Bitcoin Takes Key Stage, Altcoins Aim To Follow: Will Bears Regret?

Key Points:-

Bitcoin remains under pressure as bears trade near the $74,508 resistance

Bears are mounting strong resistance in several major altcoins, indicating negative sentiment.

Bitcoin (BTC) started the new week on a cautious note as bulls tried to keep the price above $67,500. Investors are not rushing to buy the dip, as seen last week's $133.3 million withdrawal from BTC exchange trading products. Total revenue from crypto investment products rose to $3.8 billion over the past four weeks, according to CoinShares' Monday update.

If BTC ends the month below $79,500, it will record its first consecutive negative monthly close in January and February. With a loss of more than 22%, BTC is seeing its worst first quarter performance of 2018 since the 49.7% loss according to CoinGlass data.

Despite BTC's poor performance and uncertainty over its near-term direction, Strategy co-founder Michael Saylor indicated in a post on X that the company is buying more BTC. That will be the strategy's 99th BTC trade, with their long-term bullish outlook intact.

Can BTC and the major altcoins defend support levels and start a strong rally? Let's examine the charts of the top 10 cryptocurrencies to find out.

S&P 500 index price forecast

The S&P 500 Index (SPX) is witnessing a fierce battle at the support line of an emerging channel pattern between bulls and bears.

The moving averages are at a bearish crossover, and the relative strength index (RSI) is in negative territory, which indicates that the bears are back. The index may initiate a deeper correction towards 6,720 and then strong support towards 6,550 if the price breaks below the 6,780 level.

Buyers need to push the price above the 7,002 level to maintain control. If they manage to do that, the index will continue to rise and may rise to the 7,290 level.

US dollar index price forecast

The US Dollar Index (DXY) has been trading below its moving average, 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 you can pull, the index can rise to 99.49 and then to the upper resistance at 100.54.

On the contrary, if the price is significantly lower than the moving averages, it indicates that the bears will continue to sell in rallies. The index's close below the 95.55 support could be the next leg of the downtrend.

Bitcoin price prediction

Sellers are trying to stop BTC's recovery around $71,000, with the bears remaining sellers on rallies.

The sellers must price below $65,000 to remain in the order. The BTC/USDT pair may retest the crucial $60,000 level. If the $60,000 support is broken, the next stop could be $52,500.

Buyers need to drive Bitcoin price above the $74,508 breakout level to signal that the bullish momentum is weakening. The pair is likely to rise towards the 50-day simple moving average (SMA) ($83,910), where the bears are expected to mount a strong resistance.

Ether price prediction

Ether (ETH) declined again from the $2,111 level on Sunday, indicating that the bears are strongly defending the level.

Sellers will try to push the price below the immediate support at $1,897. If they do that, the ETH/USDT pair could drop to the $1,750 level. Buyers are expected to defend the $1,750 level with all their might.

Instead, if Ether's price breaks above the 20-day EMA ($2,221) and breaks, it indicates that the selling pressure is waning. The pair may rally towards the 50-day SMA ($2,744).

BNB price prediction

BNB (BNB)'s rally ended at $642 on Sunday, indicating that bears are selling on every slight increase.

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

The bulls should drive the price above the 20-day EMA ($686) to signal that the bears are losing their grip. The pair may rise towards $730 and then towards the 50-day SMA ($817).

XRP price prediction

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

However, the bears successfully held the $1.61 breakout level and pushed the XRP price below the 20-day EMA. The bulls will not give up easily and will make another attempt to clear the $1.61 level.

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

Sellers need to pull the price below the support line to dominate. The pair could retest the February 6 low of $1.11.

Solana price forecast

Buyers are trying to push Solana (SOL) back above the $95 breakout level, but the bears hold their ground.

Solana prices may trade in the $76 to $95 range for some time. Such a step increases the possibility of going up. The SOL/USDT pair may rally to $117.

This positive outlook will be canceled in the near term if the price declines and breaks below the $76 support. The pair could retest the February 6 low of $67, which the buyers are expected to enter.

Related: $75K or ‘Regime Change?' Five Things to Know in Bitcoin This Week

Dogecoin price prediction

Dogecoin (DOGE) declined from the $0.12 breakout level on Sunday, indicating that the bears are maintaining the level.

The 20-day EMA ($0.10) is flat, and the RSI is below the midpoint, indicating range-bound action in the near term. The DOGE/USDT pair may fluctuate between $0.08 and $0.12 for a few days.

Buyers will gain an upper hand at the top above the $0.12 resistance. That opens the doors to a rally to $0.16. Alternatively, the advantage is tilted towards the bears below $0.08. Then the price of Dogecoin can drop to $0.06.

Cardano price prediction

Cardano's (ADA) rally reached the 20-day EMA ($0.29) on Saturday, which is expected to act as a strong barrier.

If the bulls do not give much ground to the bears, the possibility of a break above the 20-day EMA increases. That indicates that the ADA/USDT pair may remain in a descending channel for some time. A break and close above the lower line indicates the possibility of a short-term trend reversal.

Sellers should pull the price of Cardano below the support line to extend the downward movement to the next support at $0.20.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) rose above the 20-day EMA ($544) on Friday, indicating that 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 price of Bitcoin Cash to return below the 20-day EMA. This increases the possibility that the relief march will continue. If buyers breach the 50-day SMA, the BCH/USDT pair could reach $600.

Sellers should quickly drop below the 20-day EMA to put pressure on the bulls. The pair may slide towards the $500 support.