Bitcoin crossed $56,000 on Tuesday morning thanks to the growing demand for spot Bitcoin ETFs (Exchange-Traded Funds). Also, according to data from CoinShares, institutional investors have pumped more than $580 million into Bitcoin-related investments over the last seven days.
Bloomberg ETF analyst Eric Balchunas reported on Monday that Bitcoin ETFs had so far seen net inflows of over $5.1 billion since their launch on January 11th. Notably, gold ETFs have recorded $3.6 billion in net outflows since the said date, suggesting that investors now prefer Bitcoin ETFs to gold ETFs. Balchunas is expecting assets under management in Bitcoin ETFs to surpass those of gold ETFs within two years.
Meanwhile, Bitcoin’s latest rally has uplifted the mood of the crypto market, benefiting several altcoins. Now, let’s find out whether BTC has a chance to hit the current all-time high or will experience a pullback soon.
Bitcoin Price Analysis
After consolidating for several days, Bitcoin finally crossed above the $53,035 resistance level on February 26th. This move encouraged the buyers to push the coin to $56,453 the following day. The buyers are now in charge of the Bitcoin market. They will look to drive the digital currency to the $60,035 resistance level. But a move above this price seems unlikely due to the heavy presence of the sellers expected there.
Analysts anticipate a correction before BTC goes above $60,000 to rally toward the all-time high of $69,000. On the downside, Bitcoin might fall to the 20-day Exponential Moving Average of $50,148 and even the 50-day Simple Moving Average of $45,721 if the bulls allow a break below $53,035.
Ethereum Price Analysis
The second leg of the Ethereum uptrend started on February 25th when the token went above the resistance at $3,032.89. ETH is now changing hands for $3,297. The Relative Strength Index (73.29) suggests that the buyers are in control. If they keep Ethereum above $3,032.89 over the coming days, then a rally to $3,539.50 becomes likely. Meanwhile, the first sign of the bears’ comeback will show when ETH drops below the 20-day Exponential Moving Average of $2,821. If this happens, the token could retest $2,719.49 before heading to the 50-day Simple Moving Average of $2,551.30.
BNB Price Analysis
BNB has rallied significantly over the past seven days. However, the bulls have not succeeded in keeping the coin above the $400.60 resistance level. BNB is now valued at $393.28. If its price reverses now, the bulls are likely to come in at the 20-day Exponential Moving Average of $355.90 to buy the dip and then push BNB to $461.
On the contrary, if the bulls do not purchase the dip at $355.90, BNB could sink to the 50-day Simple Moving Average of $322.49, a move that could give the bear an advantage to drag the digital currency to $290.95.
XRP Price Analysis
While most of the top cryptocurrencies have already broken above key resistance levels, XRP is still struggling to go past the $0.5803935 barrier. And the Relative Strength Index (49.87) suggests that the token could trade in a range for some time before breaking out. However, if the bulls overcome the hurdle at $0.5803935, we might see XRP rallying to $0.6700034, where a correction is expected. On the negative side, a fall to $0.4839271 is possible if $0.5002433 is not protected.
Solana Price Analysis
Solana bulls have flipped the $100.54 resistance into support. They are now defending the token from plunging that level. If SOL stays above $100.54 over the next few days, the resistance at $118.90 could collapse to allow a rally to the $127.93 resistance level or even $134.
On the other hand, If Solana breaks below $100.54, it will start trading below the downtrend line, and this might motivate the bears to tug the crypto asset to the 50-day Simple Moving Average of $95.98 and then later to $81.15.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.