By Frank Martin (MoneyAmped.com)
Bears’ continued failure to drag Bitcoin below the $93,500 critical support led to increased buying pressure, which helped the coin cross $99,000 on February 21st. The buyers are looking to stretch their advantage further by thrusting BTC above $100k. However, intense selling near this crucial level has made it challenging for buyers to achieve their goal.
That said, Bitcoin is still stuck in the $93,500 – $99,500 wide trading range. The coin needs to witness massive buying to break above $99,500. Head of Research at CryptoQuant, Julio Moreno, is optimistic that a bullish breakout could happen soon due to increased demand from institutional investors.
Moreno reported on Saturday that these investors have already poured over $4.4 billion into Bitcoin ETFs this quarter. By comparison, they invested $4.2 billion in those ETFs in the first quarter of 2024.
So, will rising institutional demand help BTC cross $100,000? And if that’s the case, which barriers should retail investors monitor? Let’s now analyze the charts to find out.
Bitcoin Price Analysis
BTC traded above the 20-day Exponential Moving Average of $97,834 for several hours on February 21st. However, short-term traders began booking profits, dragging the coin to $95,375 as of this writing.
If the bulls continue protecting $93,500, it will mean that positive momentum is alive. As such, Bitcoin could rally above the 50-day Simple Moving Average of $99,173, moving toward $102,439 and later to $106,487. On the contrary, a dip below $93,500 would suggest that the bears want to strengthen their position. In this scenario, BTC could fall to $90,143 and then to $85,921.
Ethereum Price Analysis
ETH almost hit the $2,851.83 breakdown level on February 21st. However, it started to trend downward later that day following news that leading crypto exchange Bybit had been attacked, with the hackers stealing $1.4 billion worth of Ethereum.
The good news is that Bybit has been buying ETH over the past three days to ensure customer funds are fully backed, thus limiting the downtrend. However, if buying pressure declines, Ethereum could dip to $2,552 and subsequently to $2,405. Conversely, a sustained break above the 20-day Exponential Moving Average of $2,780.27 could trigger a bullish move to the 50-day Simple Moving Average of $3,074, where we expected the bears to establish a solid defense to prevent a surge to $3,200.47.
XRP Price Analysis
Intense profit booking above the 50-day Simple Moving Average of $2.732 has caused XRP to drop to $2.467 at press time. Further, the Relative Strength Index (43.84) indicates a continued price correction, which could see the coin dipping to $2.308. Even worse, XRP could hit $2 if $2.308 isn’t guarded.
From a bullish point of view, if the buyers cause a rally above the 20-day Exponential Moving Average of $2.635, $2.732 could give way, enabling XRP to rise toward the $3 vital resistance.
BNB Price Analysis
BNB saw massive demand last week when meme coins inspired by Changpeng Zhao’s dog were launched on BNB Smart Chain. Increased buying caused the token to rally above the 50-day Simple Moving Average of $667.45. However, BNB has now dropped to $641, below the 20-day Exponential Moving Average of $649.66.
If short-term traders continue taking profits, we anticipate a bearish move to the $597.03 support. On the positive side, a rally above $667.45 could allow BNB to climb to $686 and later to $744.
Solana Price Analysis
Sellers have pulled Solana below the $174.96 breakdown level, suggesting they are in control. If the bulls fail to guard $160, SOL could see its price plunge to $154.69 and then to $143. It is worth mentioning that the current downtrend comes a few days before the Solana team unlocks over $1.2 billion worth of tokens at the start of March.
Meanwhile, SOL needs to cross the 20-day Exponential Moving Average of $191.53 to indicate the start of a solid rally. As such, a surge to $230 seems likely.
