Bitcoin’s price remains subdued, unable to surpass the $100,000 benchmark, retreating to $95,500 on February 23. The prolonged stagnation increases the likelihood of a decline toward the critical support level at $90,000. Analysts remain divided over Bitcoin’s next move, with some predicting a new high and others anticipating a dip to $85,000 before potential recovery. This uncertainty has shifted some traders’ focus to altcoins. According to Ki Young Ju, CEO of CryptoQuant, “altseason has begun,” with altcoin trading volumes significantly exceeding those of Bitcoin, fueled by stablecoin holders.
Ether (ETH) shows resilience despite a $1.4 billion hack at Bybit, with significant accumulation by large Ether holders. Trading above the 20-day EMA suggests bullish momentum, with potential resistance at the downtrend line and $2,850. A successful breach could drive ETH toward targets of $3,332 and $3,525.
BNB struggles below its 50-day moving average, with sellers defending against increases. A breakout above $666 could lead to a climb toward $745, while failure to maintain levels could result in a correction down to $596.
Monero (XMR) faces resistance at $245 in its uptrend. A rebound at $228 could fuel further gains, while failure may lead to a pullback to $219.
Bittensor (TAO) encounters resistance at $500. A successful defense at the 20-day EMA by bulls could reignite momentum, propelling TAO toward $600, but a breach of lower levels could drive it back to $346.
These altcoins are showing varied potential amidst Bitcoin’s instability, capturing attention in the crypto markets.
