Main points:
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Rising oil prices haven’t hurt crypto sentiment as buyers try to push Bitcoin above $69,000
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Buyers are trying to push several major altcoins above their upper resistance levels, which indicates demand at lower levels.
A sharp rally in oil prices failed to deter cryptocurrency buyers, who pushed Bitcoin (BTC) above $69,000 on Monday. Although BTC exchange funds witnessed outflows on Thursday and Friday, the week saw net inflows of $568.45 million, per SoSoValue data. It was the second consecutive week of net inflows in the first five months.
While some analysts believe that BTC may have bottomed out, blockchain analyst Willy Wu said in a post on X that BTC is in the middle of a bear market in terms of long-term liquidity, forming a bull trap.
Usually, when negative news fails to push the price down in a downtrend to a new level, this indicates that selling may dry up. This does not guarantee a sharp rally in the near future, as markets tend to consolidate in a range for a while before starting the next leg higher.
Can buyers push BTC and major altcoins above their resistance levels? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
S&P 500 Index price forecast
The S&P 500 (SPX) closed below the 6,775 level on Friday, indicating that the bears are trying to take charge.
The moving averages have completed a bearish crossover and the relative strength index (RSI) has fallen into negative territory, indicating that the path of least resistance is to the downside. The next important support to watch for a downside is 6,550. If the level is broken, the correction could go deeper to 6,147.
Buyers are forced to push the price above the moving average to increase the strength of the signal. This improves the prospect of a rally to the 7,290 level.
US dollar index price forecast
The US Dollar Index (DXY) is resisting near the 99.50 level, but the bulls are maintaining pressure.
A rising 20-day exponential moving average (98.17) and an RSI above the 63 level indicate that the bulls are in command. If the price closes below the 99.50 level, the index may retest the critical resistance at the 100.54 level. Close to the resistance of 100.54 indicates the beginning of a new movement.
Sellers will be forced to lower the price below the moving average to keep the index within the range of 95.50 to 100.54.
Bitcoin price prediction
BTC broke below the 20-day EMA ($68,553) on Friday, but the bears failed to push the price past the support line. This indicates that demand is at lower levels.
If the price holds above the 20-day EMA, the probability of a break above the $74,508 resistance increases. Such a move indicates that the BTC/USDT pair may go down in the short term. After that, the price of Bitcoin may rise to $84,000, where the bears have strong protection.
This positive view will be invalidated in the near future if the price goes down and breaks below the support line. After that, the pair could fall to the important support at $60,000.
Ether price forecast
Ether (ETH) broke below the 20-day EMA ($2,018) on Friday, but the bears failed to sink the price to the $1,750 level.
This means that sales will dry up at lower levels. The bulls are trying to push the price above the 20-day EMA. If they can do that, the ETH/USDT pair could climb to the 50-day SMA ($2,249). Sellers are trying to stop a relief rally at the 50-day SMA, but if the bulls prevail, the pair could fall to $2,600.
Contrary to this hypothesis, if the price of Ether breaks down from the level of $2,111 and falls below $1,916, this indicates that the pair can stay within the range for a long time.
BNB price forecast
BNB (BNB) broke below the 20-day EMA ($633) on Friday, but the bears failed to push the price to the $570 level.
This has attracted buyers who are trying to push the price above the 20-day EMA. If they succeed, the BNB / USDT pair may retest the upper resistance at $670. Sellers are expected to fiercely defend the $670 level, as its close opens the door for a rally to $730 and then $790.
Instead, if the price of BNB breaks below the current level or the $670 resistance, it means that the range-bound action could continue for a few more days. Sellers need to break the pair below the $570 level to initiate the next leg of the downtrend towards $500.
XRP price prediction
XRP (XRP) has been trading slightly below the 20-day EMA ($1.39) for several days, indicating that the bulls are continuing to press.
A close above the 20-day EMA would be the first sign of strength. The XRP/USDT pair may then rise to the level of $1.61 and then to the descending line of the descending channel pattern. Buyers will have to break and hold XRP price above the downtrend line to signal a short-term trend reversal.
Conversely, if the price breaks below the 20-day EMA and falls below $1.27, it means the bulls have given up. This could push the pair to the support line, which is likely to attract buyers.
Solana price forecast
Solana (SOL) has rallied between $76 and $95 for several days, indicating a balance between supply and demand.
The flat 20-day EMA ($85) and the RSI below the point do not give a clear advantage to either the bulls or the bears.
The next trend move is expected to start near above $95 or below $76. If buyers push Solana above $95, the rally could reach $117. Alternatively, a break and close below $76 would indicate that the bears have defeated the bulls. After that, the SOL/USDT pair may fall to $67 by February 6.
related to: Bitcoin ‘strongest indicator’ below $67k despite oil shock
Dogecoin price prediction
Dogecoin (DOGE) broke below the $0.09 support on Sunday, but the bears failed to hold the lower levels. The bulls have bought the water and are trying to restore the level.
If the bearish rally breaks below the 20-day EMA ($0.09), it means that the bears remain in control. This increases the downside risk to $0.08 by February 6.
Buyers may have other plans. They will try to push the price of Dogecoin above the moving average. If they manage to pull it off, the DOGE/USDT pair could rise to the $0.12 split level. Buyers need to find resistance at $0.12 to indicate that the pair can go down to $0.08.
Cardano price prediction
Cardano (ADA) broke below the $0.25 support on Sunday, but the bears are struggling to hold the lower levels.
The bulls will try to recover, which is expected to sell at the 20-day EMA ($0.27). If the price drops sharply below the 20-day EMA, the bears will try to push the ADA / USDT pair to the support line of the descending channel pattern. If the price of Cardano returns with strength from the support line, it means that the pair can stay inside the channel for a while longer.
The bulls will have to push and hold the price above the downtrend line to signal a possible short-term trend reversal.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) witnessed a fierce battle between bulls and bears at the $443 level.
The bulls are attempting a relief rally, but the bears are likely to block any recovery attempt at the 20-day EMA ($478). If the price of Bitcoin Cash falls sharply below the 20-day EMA, it will increase the probability of a break above the $443 level.
If this happens, the BCH / USDT pair will complete a head and shoulders downward pattern. This could initiate a downward move to $375.
Conversely, a close above the 20-day EMA indicates that selling pressure is easing. The pair may then rally to the 50-day SMA ($525).
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