Key points:
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Bitcoin remains under pressure and the decline could accelerate if the $65,118 level is breached.
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Several major altcoins are attempting to recover, but bears remain short during rallies.
Bitcoin (BTC) bulls are trying to keep the price above $67,000, but the bears have continued to exert pressure. A positive sign for the bulls is that some analysts believe BTC could bottom out.
Analyst Jelle said in an article on BTC trading near the 200-week EMA suggests that the bottom formation process may have begun.
Similarly, Matrixport said in an article on X that BTC could be a sustainable fund. Matrixport said that when the 21-day moving average of its daily sentiment indicator drops below zero and begins to rise, it suggests that selling pressure is exhausting. While this does not rule out a short-term decline, the numbers indicate that BTC could be approaching another inflection point.
Another positive projection for BTC came from Wells Fargo analyst Ohsung Kwon. In a note seen by CNBC, Kwon said additional savings from tax refunds, primarily from higher-income consumers, could be invested in stocks and BTC, bringing back “YOLO” trading.
Could BTC and major altcoins overcome general resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC made higher short-term lows, but the bulls failed to push the price above the breakout level of $74,508.
The buyers will likely make another attempt to breach the overhead resistance at the 20-day EMA ($72,282) and the $74,508 level. If they succeed, the BTC/USDT pair could rebound all the way to the 50-day SMA ($83,129).
The sellers will likely have other plans. They will attempt to defend the 20-day EMA and push Bitcoin price below the immediate support at $65,118. If they succeed, the pair could fall to strong support at $60,000.
Ether Price Prediction
Bulls held Ether (ETH) above immediate support at $1,897, indicating buying on the dip.
Buyers will once again attempt to clear the overhead hurdle at the 20-day EMA ($2,183). If they succeed, the ETH/USDT pair could begin a stronger recovery towards the 50-day SMA ($2,707).
Conversely, if Ether price declines and breaks below $1,897, it suggests that the bears are trying to take matters into their own hands. The pair could then fall to the critical support at $1,750. Buyers should protect the $1,750 level with all their might, as a close below could send the pair tumbling to $1,537.
XRP Price Prediction
XRP (XRP) is trading just below the 20-day EMA ($1.52), indicating that the bulls are continuing to exert pressure.
This improves the prospects of a breakout above the 20-day EMA and the $1.61 breakout level. XRP price could then rise to the 50-day SMA ($1.80), signaling that the XRP/USDT pair could remain inside the channel for some time to come.
Buyers will need to push the price above the downtrend line to indicate a potential near-term trend change. On the contrary, a deeper fall could begin if the price declines and dips below the support line.
BNB Price Prediction
BNB (BNB) has been trading in a tight range in recent days, signaling indecision between the bulls and bears.
If BNB price declines and falls below the $570 support, it indicates the resumption of the downtrend. The BNB/USDT pair could then extend the decline to the psychological level of $500.
Buyers will need to push and hold the price above the 20-day EMA ($676) to suggest that selling pressure is easing. The pair could then rise to $730, then to $790.
Solana Price Prediction
Solana (SOL) faces resistance near the $95 breakout level, indicating that the bears are active at higher levels.
The bears will attempt to strengthen their position by pulling Solana price below the $76 support. If they succeed, it suggests that the bears have turned the $95 level into resistance. The pair could then retest the February 6 low at $67.
Buyers will have to overcome the $95 overhead fee hurdle to report a return. If they succeed, the SOL/USDT pair could rise to the 50-day SMA ($116), where sellers should mount a strong defense.
Dogecoin Price Prediction
Dogecoin (DOGE) is trading just below the 20-day EMA ($0.10), indicating a lack of selling at lower levels.
This increases the likelihood of a rally above the 20-day EMA. The DOGE/USDT pair could then rise to the 50-day SMA ($0.12). Sellers will try to stop the recovery at the $0.12 level, but if the bulls overcome the resistance, Dogecoin price could surge up to the $0.16 level.
Instead, if the price declines from the $0.12 resistance, it suggests a possible range formation in the near term. The pair could hover between $0.08 and $0.12 for a few days.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) remained stuck between the moving averages, indicating uncertainty over the next directional move.
The ascending 20-day EMA ($547) and RSI just above the midpoint suggest a possible breakout higher. If this happens, the price of Bitcoin Cash could rally to $600 and then to $630.
Contrary to this assumption, if the price declines and falls below the 20-day EMA, it indicates that the bears have dominated the bulls. This could trigger a correction towards the next support at $500.
Related: 4 Data Points Suggest XRP Price Bottomed at $1.12: Are Bulls Ready to Take Over?
Hyperliquid price prediction
Hyperliquid (HYPE) closed below the 20-day EMA ($30.26) on Tuesday, indicating selling at higher levels.
Buyers will attempt to keep the hyperliquid price above the 50-day SMA ($27.74), but if the bears prevail, the HYPE/USDT pair could fall towards strong support at $20.82. The stable 20-day EMA and RSI just below the midpoint suggest limited action between $20.82 and $35.50 for a while.
The first sign of strength for the bulls is a close above the $32.50 level. This opens the door for a rally towards the $35.50 to $38.42 resistance zone.
Cardano Price Prediction
Cardano (ADA) held on to the 20-day EMA ($0.29), indicating that the bulls kept up the pressure.
The possibility of a breakout above the 20-day EMA remains high. If this happens, the ADA/USDT pair could climb towards the downtrend line, which should act as strong resistance. If buyers cross the downtrend line, Cardano price could rally to $0.44 and then to $0.50.
Sellers will need to push the price below the support line to regain control. If they succeed, the pair could fall as low as $0.15.
Monero Price Prediction
Monero (XMR) remains below the breakout level of $360, but a positive sign is that the bulls have not allowed the price to drop below the immediate support of $309.
Buyers will need to push Monero price above the 20-day EMA ($366) to gain the upper hand. The XMR/USDT pair could then rise to the 50-day SMA ($449), where the bears are expected to intervene.
On the downside, a breakout and close below the $309 level indicates that the bears remain in control. The pair could then retest the crucial support at $276. A strong bounce from the $276 level could result in limited action for a few days.
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