Important points
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Bears continue to sell Bitcoin rallies at $74,508 as they remain under pressure
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Bears have mounted a strong defense at the higher levels of several altcoins, which indicates a negative mood.
BitcoinBTCThe bulls are trying to keep the price of above $67,000. As can be seen, investors aren’t rushing to purchase the dip. $133.3 million in outflows BTC-based exchange traded products in the past week. CoinShares reported on Monday that the outflows of cryptocurrency investment products totaled $3.8 billion during the last four weeks.
BTC’s monthly record will be impacted if the BTC price falls below $79,500. first-ever consecutive negative monthly closing In February and January. CoinGlass says that BTC has suffered its biggest first-quarter loss since 49.7% in 2018.
Michael Saylor, co-founder of Strategy and a BTC critic, stated in X on X’s blog that despite BTC’s poor performance and its uncertain direction near term. company is buying more BTC. This will be Strategy’s 99th BTC trade, demonstrating their bullish long-term view.
BTC and other major altcoins are likely to defend their support levels. Could they start a rally of relief? Find out by analyzing the charts for the 10 most popular cryptocurrencies.
S&P 500 Index price prediction
The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears at the support line of the ascending channel pattern.
The relative strength (RSI), which measures the level of the moving averages, is now in the negative zone, indicating a return by the bears. Index may go into a deep correction to 6,720, and then a strong support level at 6,550.
If buyers want to maintain control they will need to drive the price higher than the 7,002 mark. If buyers are successful, they may be able to resume the upward trend of the index and push it towards the 7,290 mark.
US Dollar Index price prediction
US Dollar Index DXY is trading under the moving averages. However, the bears are unable to breach the 95.21-96.55 zone of support.
If the bulls can do this, they will be able to push the price up above the moving-averages. The index could rally up to 99.49, and then reach the resistance of 100.54 if they are successful.
If, on the other hand, the price moves sharply down from the moving-averages, this suggests the bears are continuing to sell during rallies. A close below the support of 95.55 could be the start of the next leg in the downward trend.
Bitcoin price prediction
The bears continue to sell on rallies as sellers are trying to stop BTC from recovering near $71,000.
For the sellers to maintain control they will need to lower the price of the BTC/USDT pair below the critical $65,000 mark. BTC/USDT could then test the $60,000 critical level. If $60,000 supports cracks, then the next likely stop will be $52,500.
To signal that bearish momentum has weakened, buyers will need to push the Bitcoin price over the $74,508 breakdown level. It is possible that the pair will then move towards the 50-day moving average ($83,910) where the bears may mount a fierce defense.
Price prediction for Ether
EtherETHThe bears were defending that level fiercely, as they once again dipped below the $2.111 mark on Sunday.
Sellers are likely to try and push the price down below the $1,897 immediate support level. They may even drop the pair to $1,750. The $1,750 mark is expected to be defended with great force by buyers, since a break below this level could send the pair down to $1,537.
It is better to wait for the Ether price to rise and break above the exponential moving (EMA) of 20 days ($2,221) as this signals a reduction in the pressure on sellers. It is possible that the pair will then rise to its 50-day SMA (2,744).
BNB price prediction
BNB’s (BNBOn Sunday, the bears sold on any minor increase.
If they succeed, the BNB/USDT pair may extend its decline to psychological support at $500. If the bears succeed in doing so, they may be able to extend their decline until psychological support of $500.
Bulls must drive price up above 20-day EMA (686 dollars) to indicate that bears have lost their hold. After that, the pair could climb up to $730 before reaching the 50 day SMA.
XRP price prediction
The XRP currency (XRP) turned up from the support line of the descending channel pattern on Friday and pierced the 20-day EMA ($1.53) on Sunday.
But the bears managed to defend $1.61 as the breakout level, and dragged the XRP below the 20-day EMA. Bulls will not give up so easily, and they’ll try again to break the $1.61 barrier.
The XRP/USDT may be able to rise up until the SMA of 50 days. ($1.81) This suggests the pair could remain within the channel for a while.
Sellers must pull the price down below the line of support to win. They may test the low price of $1.11 from 6 February.
Solana price prediction
Solana is being pushed by buyers (SOLThe bears are holding their ground.
Price of Solana could remain within the range $76 to $95. This increases the probability of a breakout to the upside. SOL/USDT may rally to $117.
In the short term, this positive outlook will be undermined if the market turns downwards and the support level of $76 is broken. This pair could then test the lows of February 6 at $67 where buyers will likely step in.
Related: $75K or bearish ‘regime shift?’ Five things to know in Bitcoin this week
Dogecoin price prediction
DogecoinDOGEOn Sunday, the price of a turned lower from the breakout level at $0.12, showing that the bears were defending this level.
The 20-day EMA is leveling off ($0.10), while the RSI sits just below midpoint. This suggests that the short-term action could be range bound. The DOGE/USDT could fluctuate from $0.08 to $0.05 for several days.
If the close is above the resistance of $0.12, the buyers gain control. The rally could reach $0.16. If the price closes below $0.08, then the odds will be in the favor of the bears. Dogecoin could fall as low as $0.06.
Cardano price prediction
Cardano’s (ADA) relief rally reached the 20-day EMA ($0.29) on Saturday, which is expected to act as a stiff hurdle.
If the bulls are not willing to give the bears much, then the chances of a breakout above the 20 day EMA increase. This suggests that the ADA/USDT may stay in the descending channel a little longer. Breaking and closing above the downward trend line indicates a possible short-term change in trends.
Cardano’s price will continue to fall if sellers can lower it below the $0.20 support level.
Bitcoin Cash price prediction
Bitcoin CashBCH) surged above the 20-day EMA ($544) on Friday, indicating that the bears are losing their grip.
A 50-day SMA of $578 is a barrier to the recovery. However, it’s a sign of hope that the bulls didn’t allow Bitcoin Cash prices to drop below the 20 Day EMA. It increases the chances of the recovery rally to continue. BCH/USDT may be able to reach $600 if buyers break through the 50-day SMA.
To put the pressure on the bulls, sellers must quickly lower the price to below the 20-day EMA. This pair could then fall to support at $500.
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Source: cointelegraph.com
