Bitcoin Weakens, Yet ETH, BNB, XMR, and TAO Display Potential

On February 23, Bitcoin (BTC) fell beneath $95,500 after struggling to surpass the $100,000 threshold on February 21. The prolonged period below $100,000 raises the likelihood of a decline towards the critical support level of $90,000. Market analysts are split regarding Bitcoin’s forthcoming trend. Some predict a new peak as soon as next month, while others foresee a dip to $85,000 prior to a resumption of the uptrend.

The uncertain price movements of Bitcoin may have heightened altcoin interest among traders. Ki Young Ju, CEO of CryptoQuant, commented on X that “altseason has commenced.” Ju noted that, unlike past altseasons, there will not be a direct migration from Bitcoin to altcoins; rather, stablecoin holders are expected to favor altcoins. He emphasized that trading volume is what defines an altseason and pointed out that altcoin trading volume was 2.7 times that of Bitcoin.

Ether (ETH), the largest altcoin, remains stable despite the $1.4 billion hack of the Bybit exchange. Data from CryptoQuant indicates that Ether whales, holding between 10,000 to 100,000 Ether, have accumulated $140 million worth of Ether since the incident.

Is Bitcoin’s constrained trading range shifting focus towards altcoins? Let’s explore the top cryptocurrencies showing strong potential on the charts.

Bitcoin price analysis

Bitcoin faced resistance at the 50-day simple moving average ($98,933) on February 21, suggesting that sellers are actively defending this level.

The 20-day exponential moving average ($97,236) is gradually declining, and the relative strength index (RSI) is just below the midpoint, indicating a slight edge for the bears. A close below $93,388 could lead to a decline towards the crucial $90,000 support. Buyers must protect this support level to prevent the formation of a double-top pattern.

If bulls manage to push the price above the 50-day SMA, they could gain a short-term advantage, allowing the BTC/USDT pair to rise to $102,500 and eventually $106,500.

Both moving averages have started to flatten on the 4-hour chart, with the RSI in negative territory, indicating a balance between supply and demand. If bears push the price below $93,388, they could drive it down to the critical support at $90,000, where buyers are anticipated to re-enter.

On the upside, the bulls need to maintain the price above the psychological mark of $100,000 to initiate a stronger recovery towards $102,500.

Ether price analysis

Ether climbed above the 20-day EMA ($2,775) on February 23, suggesting that bulls are making an effort to recover.

The area between the downtrend line and $2,850 may pose significant resistance, but if bulls succeed, the ETH/USDT pair could signal a shift in short-term trend, rallying towards $3,332 and then $3,525.

This optimistic outlook will be undone if the price drops from the downtrend line and falls below $2,500, which could lead to further declines to $2,400 and eventually $2,300.

The 20-EMA on the 4-hour chart is beginning to rise, and the RSI has entered positive territory, indicating that the short-term edge has shifted to the bulls. While the downtrend line could serve as a robust resistance, overcoming it may lead the pair to rise to $3,000 and later to $3,437.

Conversely, a sharp decline from the downtrend line and a break below the moving averages would indicate that bears are continuing to sell on rallies, potentially pulling the pair down to $2,600 and then $2,500.

BNB price analysis

Sellers are attempting to keep BNB (BNB) prices below the 50-day SMA ($666), but the bulls are resisting this effort.

To clear the way for a potential rally to $745, buyers must drive and maintain the BNB/USDT pair above the 50-day SMA. Minor resistance is present at $686, but this level is likely to be surpassed.

Bears aiming to obstruct this upward movement must swiftly drop the price below the $635 support. If successful, the pair could slide to $596, enabling a play within the broad range of $460 to $745.

The 4-hour chart indicates that the pair has been fluctuating between $680 and $635 for an extended period. The relatively flat moving averages and RSI below the midpoint suggest a slight advantage to the bears. A breakdown below $635 could initiate a deeper correction towards $596.

Conversely, a break and close above $686 would signal that bulls have regained control, potentially pushing the pair up to $732.

Related: Can Ether recover above $3K after Bybit’s massive $1.4B hack?

Monero price analysis

Monero (XMR) has been on an upward trajectory for several days, but encounters resistance at $245.

If the price strongly rebounds off the 20-day EMA ($228), it will enhance the likelihood of surpassing $245. If successful, the XMR/USDT pair could accelerate towards the next significant resistance at $290.

Conversely, a break and close below the 20-day EMA would indicate that bulls are booking profits, which might drive the price down to the 50-day SMA ($219), likely attracting significant buying interest from bulls.

On the 4-hour chart, both moving averages are leveling out, and the RSI hovers near the midpoint, indicating possible range-bound action in the near term. The pair might consolidate between $245 and $226 for a duration.

A price rise above $245 would signal the commencement of the next uptrend leg, while a break and close below $226 would suggest bulls have caved in, potentially triggering a correction towards $216.

Bittensor price analysis

Bittensor’s (TAO) rebound faces substantial resistance at $500, suggesting ongoing bear activity at elevated levels.

Bulls will aim to contain the pullback at the 20-day EMA ($404). If they succeed, it will indicate a sentiment shift from selling during rallies to buying on dips. This could lead to another attempt to breach the $500 resistance. If they succeed, the TAO/USDT pair might surge to $600.

This optimistic projection would be invalidated if the price drops below the 20-day EMA, potentially descending to $346.

The 4-hour chart reveals that the pair has dropped below the 20-EMA, signaling diminishing bullish momentum. Buyers will try to initiate a rebound from the 50-SMA. If successful, the pair could rise to $463 and then to $500. A break and close above $500 would complete a bullish inverted head-and-shoulders pattern, possibly starting a rally towards $600.

On the contrary, a break and close below the 50-SMA would imply bears remain in control, potentially sending the pair down to robust support at $350.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.