Bitcoin Holds Key Level, Altcoins Aim To Follow: Will Bears Relent?

Key points:

• Bitcoin remains under pressure as bears are selling on rallies near the $74,508 resistance

• The bears are mounting a solid defense in several major altcoins at higher levels, indicating a negative sentiment.

Bitcoin (BTC) has started the new week on a cautious note as bulls attempt to maintain the price above $67,500. Investors are not rushing in to buy the dip, as seen from the $133.3 million in outflows from BTC exchange-traded products last week. The total outflows from crypto investment products have risen to $3.8 billion over the past four weeks, according to a CoinShares update on Monday.

If BTC ends the month below $79,500, it will record its first-ever consecutive negative monthly closing in January and February. With more than 22% loss, BTC is staring at its worst first-quarter performance since the 49.7% loss in 2018, per CoinGlass data. 

Despite BTC’s weak performance and uncertain near-term direction, Strategy co-founder Michael Saylor indicated in a post on X that the company is buying more BTC. That will be Strategy’s 99th BTC transaction, showing their long-term bullish view remains intact.

Could BTC and the major altcoins defend the support levels and start a strong relief rally? 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) is witnessing a tough battle between the bulls and the bears at the support line of the ascending channel pattern.

The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating that the bears are making a comeback. The index may start a deeper correction to 6,720 and then to solid support at 6,550 if the price breaks below the 6,780 level.

Buyers will have to propel the price above the 7,002 level to retain control. If they manage to do that, the index may resume its uptrend and surge toward the 7,290 level.

US Dollar Index price prediction

The US Dollar Index (DXY) has been trading below the moving averages, but the bears have failed to challenge the 96.21 to 95.55 support zone.

The bulls will try to strengthen their position by pushing the price above the moving averages. If they can pull it off, the index may rally to 99.49 and then to the overhead resistance at 100.54.

Contrarily, if the price turns down sharply from the moving averages, it suggests that the bears continue to sell on rallies. The index may the next leg of the downtrend on a close below the 95.55 support.

Bitcoin price prediction

Sellers are attempting to halt BTC’s recovery near $71,000, indicating that the bears remain sellers on rallies.

The sellers will have to pull the price below the $65,000 level to remain in command. The BTC/USDT pair may then retest the critical $60,000 level. If the $60,000 support cracks, the next stop is likely to be $52,500.

Buyers will have to drive the Bitcoin price above the breakdown level of $74,508 to signal that the bearish momentum is weakening. The pair may then surge toward the 50-day SMA ($83,910), where the bears are expected to mount a strong defense.

Ether price prediction

Ether (ETH) once again turned down from the $2,111 level on Sunday, indicating that the bears are fiercely defending the level.

Sellers will attempt to pull the price below the immediate support at $1,897. If they do that, the ETH/USDT pair may drop to the $1,750 level. Buyers are expected to defend the $1,750 level with all their might, as a close below it may sink the pair to $1,537.

Instead, if the Ether price turns up and breaks above the 20-day EMA ($2,221), it signals that the selling pressure is reducing. The pair may then rally to the 50-day SMA ($2,744).

BNB price prediction

BNB’s (BNB) relief rally fizzled out at $642 on Sunday, indicating that the bears are selling on every minor rise.

The bears will attempt to increase their hold by pulling the BNB price below the $570 level. If they manage to do that, the BNB/USDT pair may extend its decline to psychological support at $500.

The bulls will have to drive the price above the 20-day EMA ($686) to suggest that the bears are losing their grip. The pair may then climb to $730 and subsequently to the 50-day SMA ($817).

XRP price prediction

XRP (XRP) turned up from the support line of the descending channel pattern on Friday and pierced the 20-day EMA ($1.53) on Sunday.

However, the bears successfully defended the breakdown level of $1.61 and pulled the XRP price back below the 20-day EMA. The bulls are unlikely to give up easily and will make another attempt to clear the $1.61 level. 

If they succeed, the XRP/USDT pair may rise to the 50-day SMA ($1.81). Such a move suggests that the pair may remain inside the channel for some more time.

Sellers will have to tug the price below the support line to gain the upper hand. The pair may then retest the Feb. 6 low of $1.11.

Solana price prediction

Buyers are attempting to push Solana (SOL) back above the breakdown level of $95, but the bears have held their ground.

The Solana price may trade inside the $76 to $95 range for some time. Such a move increases the likelihood of an upside breakout. The SOL/USDT pair may then rally toward $117.

This positive view will be negated in the near term if the price turns down and breaks below the $76 support. The pair may then retest the Feb. 6 low of $67, where the buyers are expected to step in.

Related: $75K or bearish ‘regime shift?’ Five things to know in Bitcoin this week

Dogecoin price prediction

Dogecoin (DOGE) turned down from the breakdown level of $0.12 on Sunday, indicating that the bears are defending the level.

The 20-day EMA ($0.10) is flattening out, and the RSI is just below the midpoint, signaling a possible range-bound action in the near term. The DOGE/USDT pair may swing between $0.08 and $0.12 for a few days.

Buyers will gain the upper hand on a close above the $0.12 resistance. That opens the doors for a rally to $0.16. Alternatively, the advantage will tilt in favor of the bears on a close below $0.08. The Dogecoin price may then slump to $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 do not give up much ground to the bears, the possibility of a break above the 20-day EMA increases. That suggests the ADA/USDT pair may remain inside the descending channel for some more time. A break and close above the downtrend line signals a potential short-term trend change.

Sellers will have to pull the Cardano price below the support line to extend the downward move toward the next support at $0.20.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) surged above the 20-day EMA ($544) on Friday, indicating that the bears are losing their grip.

The recovery is facing resistance at the 50-day SMA ($578), but a positive sign is that the bulls have not allowed the Bitcoin Cash price to slip back below the 20-day EMA. That increases the likelihood of the continuation of the relief rally. If buyers pierce the 50-day SMA, the BCH/USDT pair may reach $600.

Sellers will have to swiftly yank the price below the 20-day EMA to apply pressure on the bulls. The pair may then skid to the $500 support.