Key points:
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Analysts believe that Bitcoin will need to stay above the $68,000 level to continue its recovery.
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Several major altcoins have declined from their resistance levels, indicating that bears remain in control.
Bitcoin’s (BTC) relief rally was rejected at the $74,000 level and the bears pushed the price below $68,500. Some analysts believe that BTC will need to maintain the $68,000-$70,000 zone to continue its short-lived uptrend.
The big question on traders’ minds is whether BTC has bottomed out or whether it could fall further. Coinbureau CEO Nic said in an article on The bottom of the ratio was followed each time by a sharp increase of more than 300% in BTC. The current 13-month decline from the ratio’s previous peak suggests that BTC may be on the verge of hitting its lowest level.
Not everyone believes the BTC bear market could end. On-chain analytics firm CryptoQuant said in an article on X that BTC is in a bear market according to its Bull Score Index, which remains deep in bearish territory. The platform said data shows the current rally is “likely just a relief rally, not the start of a new bull phase.”
Could BTC and some major altcoins maintain their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC declined from the breakout level of $74,508 on Thursday, indicating that the bears are defending the level with all their might.
The 20-day exponential moving average ($69,003) is the key support to watch on a decline. If Bitcoin price rises from the 20-day EMA, the bulls will once again attempt to breach the hurdle at $74,508. If they succeed, the BTC/USDT pair could climb as high as $84,000. Such a move suggests that the pair may have bottomed at $60,000.
On the contrary, a close below the 20-day EMA could pull the price towards the support line. This is a vital level to watch as a break below the support line tilts the advantage in favor of the bears. The pair could then collapse to $60,000.
Ether Price Prediction
Ether (ETH) broke through the $2,111 resistance on Wednesday, but the bears took the price back below the level on Thursday.
Ether price continued to decline and fell below the 20-day EMA ($2,032), suggesting that the market rejected the breakout above the $2,111 level. The ETH/USDT pair will likely hover between $1,750 and $2,200 for some time.
Conversely, if the price rises from the current level and rises above the 50-day SMA ($2,328), it suggests that the selling pressure has weakened. The pair could then begin an increase to $2,600.
BNB Price Prediction
BNB (BNB) declined from the $670 level on Thursday, indicating that bears are vigorously defending the level.
The bears pulled the price below the 20-day EMA ($637), indicating that the bulls have given up. This suggests that the BNB/USDT pair could remain in the $570-$670 range for some time to come.
The bulls will be back in control at a close above the $670 level. This opens the door for a rally towards the 50-day SMA ($718) and later towards $790. Sellers will need to push the BNB price below the $570 level to begin the next leg of the decline to $500.
XRP Price Prediction
XRP (XRP) closed above the 20-day EMA ($1.41) on Wednesday, but the bulls were unable to sustain the higher levels.
The bears are attempting to bring the XRP/USDT pair back below the $1.27 support. If they succeed, XRP price could drop to the support line of the descending channel pattern.
On the contrary, if the pair appears and breaks above the 20-day EMA, it suggests that the bulls are trying to make a comeback. The pair could then rebound up to $1.61, which could again act as strong resistance.
Solana Price Prediction
Solana (SOL) declined from the $95 level on Thursday and fell below the 20-day EMA ($86).
The stable 20-day EMA and the RSI just below the midpoint indicate a balance between supply and demand. Solana price may hover between $76 and $95 for a few more days.
Buyers will need to secure a close above the $95 level to suggest bears are losing their grip. The SOL/USDT pair could then reach the $117 level. Sellers will be back in the game with a close below $76.
Dogecoin Price Prediction
Dogecoin (DOGE) broke above the 20-day EMA ($0.10) on Wednesday, but the bulls were unable to breach the 50-day SMA ($0.11).
Dogecoin price declined and reached the critical support at $0.09. If the bears pull the price below the $0.09 level, the DOGE/USDT pair could retest the February 6 low of $0.08. Buyers should fiercely defend the $0.08 level, as a close below could send the pair tumbling to $0.06.
Bulls will need to push price above the 50-day SMA to signal strength. The pair could then rise to the breakout level of $0.12, where the bears are expected to intervene.
Cardano Price Prediction
Buyers attempted to push Cardano (ADA) above the 20-day EMA ($0.27) on Thursday, but bears held firm.
However, a minor advantage in favor of the bulls is that they have not allowed Cardano price to drop below the $0.25 level. If the price rises from the current level or the $0.25 support, the bulls will once again attempt to push the ADA/USDT pair towards the downtrend line of the descending channel pattern.
On the other hand, a close below the $0.25 level opens the door for a retest of the support line. A close below the support line could send the pair falling to the $0.15 level.
Related: Was $74,000 a bull trap? Bitcoin traders differ on repeat of 2022 crash
Bitcoin Cash Price Prediction
Bitcoin Cash’s (BCH) rebound from the $443 level collapsed to $476 on Wednesday, indicating negative sentiment.
The bears will attempt to strengthen their position by pulling the Bitcoin Cash price below the $443 support. If they succeed, the BCH/USDT pair will complete a bearish head and shoulders pattern. The pair could then drop to $375.
Buyers will need to propel the price above the 20-day EMA ($488) to signal strength. The pair could then reach the 50-day SMA ($533), which should attract sellers. A close above the 50-day SMA indicates the start of a sustained rally towards $600.
Hyperliquid price prediction
Hyperliquid (HYPE) has moved back towards the moving averages, which are a crucial support to watch.
If hyperliquid price rebounds strongly from the moving averages, the bulls will once again attempt to drive the HYPE/USDT pair up to the overhead resistance at $36.77. A close above the $36.77 level signals the start of a new upward move.
Contrary to this assumption, if the price continues to decline and falls below the moving averages, it suggests that the pair could remain in the range of $20.82 to $36.77 for a few more days.
Monero Price Prediction
Buyers are trying to push Monero (XMR) above the $360 level, but are facing strong resistance from the bears.
The 20-day EMA ($347) is the crucial support to watch for a decline. If Monero price bounces off the 20-day EMA, the possibility of a breakout above the 50-day SMA ($396) increases. The XMR/USDT pair could then rebound to the 61.8% Fibonacci retracement level of $414.
Instead, if the price declines and breaks below the 20-day EMA, it indicates that the bears are active at higher levels. This could keep the pair in a range between $384 and $302 for some time.
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