Bitcoin (BTC) has reclaimed the $72,000 level as bulls attempt to push the price closer to its multi-month highs. Even if the lower tiers attract buyers, maintaining the upper tiers could pose a challenge.
Coin Bureau founder and market analyst Nic Puckrin told Cointelegraph that for BTC to reach $90,000, geopolitical tensions must end, which will bring oil prices back to $80. Additionally, economic data is expected to soften to allay investors’ fears that stagflation could hurt the U.S. economy.
Another cautious view came from CoinEx exchange chief analyst Jeff Ko, who told Cointelegraph that near-term sentiment “remains fragile and heavily influenced by macro, particularly oil, the dollar and inflation expectations.” The analyst was more confident in the medium term as he does not expect oil prices to remain high due to supply and demand fundamentals.
Regarding price levels, macroeconomic analyst Jordi Visser said on the Anthony Pompliano Podcast that a sustainable move could begin if BTC trades above $76,000 and Ether (ETH) above $2,400.
Could buyers break through the overhead resistance in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) widened and closed above the 50-day simple moving average (6,761) on Wednesday, indicating that the corrective phase may be over.
The 20-day exponential moving average (6,657) has started to rise and the relative strength index (RSI) is in positive territory, indicating a slight advantage for the bulls. Any pullback should find support at the 20-day EMA. If the price remains above the 20-day EMA, the bulls will work to push the index towards the all-time high of 7,002.
On the contrary, if the price declines and crosses below the 20-day EMA, it suggests that the bears are selling in rallies. This increases the likelihood of range formation in the short term.
US Dollar Index Price Prediction
Sellers are attempting to push the US Dollar Index (DXY) below the 50-day SMA (98.67), but the bulls held firm.
The rebound from the 50-day EMA is expected to face a sell-off at the 20-day EMA (99.34). If the price declines from the 20-day EMA and crosses below the 50-day SMA, this suggests that the index could continue to oscillate in the wide range between 95.55 and 100.54 for some time to come.
Conversely, a close above the 20-day EMA suggests demand at lower levels. The bulls will then again try to push the price above the resistance at 100.54.
Bitcoin Price Prediction
BTC returned to the 20-day EMA ($70,209), indicating that bears are fiercely defending the $74,000-$76,000 zone.
The rebound from the 20-day EMA on Monday indicates that bulls are buying on dips. This increases the possibility of a retest of the critical resistance at $76,000. Sellers should defend the level with all their might, as a close above $76,000 will complete a bullish ascending triangle pattern. This sets the stage for a potential rebound to $84,000.
The sellers will likely have other plans. They will attempt to bring the BTC/USDT pair below the moving averages. If they succeed, BTC price could fall to the support line. A close below the support line tilts the advantage in favor of the bears.
Ether Price Prediction
ETH has returned to the 20-day EMA ($2,154), which is crucial support to watch in the near term.
If ETH price rebounds strongly off the 20-day EMA, it suggests that bulls are buying on dips. This improves the prospects of a rally above the $2,386 resistance. If this happens, the ETH/USDT pair could climb as high as $2,800.
Alternatively, a break below the moving averages indicates that the bears are active at higher levels. This could signal a consolidation between $1,916 and $2,386 for some time.
BNB Price Prediction
Buyers are struggling to push BNB (BNB) above the moving averages, indicating that bears are trying to maintain control.
Sellers will attempt to strengthen their position by bringing the BNB price below the $570 level. If they succeed, the BNB/USDT pair could resume the downtrend towards the next target objective at $500.
On the contrary, if the price rises from the current level or the $570 support and breaks above the moving averages, it suggests that the pair could remain range-bound for a few more days.
XRP Price Prediction
XRP (XRP) remains stuck between the $1.27 level and the 50-day SMA ($1.37), indicating a balance between supply and demand.
Sellers will attempt to gain the upper hand by lowering the price of XRP below the $1.27 support. If they succeed, the XRP/USDT pair could move down to $1.11 and then to the support line of the descending channel pattern.
This negative opinion will be invalidated in the short term if the price increases and exceeds the moving averages. This opens the door for a rally towards the downtrend line, which should act as strong resistance.
Solana Price Prediction
Solana (SOL) declined at the 50-day SMA ($85) on Sunday, indicating bears are selling on minor rallies.
Sellers will work to push the SOL price down to the $76 level, which is likely to attract buyers. If the price rebounds from the $76 level, the bulls will attempt to breach the 50-day SMA again. If they succeed, the SOL/USDT pair could extend its stay in the $76-$98 range for a while longer.
A close below the $76 level indicates that the bears have taken control. This increases the likelihood of a fall below the $67 level.
Related: Strategy Buys 13,927 Bitcoins for $1 Billion, Holding Nearly 800,000 BTC
Dogecoin Price Prediction
Dogecoin (DOGE) is stuck between the moving averages and $0.09 support, signaling a potential range expansion in the coming days.
If DOGE price continues to decline and closes below the $0.09 support, it shows that the bears have dominated the bulls. The DOGE/USDT pair could fall to $0.08 and then to the $0.06 support.
Time is running out for the bulls. They will need to push and hold the price above the moving averages to begin a relief rally. The pair could then rise to $0.11 and then to the $0.12 level.
Hyperliquid price prediction
Buyers failed to propel Hyperliquid (HYPE) above $43.76 resistance on Saturday, indicating that bears are aggressively defending the level.
A positive sign in favor of the bulls is that they have not given up much ground to the bears. This improves the prospects of a break above the $43.76 level. If this happens, the HYPE price could rise to $50.
Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it suggests that the bulls have given up. The HYPE/USDT pair could then fall to the 50-day SMA ($35.99).
Cardano Price Prediction
Cardano (ADA) dipped below the $0.25 level on Sunday, signaling that bears are trying to take charge.
The $0.23 level is the crucial support to watch on the downside. If the level breaks down, ADA price could fall to the February 6 low of $0.22 and then to the support line of the descending channel pattern.
The first sign of strength will be a breakout and close above the 50-day SMA ($0.26). Sellers will attempt to stop the relief rally at the downtrend line; if the bulls prevail, the ADA/USDT pair could signal a potential trend change.
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