Bitcoin’s price correction this week has caused the spot Bitcoin Exchange-Traded Funds to witness outflows worth $51 million, according to data from BitMEX Research. Several analysts believe BTC will stay in a corrective phase until after the halving event.
Crypto analyst Rekt Capital wrote on X, former Twitter, earlier this week that Bitcoin is experiencing “a pre-halving correction” similar to that witnessed in 2020 and 2016. He added that BTC is likely to start rallying after the halving in April.
Bitcoin’s current downtrend has prompted short-term traders to book profits in various altcoins. However, long-term investors usually find these price corrections an opportunity to purchase the dip. That explains why some analysts are optimistic that Bitcoin and altcoins will soon resume an uptrend.
Meanwhile, let’s analyze the price charts of the top cryptocurrencies by market capitalization.
Bitcoin Price Analysis
A long-wick candlestick appearing on the Bitcoin price chart shows that the buyers bought the dip near the $50,653 support level on February 21st but have yet to thrust the coin above the $52,000 tough resistance. This means the advantage is still on the side of the bears, who will now try to pull Bitcoin below $50,653 and drag it to the $48,897 support and even to the 50-day Simple Moving Average of $45,187.
However, if BTC goes above $52,000 and the bulls manage to start a rally, the coin could grow to $60,037, where the presence of sellers is anticipated.
Ethereum Price Analysis
After several failed attempts to maintain ETH above $3,000, the bulls have finally succeeded, pushing the token to $3,032 as of this writing. Their main objective now is to propel Ethereum to the tough resistance at $3,302.09. However, if ETH reverses and plummets below $3,000 again, a downward move to the $2,718.32 breakout level is likely. A break below that level will weaken the buyers, giving the sellers a perfect opportunity to pull Ethereum to the 50-day Simple Moving Average of $2,496.37.
BNB Price Analysis
BNB has been one of the top-performing cryptocurrencies this week. The token is up 6.4% to change hands for $387.63 at the time of publishing this article. The current uptrend has enhanced the bulls’ chances of pushing BNB to $400.37. Sustaining the digital currency above that level makes $461.05 an attainable target.
However, if BNB reverses now and plummets below $368.27, the bears will look to tug the crypto asset to the 20-day Exponential Moving Average of $343.98. If there is no resistance from the bulls at this level, BNB might slide to the 50-day Simple Moving Average of $317.68.
Solana Price Analysis
SOL bulls bought the dip near the 50-day Simple Moving Average of $99.23 on February 21st but have failed to overcome the resistance at the 20-day Exponential Moving Average of $105.32. However, if a break above this level eventually happens, Solana might rally to the $126.13 resistance level. On the negative side, if the buyers fail to protect $99.23, a downward move to $93.02 and even to $79.98 seems likely.
Dogecoin Price Analysis
Dogecoin is trading above the downtrend line after surpassing $0.0836295 earlier this week. However, the bulls have failed to maintain the meme coin above $0.0900383. Their failure has led to a downward move to $0.0860359 as of this writing. If the bears successfully drag DOGE below the downtrend line, the token could plunge further to the 50-day Simple Moving Average of $0.0805925. On the positive side, sustaining the meme coin above $0.0900383 opens room for a surge to the $0.0110000 resistance level.
Chainlink Price Analysis
The bulls’ failure to keep LINK above $20 has triggered a price correction. The token is now valued at $18.82. The bears are looking to cause the $17.30 breakout level to collapse. If that happens, Chainlink will drop to find support at the 50-day Simple Moving Average of $16.57. Conversely, maintaining LINK above $20 could encourage the bulls to cause a rally to $23.47.
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