Key points:
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Bitcoin stays under pressure as bears sell on rallies near resistance at $74,508
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The bears are constructing solid defenses at higher levels in several key altcoins, indicating negative sentiment.
Bitcoin (BTC) has began the brand new week cautiously as bulls try to keep the worth above $67,500. Investors usually are not rushing to purchase the dip, as evidenced by $133.3 million in outflows from BTC exchange-traded products last week. According to a CoinShares update on Monday, total outflows from crypto investment products rose to $3.8 billion over the past 4 weeks.
If BTC ends the month below $79,500, it should record its first consecutive negative monthly close in January and February. According to CoinGlass data, BTC posted its worst first-quarter performance since its 49.7% loss in 2018, with a lack of greater than 22%.
Daily view of crypto market data. Source: TradingView
Despite BTC's weak performance and unsure near-term direction, Strategy co-founder Michael Saylor hinted in a post on X that the corporate is buying more BTC. This will probably be Strategy's 99th BTC transaction, showing that its long-term bullish view stays intact.
Could BTC and major altcoins defend support levels and launch a robust recovery rally? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Price prediction for the S&P 500 index
The S&P 500 Index (SPX) is witnessing a tricky battle between bulls and bears on the support line of the ascending channel pattern.
SPX day by day chart. Source: Cointelegraph/TradingView
The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) is in negative territory, suggesting that the bears are making a comeback. The index could initiate a deeper correction to six,720 after which to solid support at 6,550 if the worth falls below 6,780.
Buyers have to push the worth above the 7,002 level to take care of control. If they succeed, the index could proceed its upward trend and rise towards the 7,290 level.
US Dollar Index Price Prediction
The US Dollar Index (DXY) traded below the moving averages, however the bears did not challenge the 96.21-95.55 support zone.
DXY day by day chart. Source: Cointelegraph/TradingView
The bulls will attempt to strengthen their position by pushing the worth above the moving averages. If they succeed, the index could rise to 99.49 after which reach upper resistance at 100.54.
Conversely, if the worth diverges sharply from the moving averages, it suggests that the bears are continuing to sell on rallies. An in depth below the 95.55 support could see the index enter the subsequent phase of the downtrend.
Bitcoin price prediction
Sellers try to halt BTC’s rally near $71,000, suggesting bears remain sellers within the uptrend.
BTC/USDT day by day chart. Source: Cointelegraph/TradingView
Sellers have to push the worth below the $65,000 level to take care of control. The BTC/USDT pair could then retest the critical $60,000 level. If the $60,000 support is broken, the subsequent stop is prone to be at $52,500.
Buyers have to push Bitcoin price above the $74,508 breakout level to signal that bearish momentum is fading. The pair could then rise towards the 50-day easy moving average (SMA) ($83,910), where the bears are expected to mount a robust defense.
Ether price prediction
Ether (ETH) fell again from the $2,111 mark on Sunday, suggesting that bears are fiercely defending this level.
ETH/USDT day by day chart. Source: Cointelegraph/TradingView
Sellers will try to push the worth below the immediate support at $1,897. If they do, the ETH/USDT pair could fall to the $1,750 level. Buyers are expected to defend the $1,750 level with all their might as a detailed below could send the pair all the way down to $1,537.
If Ether price as an alternative rises and breaks above the 20-day exponential moving average (EMA) ($2,221), it should signal that selling pressure is easing. The pair could then rise to the 50-day SMA ($2,744).
BNB price prediction
BNB's (BNB) recovery rally fizzled out at $642 on Sunday, suggesting bears are selling on every small increase.
BNB/USDT day by day chart. Source: Cointelegraph/TradingView
The bears will try to extend their influence by pulling BNB price below the $570 level. If they succeed, the BNB/USDT pair could extend its decline to the psychological support at $500.
Bulls have to push price above the 20-day EMA ($686) to point that bears are losing control. The pair could then rise to $730 after which to the 50-day SMA ($817).
XRP price prediction
XRP (XRP) rose from the support line of the descending channel pattern on Friday and broke the 20-day EMA ($1.53) on Sunday.
XRP/USDT day by day chart. Source: Cointelegraph/TradingView
However, the bears successfully defended the breakout level of $1.61 and pulled the XRP price back below the 20-day EMA. It is unlikely that the bulls will surrender so quickly and make one other try to overcome 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 could remain throughout the channel for a while.
Sellers need to tug the worth below the support line to realize the upper hand. The pair could then retest the February 6 low of $1.11.
Solana price prediction
Buyers try to push Solana (SOL) back above the $95 breakout level, but bears have held their ground.
SOL/USDT day by day chart. Source: Cointelegraph/TradingView
Solana price could remain within the $76-$95 range for a while. Such a move increases the possibilities of an upward breakout. The SOL/USDT pair could then rise towards $117.
This positive view will probably be negated within the near term if the worth declines and breaks below the $76 support. The pair could then retest the February 6 low of $67, where buyers are expected to intervene.
Dogecoin price prediction
Dogecoin (DOGE) turned lower from the $0.12 breakout level on Sunday, suggesting that bears are defending this level.
DOGE/USDT day by day chart. Source: Cointelegraph/TradingView
The 20-day EMA ($0.10) is flattening and the RSI is just under the midpoint, suggesting a possible short-term move throughout the range. The DOGE/USDT pair could fluctuate between $0.08 and $0.12 for a couple of days.
If the worth closes above the resistance at $0.12, buyers will gain the upper hand. That opens the door for an increase to $0.16. Alternatively, a detailed below $0.08 will see the sting tilt in favor of the bears. The Dogecoin price could then fall to $0.06.
Cardano price prediction
Cardano's (ADA) recovery rally hit the 20-day EMA ($0.29) on Saturday, which is predicted to pose a robust hurdle.
ADA/USDT day by day chart. Source: Cointelegraph/TradingView
If the bulls don’t cede much ground to the bears, the potential of a break above the 20-day EMA increases. This suggests that the ADA/USDT pair could remain within the descending channel for a while. A break and shut above the downtrend line signals a possible short-term trend change.
Sellers need to tug Cardano price below the support line to increase the downward move towards the subsequent 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 control.
BCH/USDT day by day chart. Source: Cointelegraph/TradingView
The recovery is facing resistance on the 50-day SMA ($578), but a positive sign is that bulls haven’t allowed Bitcoin Cash price to fall back below the 20-day EMA. This increases the likelihood of the relief rally continuing. If buyers break the 50-day SMA, the BCH/USDT pair could reach $600.
Sellers have to quickly push the worth below the 20-day EMA to place pressure on the bulls. The pair could then slide towards the $500 support.
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