Key points:
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Bitcoin remains under pressure as bears sell on rallies near $74,508 resistance
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Bears are mounting a strong defense on several major altcoins at higher levels, indicating negative sentiment.
Bitcoin (BTC) started the new week on a cautious note as bulls attempt to keep the price above $67,500. Investors are not rushing to buy the dip, as evidenced by the $133.3 million in outflows from BTC exchange-traded products last week. Total outflows from crypto investment products reached $3.8 billion over the past four weeks, according to a CoinShares update released Monday.
If BTC ends the month below $79,500, it will record its first consecutive negative monthly close in January and February. With a loss of more than 22%, BTC is experiencing its worst first quarter performance since losing 49.7% in 2018, according to CoinGlass data.
Despite BTC’s weak performance and uncertain near-term direction, Strategy co-founder Michael Saylor indicated in an article on X that the company is buying more BTC. This will be Strategy’s 99th BTC transaction, showing that its long-term bullish view remains intact.
Could BTC and major altcoins defend support levels and launch a strong relief rally? 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) is witnessing a fierce battle between the bulls and bears at the support line of the ascending channel pattern.
The moving averages are on the verge of a bearish crossover and the Relative Strength Index (RSI) is in negative territory, indicating that bears are making a comeback. The index could begin a deeper correction to 6,720 and then reach strong support at 6,550 if the price breaks below the 6,780 level.
Buyers will need to propel the price above the 7,002 level to maintain control. If they succeed, the index could resume its uptrend and jump towards the 7,290 level.
US Dollar Index Price Prediction
The US Dollar Index (DXY) is trading below the moving averages, but the bears failed to challenge the 96.21-95.55 support zone.
The bulls will attempt to strengthen their position by pushing the price above the moving averages. If they succeed, the index could rebound to 99.49 and then to the upper resistance at 100.54.
Conversely, if the price falls sharply from the moving averages, this suggests that bears continue to sell during rallies. The index could see the next leg of the downtrend with a close below the 95.55 support.
Bitcoin Price Prediction
Sellers are trying to stop BTC’s rally near $71,000, indicating that bears remain short during rallies.
Sellers will need to drop the price below the $65,000 level to remain in control. The BTC/USDT pair could then retest the critical level of $60,000. If the $60,000 support breaks, the next stop will likely be $52,500.
Buyers will need to push Bitcoin price above the $74,508 breakdown level to signal that bearish momentum is weakening. The pair could then climb towards the 50-day simple moving average (SMA) ($83,910), where bears are expected to mount a strong defense.
Ether Price Prediction
Ether (ETH) fell again from the $2,111 level on Sunday, indicating that bears are fiercely defending the level.
Sellers will attempt to push the price below the immediate support at $1,897. If they do, the ETH/USDT pair could fall all the way to the $1,750 level. Buyers should defend the $1,750 level with all their might, as a close below could send the pair tumbling to $1,537.
Instead, if the price of Ether rises and rises above the 20-day exponential moving average (EMA) ($2,221), it indicates that selling pressure is decreasing. The pair could then rebound to the 50-day SMA ($2,744).
BNB Price Prediction
BNB’s (BNB) relief rally collapsed to $642 on Sunday, indicating that bears are selling on every minor rise.
The bears will attempt to increase their hold by bringing the BNB price below the $570 level. If they succeed, the BNB/USDT pair could extend its decline to psychological support at $500.
The bulls will need to push the price above the 20-day EMA ($686) to suggest that the bears are losing their grip. The pair could then rise to $730 and then to the 50-day SMA ($817).
XRP Price Prediction
XRP (XRP) broke out from the support line of the descending channel pattern on Friday and broke through the 20-day EMA ($1.53) on Sunday.
However, the bears successfully defended the $1.61 breakout level and brought XRP price back below the 20-day EMA. The bulls are unlikely to give up easily and will attempt to breach the $1.61 level again.
If they succeed, the XRP/USDT pair could reach the 50-day SMA ($1.81). Such a move suggests that the pair could remain inside the channel for some more time.
Sellers will need to pull the price below the support line to gain the upper hand. The pair could then retest the February 6 low at $1.11.
Solana Price Prediction
Buyers are trying to push Solana (SOL) back above the $95 breakout level, but the bears held on.
Solana price may trade between $76 and $95 for some time. Such a move increases the likelihood of a bullish breakout. The SOL/USDT pair could then rebound towards $117.
This positive view will be negated in the short term if the price declines and breaks below the $76 support. The pair could then retest the February 6 low at $67, where buyers are expected to step in.
Related: $75,000 or a bearish “regime change”? Five things to know about Bitcoin this week
Dogecoin Price Prediction
Dogecoin (DOGE) declined from the $0.12 breakout level on Sunday, indicating that bears are defending the level.
The 20-day EMA ($0.10) is flattening and the RSI is sitting just below the midpoint, signaling possible range-bound action in the near term. The DOGE/USDT pair may hover between $0.08 and $0.12 for a few days.
Buyers will gain the upper hand if the close is above the $0.12 resistance. This opens the door for a rally to $0.16. Alternatively, the advantage will tilt in favor of the bears in the event of a close below $0.08. The price of Dogecoin could then drop to $0.06.
Cardano Price Prediction
Cardano’s (ADA) relief rally hit the 20-day EMA ($0.29) on Saturday, which is expected to pose a significant hurdle.
If the bulls do not give up much ground to the bears, the possibility of a breakout above the 20-day EMA increases. This suggests that the ADA/USDT pair could remain in the descending channel for some time to come. A breakout and close above the downtrend line signals a potential near-term trend change.
Sellers will need to bring Cardano price back below the support line to extend the decline towards the next support at $0.20.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) surged above the 20-day EMA ($544) on Friday, indicating that bears are losing their grip.
The recovery faces resistance at the 50-day SMA ($578), but a positive sign is that the bulls have not allowed Bitcoin Cash price to fall back below the 20-day EMA. This increases the likelihood of further relief recovery. If buyers break above the 50-day SMA, the BCH/USDT pair could reach $600.
Sellers will need to quickly drop the price below the 20-day EMA to put pressure on the bulls. The pair could then slide towards the $500 support.
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