Bitcoin remains within a price range, showing no clear signs of a breakout or a breakdown as traders anticipate a catalyst. The longer the price trades within this range, the more pronounced the eventual breakout or breakdown could be. Recently, Bitcoin briefly surged above $96,500 on February 9, but the trend has mostly been sideways. According to CryptoQuant’s CEO, a bull phase for Bitcoin could persist even with a 30% price drop to $77,000, following historical cyclical patterns. Analyst Timo Oinonen suggests a sharp correction may still be months or a year away.
Ether’s outlook appears slightly more positive to some analysts. Santiment reports that only 6.38% of Ether’s available supply remains on exchanges as investors move their holdings to cold storage. This reduces the potential for large sell-offs, though this metric serves more as a long-term indicator than for short-term trading decisions.
Evaluating whether Bitcoin may surpass the $100,000 resistance and lead altcoins higher, we analyze the charts for the top 10 cryptocurrencies:
Bitcoin saw sellers pushing prices below the $94,000 support on February 18, but strong buying emerged at these levels. The 20-day EMA shows a slight tilt towards bears, with potential for Bitcoin to drop to $90,000, a crucial level indicative of a double-top pattern if breached. Buyers need to lift prices above the 50-day SMA to initiate a move to $102,500, and later $106,500.
Ether trades just below the $2,850 breakdown level but resists falling past $2,500, indicating reduced selling pressure. Buyers will target the downtrend line, and if successful, could trigger a rise to $3,400. Conversely, a break below $2,500 may drag prices to $2,400 and $2,300.
XRP faces a battle near moving averages, with a potential breakdown to $1.77 if the price turns down. If prices rise instead, it could test the downtrend line.
Solana dropped below $175, suggesting potential for a deeper correction. Buyers could lift prices above this level towards the 20-day EMA and 50-day SMA, but if prices fall below $175 again, a slide to $155, and then $133, is possible.
BNB shows a rebound attempt from $635 support with subsequent resistance at the 50-day SMA. A move above this level could lead BNB to oscillate between $745 and $635 before another breakout attempt.
Dogecoin gradually declines towards the channel’s support line, with a potential retest of $0.20 if bears maintain control. A price rise above the 20-day EMA could lead to a climb to the 50-day SMA.
Cardano faces selling at the 20-day EMA. If the price breaks below the support line, it might sink to $0.50. A push above the 20-day EMA, however, could lead to an increase towards the 50-day SMA.
Chainlink’s bearish turn from $19.25 could drive prices to $15.40 if $17 support fails. A rise above the 20-day EMA can lead to a rally to $22.
Stellar’s descending triangle pattern foresees a drop to $0.26 or $0.20 on a break below $0.31. An upward move past the 20-day EMA could reverse the bearish trend.
Litecoin broke above its symmetrical triangle, indicating a bullish tilt. Sustaining above the resistance line might push it towards $147, with a pattern breakout target of $197.
The analysis provides no investment advice, and traders are encouraged to conduct independent research before making financial decisions.
