The S&P 500 is attempting a recovery, while 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 drop to as low as $10,000 in case of a global economic reset. The S&P 500 Index is facing resistance at the moving averages, and a turn down from these levels could lead to a bearish head-and-shoulders pattern. The U.S. Dollar Index has broken above the downtrend line, indicating a potential end to the correction. Bitcoin continues to trade within a range, with support at $24,800 and resistance at $26,833. Ether is trading near crucial support at $1,626, and a break below this level could lead to further downside. BNB is facing selling pressure at the breakdown level of $220, and a break below $213 could result in a decline to $200. XRP is lacking demand at higher levels and may drop to support at $0.41 if the $0.50 level breaks. Cardano is swinging within a narrow range between $0.24 and $0.28, with resistance at the latter level. Dogecoin is trading between support at $0.06 and the 20-day EMA, with the bears having the edge. Solana is gradually drifting lower and may drop to support at $19.35. Polkadot is facing resistance at the 20-day EMA, and a turn down from this level could lead to a retest of support at $4.22.
