Important points:
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Bitcoin bulls have pushed the price above $69,000, suggesting solid bullish buying at lower levels.
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Several major altcoins are surging, suggesting that selling pressure is easing.
Bitcoin (BTC) bulls are looking to buy Tuesday’s drop and keep Wednesday’s price above $69,000. The BTC exchange-traded fund recorded net inflows of $257.7 million on Tuesday, the largest inflow since February 6, according to SoSoValue data. This suggests that investors view the drop around $60,000 as a buying opportunity.
In a post on X, Santiment said that the correlation between BTC and stocks has broken down over the past six months. During the same period, the S&P 500 rose 7%, while BTC fell 43%. However, the on-chain data provider added that the disconnect is unlikely to be permanent. If BTC follows its historical pattern of following stock prices during periods of economic expansion, “there may be a lot of room for it to catch up.”
Not everyone is bullish on BTC’s prospects in the short term. Glassnode stated in a post on X that BTC’s realized profit/loss ratio (90-day moving average) has fallen below 1. Historically, a drop below 1 has resulted in at least six months of realized losses before that level is restored.
Is it possible for BTC and some major altcoins to break above the overhead resistance level? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC has surged from Tuesday’s $62,510 level, showing that the bulls are vigorously defending the $60,000 level.
Buyers will try to push Bitcoin price above the 20-day exponential moving average ($69,375). If it is successful, the BTC/USDT pair could rise to the $74,508 breakdown level and the bears are expected to mount another strong defense.
If sellers want to maintain their advantage, they need to successfully defend the 20-day EMA. If the price falls sharply from the 20-day EMA, there could be a risk of breaking the $60,000 support. If this happens, the pair could plummet to $52,500.
Ether price prediction
Ethereum (ETH) has risen from the $1,800 level on Tuesday, indicating that bulls are trying to keep the price within the $1,750 to $2,111 range.
The relief rally is expected to face selling at the $2,111 level. If the Ether price drops sharply from $2,111, the ETH/USDT pair could stay within the range for a few more days.
Alternatively, if buyers are pushing the price above the $2,111 level, it would suggest that the bears are losing control. Thereafter, the pair is likely to surge to the 50-day SMA ($2,540), where the bears are expected to intervene again.
XRP price prediction
XRP (XRP) has surged and reached the 20-day EMA ($1.46), indicating that the bulls are attempting a comeback.
If XRP price closes above the 20-day EMA, the XRP/USDT pair could rise to the 50-day SMA ($1.70) and eventually to the downtrend line. Buyers need to clear the downtrend line hurdle to indicate a potential trend change.
The seller may have other plans. They stick to the moving averages and try to pull the price below support. If that happens, the pair could plummet to its February 6th low of $1.11 and then on to $1.
BNB price prediction
BNB (BNB) has surged from $577, indicating that the bulls are actively defending the $570 level.
Buyers need to quickly push the price above the 20-day EMA ($641) to strengthen their positions. If that happens, the BNB/USDT pair could rise to $669 and eventually $730.
Contrary to this assumption, if the BNB price declines below $570, it would indicate that the bears are in control. The pair may then resume its downtrend towards the $500 psychological level.
Solana price prediction
Solana (SOL) fell below the $76 support on Tuesday, but the bears were unable to sustain the floor.
The SOL/USDT pair is attempting a recovery and is expected to face selling at the 20-day EMA ($87). If the price drops sharply from the 20-day EMA, a break below the $76 level becomes more likely. After that, Solana price could fall to its February 6 low of $67.
On the contrary, if the bulls push the price above the 20-day EMA, a rescue rebound could reach the $95 level. This is an important level to watch because a close above $95 suggests the bulls are back in the game. After that, the pair could rally towards $117.
Dogecoin price prediction
Dogecoin (DOGE) has surged 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 try to protect the 20-day EMA. If Dogecoin price falls from the 20-day EMA, there is an increased chance of a fall to the support at $0.08. Buyers are expected to defend the $0.08 level fiercely, and a close below $0.08 could start the next downtrend towards the $0.06 level.
Buyers will need to keep the price above the 20-day EMA to show that the bears are losing control. Thereafter, the DOGE/USDT pair could rise towards the $0.12 breakdown level.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) plummeted from its 50-day SMA ($564) on Monday and fell below the $500 support.
The 20-day EMA has started to decline and the RSI is in negative territory, indicating that the bears have the advantage. This suggests that a rescue bounce to the 20-day EMA is likely to be sold. If Bitcoin Cash price turns down from the 20-day EMA, it will likely fall to the $443 level.
The first sign of strength will be a close above the moving average. The BCH/USDT pair could then rise to $580 and then $600.
Related: Bitcoin price rises 3% as gold divergence signals ‘significant rally’
Super liquidity price prediction
Hyper Liquid (HYPE) broke below its 50-day SMA ($28.10) on Monday, indicating that the bears are trying to take control.
Buyers are trying to push the price back above the moving averages, but they are likely to face stiff resistance from the bears. If HyperLiquid price falls from the moving averages, the HYPE/USDT pair could fall to the solid support at $20.82.
Conversely, if the price closes above the 20-day EMA ($29.31), it would suggest buying at lower levels. The pair can then rise to $32.50, after which it could reach the stiff resistance at $36.77. The next trend move is expected to begin with a close above $36.77 or below $20.82.
Cardano price prediction
The bears were unable to pull Cardano (ADA) above the support line of the descending channel pattern, indicating short selling at the lower levels.
Buyers are trying to make a comeback by keeping Cardano price above the 20-day EMA ($0.28). If that happens, the ADA/USDT pair could rise to the downtrend line.
If the price drops sharply from the downtrend line and drops below the 20-day EMA, it suggests that the pair may remain within the channel for some time. For the bulls to gain the upper hand, they need to close above the downtrend line.
Monero price prediction
Monero (XMR) fell below immediate support at $309 on Monday, but the bears were unable to sustain the downside.
The bulls are attempting a rescue bounce and are expected to face selling at the 20-day EMA ($346) and then at the breakdown level of $360. If Monero price falls from the overhead resistance, we can expect it to remain range bound between $360 and $300 for some time.
If the bulls push the XMR/USDT pair above the $360 level and sustain it, the advantage will shift in their favor. If this happens, the pair could surge towards the 50-day SMA ($435).
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