Important points
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The rising oil price has not affected the crypto market sentiment, as buyers try to push Bitcoin beyond $69,000
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As demand is still low, buyers are pushing several altcoins to the top of their overhead resistance level.
The sharp rise in crude oil prices did not deter Bitcoin buyers.BTC(above $69,000) on Monday. As a result of the outflows in spot BTC ETFs that occurred on Friday and Thursday, the week saw net inflows of $568.45 million per SoSoValue data. It was the second consecutive week with net inflows and a first for five months.
Willy Woo, an on-chain expert on X said that BTC is still rising. solidly in the middle of a bear market From a liquidity long-term perspective, it was creating a trap.
If negative news doesn’t cause the market to reach a new bottom in a downtrend, then it is likely that there will be less selling. This doesn’t mean that a strong rally is imminent, since markets often consolidate for some time before launching the next upward leg.
Would buyers be able to push BTC, and other major altcoins, above the resistance level? Find out by analyzing the charts for 10 of the most important cryptocurrencies.
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 attempting to take charge.
The relative strength index has dipped in to the negative zone, indicating that the downward path is the one with the least resistance. Watch out for 6,550 as the next important support on the downside. If this level is cracked, then the correction might reach as high as 6,147.
To signal strength, buyers will need to push the price higher than the moving averages. The chances of the rally reaching the 7,290 mark are improved.
US Dollar Index price prediction
Although the US Dollar Index (DXY), which measures the value of the US dollar, is struggling to reach the level 99.50, the bulls are still pushing.
The bulls have the upper hand, as the exponential moving average of 20 days (98.17) has an upward slope and the RSI is above the 63-level. The index could retest 100.54, which is the crucial overhead resistance level if the price closes over the 99.50 mark. The 100.54 level is a key resistance that signals the beginning of an uptrend.
The index will remain within the range of 95.50-100.54 if sellers can keep the price under the moving averages.
Bitcoin price prediction
BTC dropped below the 20-day EMA (68,553) but bears couldn’t sink the price beneath the support line. It suggests that demand is at lower levels.
If the price stays above the 20-day EMA then the chances of a breakout above $74,508 increase. A move like this suggests that BTC/USDT may have reached its bottom in the short-term. Bitcoin could reach $84,000 before the bears mount an aggressive defense.
The positive forecast will become invalid in the short-term if prices turn down and break below the line of support. It is possible that the pair will drop below $60,000.
Prediction of Ether prices
EtherETH) broke below the 20-day EMA ($2,018) on Friday, but the bears could not sink the price to the $1,750 level.
This suggests that selling stops at lower levels. Bulls try to get the price above the 20 day EMA. The ETH/USDT could reach the 50-day SMA (2,249) if they succeed. The sellers will try to stop the relief rally, at the 50 day SMA. If the bulls win, however, they may be able to push the pair to $2600.
This assumption is incorrect. If the Ether rate drops from $2,111 and falls below $1,916, this signals the pair could remain within the range.
BNB price prediction
BNBBNB) fell below the 20-day EMA ($633) on Friday, but the bears could not pull the price to the $570 level.
It attracted investors who tried to drive the price higher than the 20-day EMA. They may succeed in re-testing the $670 overhead resistance. It is expected that sellers will fiercely defend $670, because a close over it could lead to a rally towards $730 and $790.
It is more likely that if BNB prices continue to fall from their current levels or $670 resistance level, the price range may persist for another few days. Sellers need to pull the pair under the $570 mark to initiate the next downtrend towards $500.
XRP price prediction
It is a cryptocurrency that allows you to buy and sell XRP.XRP) has been trading just below the 20-day EMA ($1.39) for several days, indicating that the bulls continue to exert pressure.
The first indication of strength will be a close above the 20 day EMA. After that, the pair of XRP/USDT could rally towards the $1.61 mark and the downtrendline in the descending-channel pattern. To signal a trend change in the short term, buyers will need to sustain and break the price of XRP above the downtrendline.
If the price breaks down below the $1.27 mark and turns downwards from the 20 day EMA, this indicates that bulls are giving up. This may cause the pair to fall to its support level, which will likely attract buyers.
Solana price prediction
Solana (SOLThe price of ) fluctuated between $76 to $95 in the last few days. It is a sign that supply and demand are balanced.
The RSI is just below midpoint and does not provide a clear edge to either the bulls, or bears.
It is predicted that the next trend move will begin when the price closes above $95 and below $76. If Solana’s price rises above $95, the rally might reach $117. A break and close under $76 indicates that the bears are in control. SOL/USDT may fall to its lows of $67,000 on February 6.
Related: Bitcoin at $67K despite oil shock is ‘strongest indicator’ bottom may be in
Dogecoin price prediction
DogecoinDOGE() dropped below the support of $0.09, but the bears couldn’t sustain lower levels. Bulls have bought the drop and are trying to get back the previous level.
It is a sign that the bears still have control if the relief rally falls below the 20 day EMA ($0.09). It increases the possibility of a decline to the February 6, 2008 low of $0.08.
They will have their own plans. Dogecoin will be pushed above moving averages. The DOGE/USDT may reach the breakout level of $0.12 if they are successful. If the buyers can close the day above the resistance of $0.12, it may indicate that the pair has reached its bottom at $0.08.
Cardano price prediction
Cardano (ADAOn Sunday,’s price fell below $0.25 but bears have struggled to hold the current levels.
Bulls are expected to try a rebound, but will be met with selling near the 20-day EMA (0.27). Bears may try to lower the ADA/USDT pairs to the support level of the descending-channel pattern if price falls sharply. Cardano’s price may bounce off of the support line again with force, indicating that the pair will remain in the channel.
Bulls must drive the price and keep it above the downward trend line in order to indicate a possible short-term change of trends.
Bitcoin Cash price prediction
Bitcoin CashBCH( ) is witnessing an intense battle between the bulls vs. the bears around the $443 mark.
Bulls attempt a recovery rally but bears will likely stop any attempts at the 20 day EMA (478). Bitcoin Cash’s price could break through the $443 mark if it turns downward sharply.
In that case, BCH/USDT would complete a head-and shoulder pattern. This could start a move down to $375.
In contrast, a closing above the EMA of 20 days suggests easing selling pressure. This pair could then move up to the 50 day SMA ($525).
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Source: cointelegraph.com
