Bitcoin moves towards $80k as Altcoins try to break range.
Key Points:-
A break above the $78,333 resistance would open a rally towards $84,000.
Many major altcoins are trying to raise their resistance levels, indicating strong buying at low levels.
Bitcoin (BTC) rose above $79,000, indicating that the bulls are back in the game. Crypto market intelligence platform Decode said in an article on X that BTC is ready to squeeze for a short period of time, waiting for the bulls to light the fuse in the loaded cannon.
Select analysts expect the current relief rally to pick up strength. In BTC Adjusted Net Unrealized Profit/Loss (NUPL) posted by CryptoQuant Analyst CW8900 on X, the difference between total profits and losses currently held by investors has turned positive. That signals the end of BTC's decline and the “real rally of this cycle has begun.”
A sharp recovery to the $60,000 level pushed the Bitcoin Bull Score Index (BSI) into neutral territory for the first time since the beginning of the bear market. However, there was a word of caution from CryptoQuant contributor Julio Moreno as the BSI entered neutral territory for a week in March 2022 but continued to decline over time.
Can BTC and major altcoins extend their recovery? Let's examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC recovered from the 20-day moving average ($73,758) on Monday and rose above the $78,333 level on Wednesday, indicating that it is in favor of the bulls.
If the price of BTC continues above the $78,333 level, the possibility of a rally to $84,000 will increase. Such a move would suggest that the BTC/USDT pair could drop to $60,000.
The 20-day EMA is an important level to watch on the downside. Sellers should price below the 20-day EMA to invalidate a bullish configuration. The pair may fall towards the 50-day simple moving average ($70,934).
Ether price prediction
Ether (ETH) retook the 20-day EMA ($2,273) on Monday, indicating a shift in sentiment from selling on rallies to buying on dips.
Upward moving averages and an RSI in the positive zone indicate that the path of least resistance is up. If buyers clear the $2,465 barrier, the ETH/USDT pair may move towards the resistance level and then rise to $2,800.
The first sign of weakness is a break and close below the 20-day EMA. This indicates that the bulls are taking profits. ETH price may drop to the 50-day SMA ($2,157) and later to the support line.
XRP price prediction
XRP (XRP) recovered from the moving averages on Monday, indicating that the bulls are seeing the dips as a buying opportunity.
Buyers will try to push the price of XRP down the descending channel pattern, the bears are expected to sell aggressively. If the price drops significantly from the lower line, it suggests that the XRP/USDT pair may spend more time in the channel.
Buyers will be back in the driver's seat if they put the price above the lower line and stay there. The pair may rise to the $2 level, indicating a short-term trend reversal.
BNB price prediction
BNB (BNB) rose above the 20-day EMA ($623) on Monday and rose above $649 resistance on Wednesday.
If buyers hold the price above $649, the BNB/USDT pair may rise to $687. Sellers are expected to install a strong resistance at $687, but if the bulls break the resistance, the recovery can be extended to $790.
On the other hand, if the price of BNB declines significantly from the overhead resistance and breaks below the moving average, it suggests that the pair may remain in the $687 to $570 range for some time.
Solana price forecast
Solana (SOL) continues to trade near its moving averages, reflecting the balance between supply and demand.
If the price rises above $91, the SOL/USDT pair can climb to the upper resistance at $98. Sellers are expected to defend the $98 level, but if the bulls lose, the advance could reach $117.
Alternatively, if the SOL price breaks above resistance and breaks below the moving average, it suggests that range-bound action may be extended for a few more days.
Dogecoin price prediction
Dogecoin (DOGE) recovered from the moving averages on Monday, indicating that the bulls are trying to make a comeback.
The price of DOGE may rise to the psychological level of $0.10, the bears are expected to enter. However, if the buyers do not give much space to the bears, the possibility of a rally to $0.12 will increase.
Time is running out for the bears. They need to quickly bring the price back below $0.09 to maintain the advantage. If they do that, the DOGE/USDT pair could drop to the February 6 low of $0.08.
High Liquidity Price Prediction
Hyperliquid (HYPE) broke the 50-day SMA ($38.41) on Tuesday, indicating that bulls are buying the dips.
The 20-day EMA ($40.90) is flat, and the RSI is near the midpoint, indicating weakening bullish momentum. That raises the possibility of regional formation in the near future.
The downside of the 50-day SMA is critical support to watch, as a close below it could extend the pullback to $34.45. On the downside, bulls should push the HYPE/USDT pair above $45.77 to signal a resumption of the uptrend.
Related: ‘Strong Movement' Drops for Bitcoin Price, Says Bowling Bands Indicator
Cardano price prediction
Cardano (ADA) rose to a strong resistance zone between the 50-day SMA ($0.26) and the downtrend line.
If buyers push the price of ADA above the lower line and hold, it indicates a possible short-term trend reversal. The ADA/USDT pair may rally to $0.32, then to $0.37.
On the other hand, if the price declines significantly from the lower line and breaks below $0.22, it suggests that the pair may remain in the descending channel for some time.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has broken above the 50-day SMA ($454), indicating strong demand at lower levels.
The moving averages are at bullish intersections indicating bulls are dominant. Buyers will try to consolidate their position by pressing the BCH price above the $486 resistance. If successful, the BCH/USDT pair could rally to $520.
Contrary to this assumption, if the price breaks below the current level or overhead resistance and breaks below the moving average, it suggests that the pair may form a range for some time.
Monero price prediction
Monero (XMR) rose above $382 on Tuesday, but bulls are struggling to hold on to gains.
If the price continues above $382, the XMR/USDT pair may start a new uptrend towards the $462 pattern target.
Contrary to this assumption, if the price of XMR closes below $382, it suggests that the bears will sell in rallies. The pair may return to the midfielders who act as strong support. If the price pulls back from the moving averages, the bulls will try to start the rally again.
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