Fed Chair Jerome Powell disappointed many last week when he said a rate cut won’t happen in March. But he gave hope that the cut will likely occur before the year ends while speaking during an interview with popular media house CBS on Friday.
Powell’s comments explain the current price action in the crypto market. Bitcoin is still trading above key support levels, indicating that traders remain optimistic about the coin’s future.
Besides the expected rate cut, another factor causing the bulls to be positive is the growing inflows into several spot Bitcoin ETFs. For instance, Fidelity and BlackRock’s ETFs recorded a combined $4.8 billion in inflows last month. With more capital entering the Bitcoin market, a price downturn might be limited.
Will BTC continue trading within a range, or should we expect a breakout soon? Let’s get the answers by taking a look at its price chart.
Bitcoin Price Analysis
Despite numerous attempts, sellers haven’t succeeded in pulling BTC below the 20-day Exponential Moving Average of $42.342 this week, indicating that the buyers are actively guarding the level. Bitcoin is now valued at $42,908 after growing 0.9% in the last 24 hours. More buying can push the coin’s price to $44,201, where the bears are likely to mount a strong defense. However, if the bulls weaken the defense, a move to $49,987 is possible.
On the downside, Bitcoin might touch $40,473 and then move toward the $37,990 support level if $42,342 crumbles.
Ethereum Price Analysis
Bears have not succeeded in dragging ETH to the $2,102.93 strong support this week despite the token trading below the 20-day Exponential Moving Average of $2,335.29 for numerous days. This signals adequate buying activity at lower levels. Ethereum is now valued at $2,360.08. If it crosses $2,403.17, then it will be assumed that the buyers have overpowered the sellers. ETH may then head toward $2,610.30. A lack of resistance at this level will cause the token to rally to $2,718.49.
On the contrary, if the bears finally manage to sink the support at $2,102.93, Ethereum may experience a dip to $1,890.64.
BNB Price Analysis
The bulls have guarded the support at the 50-day Simple Moving Average of $300.03 since the start of the week. However, they are still struggling to propel BNB above the downtrend line. The bulls can only do so if they thrust the token above $309.78. If this happens, BNB may hit $321.08 and later rally towards $337.92.
From a negative point of view, if the bears sustain BNB below $300.03, the token may fall to $287.68. In case this level isn’t protected, a bearish setup will form, making a fall to $259.98 possible.
XRP Price Analysis
The bears’ failure to keep XRP below the $0.5003518 support at the start of this month prompted the bulls to begin a recovery rally, which stalled at the 20-day Exponential Moving Average of $0.5370225 on February 3rd. The Ripple-issued digital currency is now valued at $0.5098220. If $0.5003518 eventually gives way, XRP might decline to $0.4629620.
Conversely, a break above $0.5370225 will give the bulls an edge, which they could capitalize to push XRP to the $0.5630419 resistance.
Solana Price Analysis
The bears and bulls have been battling near the 20-day Exponential Moving Average of $94.97 for the past 24 hours. If the bulls emerge victorious and push Solana above $100.48, the token may rally to $107.16. A break above this price will create a bullish setup, which could signal a further upward move to $118.23.
On the other hand, if the bears drag and maintain SOL below $94.97, a move to $79.11 or even $63.89 is possible.
Avalanche Price Analysis
The bulls have finally let the 20-day Exponential Moving Average of $34.56 crumble. Avalanche is now valued at $34.32. More selling pressure may pull the token to $31.49 and later to $25.69. From a positive point of view, a sustained rally above $34.56 could help AVAX hit $44.25.
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