Key points:
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Bitcoin bulls pushed the price above $69,000, signaling a sharp decline in buying at lower levels.
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Several major altcoins rose sharply, suggesting that selling pressure is easing.
Bitcoin (BTC) bulls bought Tuesday’s dip and are trying to hold the price above $69,000 on Wednesday. According to data from SoSoValue, BTC exchange-traded funds saw net inflows of $257.7 million on Tuesday, the largest inflows since February 6. This suggests that investors view declines near $60,000 as a buying opportunity.
Santiment said in an article on X that BTC’s correlation with stocks has broken down over the past six months. The S&P 500 rose 7% during the period, while BTC fell 43%. However, the on-chain data provider added that the disconnect is unlikely to continue. If BTC follows its historical pattern of tracking stocks during economic expansions, then “it could have significant room to catch up.”
Not everyone is optimistic about BTC’s near-term prospects. Glassnode said in an article on
Could BTC and some major altcoins break out above their general resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC rose sharply from the $62,510 level on Tuesday, indicating that bulls are vigorously defending the $60,000 level.
Buyers will attempt to push Bitcoin price above the 20-day exponential moving average (EMA) ($69,375). If they succeed, the BTC/USDT pair could rally back to the breakout level of $74,508, where the bears should once again mount a strong defense.
Sellers will need to successfully defend the 20-day EMA if they wish to maintain the advantage. If the price declines sharply from the 20-day EMA, the $60,000 support is likely to collapse. If this happens, the pair could drop to $52,500.
Ether Price Prediction
Ether (ETH) rose from the $1,800 level on Tuesday, indicating that the bulls are trying to keep the price within the $1,750 to $2,111 range.
The relief rally is expected to face a sell-off at the $2,111 level. If Ether price declines sharply from $2,111, the ETH/USDT pair could extend its stay in the range for a few more days.
Alternatively, if buyers push the price above the $2,111 level, it suggests that the bears are losing their grip. The pair could then reach the 50-day simple moving average (SMA) ($2,540), where the bears are expected to step in again.
XRP Price Prediction
XRP (XRP) rose sharply and reached the 20-day EMA ($1.46), indicating that the bulls are trying to make a comeback.
If XRP price closes above the 20-day EMA, the XRP/USDT pair could bounce up to the 50-day SMA ($1.70) and possibly towards the downtrend line. Buyers will need to clear the hurdle on the downtrend line to signal a potential trend change.
The sellers will likely have other plans. They will attempt to defend the moving averages and push the price below the support line. If they succeed, the pair could plunge to the February 6 low of $1.11 and then $1.
BNB Price Prediction
BNB (BNB) rose sharply from $577, indicating that bulls are aggressively defending the $570 level.
Buyers will need to quickly push the price above the 20-day EMA ($641) to strengthen their position. If they succeed, the BNB/USDT pair could reach $669 and possibly $730.
Contrary to this assumption, if the BNB price declines and falls below $570, it indicates that the bears are in control. The pair could then resume the downtrend towards the psychological level of $500.
Solana Price Prediction
Solana (SOL) fell below the $76 support on Tuesday, but the bears were unable to hold the lower levels.
The SOL/USDT pair is attempting a recovery, which is expected to sell off at the 20-day EMA ($87). If the price declines sharply from the 20-day EMA, the possibility of a breakout below the $76 level increases. Solana price could then fall to the February 6 low of $67.
Instead, if the bulls push the price above the 20-day EMA, the relief rally could reach the $95 level. This is a crucial level to watch, as a close above $95 suggests that the bulls are back in the game. The pair could then rebound towards $117.
Dogecoin Price Prediction
Dogecoin (DOGE) has risen sharply from the $0.09 level, and the bulls are trying to push the price above the 20-day EMA ($0.10).
Sellers are unlikely to give up easily and will work to defend the 20-day EMA. If Dogecoin price declines from the 20-day EMA, this increases the likelihood of a decline to the $0.08 support. Buyers should fiercely defend the $0.08 level as a close below could trigger the next leg of the downtrend to the $0.06 level.
Buyers will need to keep the price above the 20-day EMA to indicate that bears are losing their grip. The DOGE/USDT pair could then advance towards the breakout level of $0.12.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) declined sharply from the 50-day SMA ($564) and fell below $500 support on Monday.
The 20-day EMA has started to decline and the Relative Strength Index (RSI) is in negative territory, indicating an advantage for the bears. This suggests that the relief rally towards the 20-day EMA is likely to be sold off. If Bitcoin Cash price declines from the 20-day EMA, the possibility of a decline to the $443 level increases.
The first sign of strength will be a close above the moving averages. The BCH/USDT pair could then rise to $580 and then to $600.
Related: Bitcoin Price Rises 3% as Gold Divergence Signals “Significant Rise”
Hyperliquid price prediction
Hyperliquid (HYPE) fell below the 50-day SMA ($28.10) on Monday, indicating that the bears are trying to take charge.
Buyers are working to push the price back above the moving averages, but they will likely face strong resistance from the bears. If hyperliquid price declines from the moving averages, the HYPE/USDT pair could fall to strong support at $20.82.
Conversely, if the price closes above the 20-day EMA ($29.31), it suggests buying at lower levels. The pair could then rise to $32.50 and later to the strong resistance at $36.77. The next trend move is expected to begin at a close above $36.77 or below $20.82.
Cardano Price Prediction
The bears failed to pull Cardano (ADA) towards the support line of the descending channel pattern, indicating a lack of selling at lower levels.
The buyers are trying to make a comeback by holding Cardano price above the 20-day EMA ($0.28). If they succeed, the ADA/USDT pair could rebound towards the downtrend line.
If the price declines sharply from the downtrend line and breaks below the 20-day EMA, it suggests that the pair could stay inside the channel for some time. The bulls will need to close above the downtrend line to gain the upper hand.
Monero Price Prediction
Monero (XMR) fell below immediate support at $309 on Monday, but the bears were unable to hold the lower levels.
The bulls are attempting a relief rally, which is expected to be sold at the 20-day EMA ($346) and then at the breakout level of $360. If Monero price declines from overhead resistance, this suggests limited action between $360 and $300 for a while.
The advantage will tilt in favor of the bulls if they push and sustain the XMR/USDT pair above the $360 level. If they do, the pair could climb towards the 50-day SMA ($435).
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