Bitcoin BTCUSD dropped below $95,500 on February 23 after it couldn’t breach the $100,000 mark on February 21. The longer the price remains beneath the $100,000 threshold, the higher the chances of a decline to the critical $90,000 support level. Analysts are split regarding Bitcoin’s next directional move. Some expect a new peak as soon as next month, while others predict a drop to $85,000 before a renewed upward trend resumes.
Bitcoin’s fluctuating short-term price dynamics may have heightened interest among traders in altcoins. CryptoQuant’s CEO, Ki Young Ju, remarked in a post on X that “altseason has begun.” Ju noted that, in contrast to past seasons, there won’t be a direct transition into altcoins from Bitcoin; rather, stablecoin holders are expected to lean towards altcoins. He emphasized that trading volume signals the start of altseason and pointed out that altcoin trading volume has surged to 2.7 times that of Bitcoin.
The foremost altcoin, Ether 
ETHUSD, appears unaffected by the $1.4 billion hack of the Bybit exchange. Data from CryptoQuant shows that Ether whales, holding between 10,000 to 100,000 Ether, have amassed $140 million worth of Ether since the hack.
Will Bitcoin’s narrow trading range redirect attention towards altcoins? Let’s assess the top cryptocurrencies that demonstrate strength on the charts.
Bitcoin price analysis
Bitcoin declined from the 50-day simple moving average ($98,933) on February 21, indicating strong resistance from bears at this level.
The 20-day exponential moving average ($97,236) is gradually declining, and the relative strength index (RSI) is just shy of the midpoint, suggesting a slight favor towards bears. A drop and close below $93,388 could pave the way for a fall to the crucial support at $90,000. Buyers must defend the $90,000 support to prevent a double-top pattern from forming.
If bulls manage to push and maintain the price above the 50-day SMA, they could gain the upper hand in the short term. The 
BTCUSDT pair could ascend to $102,500 and eventually reach $106,500.
Both moving averages have leveled out on the 4-hour chart, while the RSI is currently in negative territory, suggesting an equilibrium between supply and demand. If bears manage to pull the price beneath $93,388, the short-term advantage will shift in their favor, potentially leading to a decline towards the critical support at $90,000, where buyers are anticipated to enter.
Conversely, bulls need to push and sustain the price above the psychological $100,000 mark to initiate a more robust recovery towards $102,500.
Ether price analysis
Ether climbed past the 20-day EMA ($2,775) on February 23, indicating that bulls are attempting a rebound.
The area between the downtrend line and $2,850 may pose significant resistance, but should bulls prevail, the ETHUSDT pair could indicate a short-term trend reversal. This pair might rally to $3,332 and then to $3,525.
This optimistic perspective will be invalidated if the price recoils from the downtrend line and falls below $2,500, which could extend the decline to $2,400 and eventually to $2,300.
The 20-EMA on the 4-hour chart has begun to rise, and the RSI has moved into the positive zone, indicating a shift in short-term advantage towards the bulls. While the downtrend line may serve as a formidable barrier, if bulls manage to breach it, the pair could surge to $3,000 and subsequently to $3,437.
On the other hand, if the price sharply declines from the downtrend line and falls below the moving averages, it will indicate ongoing selling pressure from bears. This could lead the pair down to $2,600, and possibly to $2,500.
BNB price analysis
Sellers are attempting to keep BNB (BNB) below the 50-day SMA ($666), yet bulls are maintaining their pressure for upward movement.
Buyers must push and sustain the 
BNBUSDT pair above the 50-day SMA to clear the way for a potential rally towards $745. Minor resistance exists at $686, but it is likely to be overcome.
If bears aim to thwart the upward movement, they must quickly drag the price below the $635 support level. Success in that endeavor could see the pair slump to $596, setting the stage for a larger $460 to $745 range.
The 4-hour chart reveals that the pair has been oscillating between $680 and $635 consistently. The mildly flattening moving averages and an RSI below midpoint suggest a slight advantage for bears. Should the price drop below $635, a more profound correction to $596 could occur.
However, if a break and close above $686 is achieved, it would signify a bullish resurgence, potentially driving the pair to $732.
Monero price analysis
Monero (XMR) has been in a rising trend for several days, but it is now encountering resistance at $245.
If the price firmly rebounds off the 20-day EMA ($228), it will enhance chances for a rally above $245. If this occurs, the 
XMRUSDT pair may soar towards the next key resistance at $290.
Conversely, if the price dips below the 20-day EMA, it suggests that bulls are taking profits, potentially pulling the price down to the 50-day SMA ($219), which is likely to attract significant buying interest from bulls.
Both moving averages on the 4-hour chart are flattening, while the RSI hovers near midpoint, signaling a possible range-bound movement ahead. The pair may consolidate between the $245 and $226 levels for some time.
Should the price rise above $245, it would signal the commencement of the next phase of the uptrend. Conversely, a drop and close below $226 may indicate a retreat from bulls, prompting a correction towards $216.
Bittensor price analysis
Bittensor’s (TAO) rebound is meeting substantial resistance at $500, showing that bears are still active at elevated levels.
The bulls will aim to halt the pullback at the 20-day EMA ($404). If successful, it will indicate a sentiment change from selling on rallies to buying on dips. The bulls will then attempt another push to surpass the resistance at $500. If they achieve this, the 
TAOUSDT pair could surge to $600.
This bullish outlook will be negated if the price falls below the 20-day EMA. In that case, the pair may decline to $346.
The pair has broken below the 20-EMA on the 4-hour chart, implying that the bullish momentum is faltering. Buyers will try to initiate a rebound from the 50-SMA. If successful, they could elevate the pair to $463 and eventually to $500. A break and close above $500 would complete a bullish inverted head-and-shoulders pattern, initiating a rally towards $600.
Conversely, a close below the 50-SMA would indicate that bears are still in control. The pair could then plunge to the robust support level at $350.
This article does not provide investment advice or recommendations. Every investment and trading move carries risks, and readers should conduct their own research before making a decision.
