Key points:
-
Rising oil prices haven’t hurt cryptocurrency sentiment as buyers try to push Bitcoin above $69,000.
-
Buyers are attempting to propel several major altcoins above their resistance levels, indicating demand at lower levels.
The sharp rise in oil prices failed to dampen cryptocurrency buyers, who pushed Bitcoin (BTC) above $69,000 earlier this week. Although BTC spot exchange-traded funds saw outflows on Thursday and Friday, the week saw net inflows of $568.45 million according to SoSoValue data. This is the second consecutive week of net inflows, the first in five months.
While some analysts believe BTC may have bottomed, on-chain analyst Willy Woo said in an article on X that BTC was solidly in the middle of a bear market from a long-term liquidity perspective and forming a bull trap.
Usually, when negative news fails to push the price to a new low in a downtrend, it suggests that sales may be drying up. This does not guarantee a strong recovery in the short term, as markets tend to consolidate in a range for a while before beginning the next leg higher.
Could buyers push BTC and major altcoins above their resistance levels? 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) closed below the 6,775 level on Friday, indicating that the bears are trying to take charge.
The moving averages made a bearish crossover and the Relative Strength Index (RSI) dipped into negative territory, indicating that the path of least resistance is to the downside. The next crucial support to watch on the downside is 6,550. If the level cracks, the correction could deepen to 6,147.
Buyers will need to push the price above the moving averages to signal strength. This improves the prospects of a rally up to the 7,290 level.
US Dollar Index Price Prediction
The US Dollar Index (DXY) faces resistance near the 99.50 level, but the bulls kept up the pressure.
The ascending 20-day exponential moving average (98.17) and RSI above level 63 suggest that bulls are in charge. If the price closes above the 99.50 level, the index could retest the critical resistance at the 100.54 level. A close above the resistance at 100.54 suggests the start of a new upward move.
Sellers will need to pull the price below the moving averages to keep the index in the range of 95.50 to 100.54.
Bitcoin Price Prediction
BTC fell below the 20-day EMA ($68,553) on Friday, but the bears were unable to push the price below the support line. This suggests demand at lower levels.
If the price holds above the 20-day EMA, the probability of a break above the resistance at $74,508 increases. Such a move suggests that the BTC/USDT pair may have reached its lowest level in the near term. Bitcoin price could then rise to $84,000, where the bears should mount a strong defense.
This positive opinion will be invalidated in the short term if the price falls and crosses below the support line. The pair could then fall to vital support at $60,000.
Ether Price Prediction
Ether (ETH) fell below the 20-day EMA ($2,018) on Friday, but the bears were unable to push the price down to the $1,750 level.
This suggests that sales are drying up at lower levels. The bulls are trying to push the price back above the 20-day EMA. If they succeed, the ETH/USDT pair could rise to the 50-day SMA ($2,249). Sellers will attempt to stop the relief rally at the 50-day SMA, but if the bulls prevail, the pair could rise to $2,600.
Contrary to this assumption, if Ether price declines from the $2,111 level and moves below $1,916, it indicates that the pair could remain range-bound for some time to come.
BNB Price Prediction
BNB (BNB) fell below the 20-day EMA ($633) on Friday, but the bears were unable to bring the price back to the $570 level.
This has attracted buyers who are trying to push the price back above the 20-day EMA. If they succeed, the BNB/USDT pair could retest overhead resistance at $670. Sellers should fiercely defend the $670 level, as a close above opens the door for a rally to $730 and then $790.
Instead, if BNB price declines from the current level or resistance at $670, it suggests that range-bound action could continue for a few more days. Sellers will need to pull the pair below the $570 level to begin the next leg of the downtrend towards $500.
XRP Price Prediction
XRP (XRP) has been trading just below the 20-day EMA ($1.39) for several days, indicating that the bulls are continuing to apply pressure.
A close above the 20-day EMA will be the first sign of strength. The XRP/USDT pair could then bounce up to the $1.61 level and then towards the downtrend line of the descending channel pattern. Buyers will need to break and hold the XRP price above the downtrend line to signal a near-term trend change.
Conversely, if the price declines from the 20-day EMA and breaks below $1.27, it suggests that the bulls have given up. This could cause the pair to fall to the support line, which would likely attract buyers.
Solana Price Prediction
Solana (SOL) has been consolidating between $76 and $95 for several days, indicating a balance between supply and demand.
The flat 20-day EMA ($85) and the RSI just below the midpoint do not give a clear advantage to either the bulls or the bears.
The next trend move is expected to begin at a close above $95 or below $76. If buyers push Solana price above $95, the rally could reach $117. Alternatively, a breakout and close below $76 suggests that the bears have dominated the bulls. The SOL/USDT pair could then fall to the February 6 low at $67.
Related: Bitcoin at $67,000 Despite Oil Shock Is “Strongest Indicator” Could Be Bottom
Dogecoin Price Prediction
Dogecoin (DOGE) fell below the $0.09 support on Sunday, but the bears were unable to hold the lower levels. The bulls bought the dip and are trying to regain the level.
If the relief rally deviates from the 20-day EMA ($0.09), it suggests that the bears remain in control. This increases the risk of a decline to the February 6 low at $0.08.
Buyers will likely have other plans. They will attempt to push the price of Dogecoin above the moving averages. If they succeed, the DOGE/USDT pair could reach the breakout level of $0.12. Buyers will need to close above the $0.12 resistance to suggest that the pair may have bottomed at $0.08.
Cardano Price Prediction
Cardano (ADA) fell below the $0.25 support on Sunday, but the bears are struggling to hold the lower levels.
The bulls will attempt a recovery, which is expected to be sold at the 20-day EMA ($0.27). If the price declines sharply from the 20-day EMA, the bears will work to push the ADA/USDT pair down to the support line of the descending channel pattern. If Cardano price rebounds strongly off the support line, it suggests that the pair could remain inside the channel for some more time.
Bulls will need to drive and sustain price above the downtrend line to signal a potential near-term trend change.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) witnessed a tough battle between the bulls and bears at the $443 level.
The bulls attempt a relief rally, but the bears will likely halt any attempt to recover to the 20-day EMA ($478). If Bitcoin Cash price declines sharply from the 20-day EMA, it increases the likelihood of a breakout below the $443 level.
If this happens, the BCH/USDT pair will complete a bearish head and shoulders pattern. This could start a decline to $375.
Conversely, a close above the 20-day EMA suggests that selling pressure is easing. The pair could then rebound to the 50-day SMA ($525).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision. Although we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of the information contained in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on such information.
