Bitcoin continues to trade above $50,000. However, the coin is currently experiencing price correction after failing to go past $53,000 earlier this week. Most analysts believe the lack of buying pressure at higher levels is due to the growing belief that the Federal Reserve might fail to cut interest rates in March as many anticipated.
The rising inflation, as revealed by recent reports, is one of the primary factors that might cause the US Central Bank to delay cutting interest rates until the end of the year.
While macroeconomic factors do not favor BTC at the moment, the growing inflows in BlackRock and Fidelity’s Bitcoin ETFs could limit a downward movement. Cointelegraph reported on Tuesday that the two ETF issuers now have a combined $10.4 billion in assets under management. Moreover, outflows from Grayscale Bitcoin ETF have reduced significantly over the past two weeks. Investors of this ETF have cashed out $1.36 billion worth of BTC in February compared to $5.67 billion last month.
Let’s now take a look at the price charts of Bitcoin and top altcoins.
Bitcoin Price Analysis
As mentioned earlier, the bulls’ failure to cause the $53,000 resistance level to collapse has resulted in a price correction. The top coin by market cap is now trading at $51,175. If the bears pull BTC to the 20-day Exponential Moving Average of $48,252, they may stand a good chance of dragging the digital currency to the 50-day Simple Moving Average of $44.629.
This negative view will no longer be valid if the bulls push Bitcoin above the $52,000 resistance. That is because they might make another attempt to thrust the coin above $53,000 and then cause a rally to $60,405.
Ethereum Price Analysis
ETH bulls have successfully flipped the $2,716.49 resistance into a strong support level. This has allowed them to propel the second-largest digital currency to $2,916.46 as of this writing. The current price means $3,000 is an easy target for the buyers. But given the Relative Strength Index, which is now at 78.32, Ethereum bulls might not sustain the token above $3,000 before a price correction.
That said, ETH may hit $3,000 and then reverse to the $2,867.98 resistance level before rallying to $4,089. However, if the token reaches $2,867.98 and the bulls fail to exert buying pressure, ETH could slide to the 20-day Exponential Moving Average of $2,614.83.
BNB Price Analysis
BNB saw a brief pullback on Tuesday as short-term traders booked profit. The token has now resumed its uptrend, rising 6.9% over the last 24 hours to trade at $371. With the Relative Strength Index near the overbought territory and the 20-day Exponential Moving Average at $331.87, the bulls are now dominating the BNB market.
They will try to push the digital currency to the $400.35 resistance level. On the downside, if BNB drops below $349.50, it may slide further to $331.87 and even hit the 50-day Simple Moving Average of $312.98.
Solana Price Analysis
Solana bears have been active since Tuesday. At the time of publishing this article, they had managed to drag SOL below the 20-day Exponential Moving Average of $106.23. More selling pressure will likely pull the digital currency to the 50-day Simple Moving Average of $99.80. On the positive side, sustaining Solana above $106.23 may increase the chances of the token retesting the $118.78 resistance before rising to $126.89.
Avalanche Price Analysis
AVAX bulls couldn’t maintain the cryptocurrency above $42.43 on February 15th, encouraging the bears to cause a downturn to $36.29. The good thing is that Avalanche has not fallen below the 20-day Exponential Moving Average of $36.02. The buyers will make another attempt to cause a rally above $42.43. If they succeed, AVAX may grow to $50.18 and even hit $55. On the negative side, a drop to the $32.17 and $28 support levels is likely if $36.O2 collapses.
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