CHZ's price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.

Originally, the CHZ price rally started amid a rebound witnessed across the crypto market. But ts upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona's Barça Studios.