Bitcoin has been trading above $52k for the better part of the week, with traders seemingly not in a hurry to book profits as they anticipate a further rally over the coming days. So, what’s causing BTC’s price to go higher? Well, according to data from on-chain analytics company CryptoQuant, the growing inflows into spot Bitcoin ETFs are the main drivers of the rally.
But as the popular saying goes, “nothing goes up forever,” some crypto analysts expect Bitcoin to experience a price correction soon before rallying again.
Meanwhile, data from CME Group’s FedWatch Tool shows that most traders are no longer optimistic that the Federal Reserve would cut the interest rate in March as they had expected at the start of the year. Per the tool, only 10.4% of traders believe that the US central bank will cut interest rates next month.
That said, let’s explore price charts of the top cryptocurrencies to find out major support and resistance levels to keep an eye on.
Bitcoin Price Analysis
BTC bulls and bears are now battling at the $52,000 resistance level. The rising 20-day Exponential Moving Average of $47,035 shows that the buyers have a slight advantage over the sellers. However, the Relative Strength Index (82.19) suggests that Bitcoin is in the overbought zone, thus limiting an upward move.
If the coin reverses now, hits $48,956, and then rebounds, it will show that the buyers have turned this resistance level into solid support. That will boost the chances of a move to $60,050. On the negative side, if Bitcoin falls below $48,956 and the bulls fail to protect $47,035, then the digital currency may collapse to the 50-day Simple Moving Average of $44,052.
Ethereum Price Analysis
Ethereum bulls have kept the digital asset above the $2,710.38 resistance since February 14th, suggesting that the uptrend has resumed. The buyers are aiming to push ETH to the $3,003.97 resistance level. However, the Relative Strength Index (83.24) signals that Ethereum may see a price correction before heading upward again.
The token is currently changing hands for $2,781. If it reverses and bounces off $2,710.38, it will mean that sentiment around ETH is still bullish, and investors view corrections as an opportunity to buy the dip.
Conversely, a drop below $2,710.38 will indicate that the bears are growing stronger and may pull Ethereum to the 20-day Exponential Moving Average of $2,523.90.
Solana Price Analysis
Solana has failed to stay above the $119.03 resistance level. It’s now valued at $109.93. There is a massive chance that the token will retest $107.34. If it rebounds from there, it will signal that the bulls have turned the level to key support, and Solana may then head toward $126.39 and even hit $34.96.
From a negative point of view, SOL might drop below the 20-day Exponential Moving Average of $104.82 and plummet to the $93.49 support level if it crosses below $107.34.
BNB Price Analysis
A bearish setup failed on February 8th, signaling that the bulls had taken control of the market. This week, BNB has managed to cross and stay above the $337.93 resistance level. It’s now valued at $357.02. However, a long wick candle stick formed on Friday indicates that the bears aim to block an upward move to $367.
If the sellers drag BNB below $337.93, a fall to the 20-day Exponential Moving Average of $321.84 is possible. On the positive side, a rally to $405 is likely if BNB bulls thrust the cryptocurrency above $367.
Avalanche Price Analysis
Higher levels have been challenging for the AVAX bulls to maintain. They failed to keep Avalanche above the $42.15 resistance level earlier this week, prompting the bears to pull the token to $39.83 as of this writing. If the support at the 20-day Exponential Moving Average of $37.81 cracks, AVAX might reach $32.29. On the other hand, if the bulls push and maintain Avalanche above $42.15, the prospects of a rally to $50.04 will increase.
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