Bitcoin Breaks $70K Resistance, Altcoins Follow: Are the Bulls Back?

Key Points:-

Bitcoin's strong recovery above $74,000, supported by strong inflows into US spot Bitcoin ETFs, suggests a near-term bottom is forming.

Several major altcoins are attempting to participate in the recovery by raising their resistance levels.

Bitcoin (BTC) bulls made a strong comeback on Wednesday, pushing the price to $73,800. A positive sign in favor of the bulls is that the recovery attempt was supported by the buying of the currency on the US spot BTC exchange, which saw a gain of $683.3 million this week, according to SoSoValue data.

Some analysts believe that BTC may go down. Van Eck CEO Jan van Eck told CNBC that BTC is in the fourth year of a four-year cycle, where it rises for three years and then falls in the fourth year. His company believes that BTC is close to the bottom and is expected to start increasing gradually this year.

In a separate market correction, 10x Research BTC did not enter the risk-off headlines, indicating that the negative pressure may be waning. However, analysts say that BTC remains in a bear market, calling the bullish exposure “strategic rather than structural”.

Can BTC and major altcoins build on the recovery? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC's symmetrical triangle pattern resolved to the upside with a break above the resistance line, indicating strong buying by bulls.

The BTC/USDT pair may reach the level of $74,508, the sellers are expected to pose a big challenge. If the price of Bitcoin declines from $74,508 but recovers from the 20-day exponential moving average ($68,871), it shows positive sentiment. This raises the possibility of a rally to $84,000.

On the contrary, if the price drops significantly from $74,508, it indicates that the bears are trying to turn the level into resistance. A close below the 20-day EMA puts the advantage in favor of the bears.

Ether price prediction

Ether (ETH) is attempting to break above the strong overhead resistance above $2,111, indicating aggressive buying by bulls.

A close above the $2,111 level clears the way for a rally towards the 50-day simple moving average ($2,381). A break above suggests that the correction phase may be over, so sellers will again try to stop the recovery in the 50-day SMA.

If Ether prices fall below $2,111 and nose dives below $1,907, this bullish view is worthless in the short term. That suggests that the ETH/USDT pair may extend its range between $2,111 and $1,750 for a few more days.

BNB price prediction

BNB (BNB) rose above the 20-day EMA ($636) on Wednesday, indicating that the bulls beat the bears.

Buyers will try to build on the trend and clear the $670 barrier. If they can pull through, the BNB/USDT pair could rally to $730. Sellers are expected to defend the $730 level, as a close above it suggests that the pair may be headed lower in the near term. The price of the BNB can be as high as $790.

Conversely, if the price drops significantly below $670, it indicates that the rallies are being sold. That could keep the pair in the $570 to $670 range for some time.

XRP price prediction

XRP (XRP) has been trading near the 20-day EMA ($1.42) for several days, indicating that the bulls have continued to push.

If the price closes above the 20-day EMA, the XRP/USDT pair may break into a lower trend line. Buyers should move above the lower line to signal a possible trend reversal.

Instead, if the price of XRP breaks below the 50-day SMA ($1.60) or the descending line, it suggests that the bears will continue to sell in the rallies. That could keep the couple in the channel for a few more days.

Solana price forecast

Solana (SOL) has been consolidating between $76 and $95 for the past several days, showing interest at lower levels.

The flat 20-day EMA ($86) and RSI above the midpoint suggest that selling pressure is easing. Buyers will try to strengthen their position by pushing Solana's price above the $95 level. If they manage to do that, the SOL/USDT pair could rise to $117.

Sellers may have other plans. They will try to defend the $95 level and keep the price in the range for some time.

Dogecoin price prediction

The fall of the bulls pushing Dogecoin (DOGE) above the 20-day EMA ($0.10) suggests that the bears will continue the push.

That increases the risk of a drop below the $0.09 support. If that happens, the DOGE/USDT pair could drop to the February 6 low of $0.08. A close below $0.08 could sink the pair to $0.06, so this is an important level to watch out for.

The first sign of strength will be a close above the 20-day EMA. Dogecoin price may then move towards the 50-day SMA ($0.11) and later the strong overhead resistance at $0.12.

Cardano price prediction

Cardano (ADA) declined from the 20-day EMA ($0.27) on Tuesday, indicating that the bears will continue to defend the level.

A minor positive for the bulls is that they don't leave much ground for the bears. That indicates buying on every small dip, which includes a break above the 20-day EMA. The ADA/USDT pair may climb to a descending channel pattern line.

To signal a short-term trend reversal, buyers should press and hold Cardano's price above the low line. The pair could go up to $0.43.

RELATED: XRP Price Divergence Targets $1.95 Amid Five-Day ETF Flow

Bitcoin Cash price prediction

Sellers failed to hold Bitcoin Cash (BCH) below the $443 level, indicating a lack of selling at lower levels.

The bulls are trying to start a support rally, which is likely to sell at the 20-day EMA ($495). A break below the $443 support will increase the risk if Bitcoin Cash price drops significantly from the 20-day EMA. If that happens, the BCH/USDT pair will complete a bearish head and shoulders pattern, starting a decline to $375.

Buyers need to close above the 50-day SMA ($539) to get back into play. Then the pair can cost around $600.

High Liquidity Price Prediction

Hyperliquid (HYPE) broke above the 20-day EMA ($30.16) on Wednesday, indicating that the bulls are buying on the dips.

The bulls will try to push the price of hyperliquid to the resistance of $ 36.77, the bears will mount a strong resistance. If the price is significantly reduced from the overhead resistance, it suggests that the HYPE/USDT pair may reach between $20.82 and $36.77 for some time.

Contrary to this assumption, if the bulls break the resistance of $36.77, it indicates that a new upward movement has begun. The pair can rally to $43.50 and then to $50.

Chainlink price prediction

Chainlink (LINK) has been clinging to the 20-day EMA ($8.96) for the past few days, indicating an intense battle between bulls and bears.

The flat 20-day EMA and RSI suggest that selling pressure near the midpoint is diminishing. This will upgrade the rally to the 50-day SMA ($10.10) and then the breakout level to $10.94. Buyers are expected to face significant selling pressure in the $10.94 to $11.61 zone.

This positive outlook will be canceled in the near future if the price of Chainlink declines and breaks below $8. The LINK/USDT pair could retest the February 6 low of $7.15.