Bitcoin Defends Crucial Support as Altcoins Eye Rally

Main highlights:

• Bitcoin continues facing downward pressure, with sellers active during upswings close to the $74,508 barrier.
• Bearish forces are strongly protecting elevated zones in numerous prominent altcoins, reflecting widespread pessimistic outlook.

Bitcoin kicked off the fresh week with restraint, as buyers strive to keep the price hovering above the $67,500 mark. There’s little enthusiasm among investors to scoop up the recent price drop, evidenced by the substantial $133.3 million exodus from Bitcoin exchange-traded products over the previous week. Overall, withdrawals from cryptocurrency investment vehicles have climbed to $3.8 billion across the last four weeks, as reported in CoinShares’ latest Monday update.

Should Bitcoin close the month under $79,500, it would mark the initial instance of back-to-back negative monthly closes in both January and February. Suffering a drop exceeding 22%, Bitcoin is on track for its most dismal first-quarter showing since the 49.7% plunge back in 2018, based on data from CoinGlass.

Even amid Bitcoin’s subdued showing and ambiguous short-term trajectory, Michael Saylor, co-founder of Strategy, shared on X that the firm is acquiring additional Bitcoin. This purchase represents Strategy’s 99th Bitcoin transaction, underscoring their unwavering long-term optimism.

Is it feasible for Bitcoin alongside leading altcoins to safeguard their vital support zones and launch a robust rebound rally? A detailed examination of the charts for the top 10 cryptocurrencies will shed light on this possibility.

S&P 500 Index price outlook

The S&P 500 Index (SPX) is caught in an intense struggle between optimistic buyers and persistent sellers right at the ascending channel’s support boundary.

Moving averages are teetering on the edge of a bearish crossover, while the relative strength index (RSI) lingers in negative territory, suggesting sellers are regaining momentum. Should the price slip beneath the 6,780 threshold, the index could initiate a more profound pullback toward 6,720, potentially extending further to the robust support near 6,550.

For buyers to reclaim dominance, they must elevate the price beyond 7,002. Achieving this could pave the way for the index to recommence its upward trajectory, targeting the 7,290 mark.

US Dollar Index price outlook

The US Dollar Index (DXY) has lingered beneath its moving averages, yet sellers have been unable to breach the 96.21 to 95.55 support area.

Optimistic forces aim to solidify their stance by driving the price above the moving averages. Success here could propel the index upward to 99.49, followed by a challenge to the resistance overhead at 100.54.

On the flip side, a sharp reversal from the moving averages would indicate ongoing seller aggression during recoveries. A decisive close below 95.55 might trigger the subsequent phase of the downtrend.

Bitcoin price outlook

Sellers are working diligently to curb Bitcoin’s rebound around $71,000, a clear sign that bearish sentiment persists with sales on every uptick.

To maintain control, sellers need to drag the price under $65,000. This could lead the BTC/USDT pair to probe the pivotal $60,000 support. A failure at $60,000 might send it plummeting to $52,500.

Conversely, buyers must push Bitcoin past the $74,508 breakdown point to demonstrate fading bearish strength. From there, the pair could advance toward the 50-day simple moving average at $83,910, where sellers are poised for a fierce stand.

Ether price outlook

Ether encountered rejection once more at $2,111 over the weekend, highlighting the tenacious defense by bears at this crucial juncture.

Sellers will seek to undermine the nearby $1,897 support. Breaching it could cascade the ETH/USDT pair down to $1,750. Expect vigorous buyer defense at $1,750, since falling below might drag it all the way to $1,537.

A bullish turnaround surpassing the 20-day exponential moving average ($2,221) would indicate easing selling pressure. This might propel the pair to the 50-day simple moving average ($2,744).

BNB price outlook

BNB’s short-lived recovery stalled at $642 during the weekend, underscoring bearish sales at even modest gains.

Bears intend to tighten their dominance by forcing BNB below $570. Such a break could extend the slide to the key psychological level of $500.

Buyers need to elevate the price over the 20-day EMA ($686) to show bears weakening. This could lead to a climb toward $730, and potentially the 50-day SMA ($817).

XRP price outlook

XRP bounced from the descending channel’s support line late last week and briefly crossed the 20-day EMA ($1.53) on Sunday.

Nevertheless, bears repelled the advance at the $1.61 breakdown level, retreating the price under the 20-day EMA. Buyers remain resilient and are likely to challenge $1.61 again soon.

Clearing $1.61 could lift the XRP/USDT pair to the 50-day SMA ($1.81), implying prolonged consolidation within the channel.

Sellers gain edge by breaking below the channel support line, potentially revisiting the February 6 low near $1.11.

Solana price outlook

Buyers are pushing to reclaim Solana above the $95 breakdown level, but bears have steadfastly resisted so far.

Solana might oscillate within the $76 to $95 range in the coming period, heightening chances for an upward escape. The SOL/USDT pair could then target $117.

This optimistic scenario invalidates if price dips below $76 support, risking a drop to the February 6 low of $67, where buyers may intervene.

Dogecoin price outlook

Dogecoin faced rejection at the $0.12 breakdown level on Sunday, confirming bearish protection there.

The 20-day EMA ($0.10) is stabilizing horizontally, paired with an RSI near neutral, pointing to potential sideways trading ahead. The DOGE/USDT pair could fluctuate between $0.08 and $0.12 over the next few days.

A close above $0.12 hands initiative to buyers, unlocking potential to $0.16. A close under $0.08 shifts favor to bears, possibly leading to $0.06.

Cardano price outlook

Cardano’s bounce hit the 20-day EMA ($0.29) over the weekend, likely posing a formidable barrier.

If buyers hold firm without major concessions, odds rise for surpassing the 20-day EMA, keeping the ADA/USDT pair within the descending channel longer. Breaking and closing above the downtrend line hints at a short-term bullish shift.

Sellers extend the decline by pulling below the support line, aiming for $0.20 next.

Bitcoin Cash price outlook

Bitcoin Cash broke above the 20-day EMA ($544) late last week, signaling diminishing bearish control.

The upswing confronts resistance at the 50-day SMA ($578), but encouragingly, buyers have prevented a retreat below the 20-day EMA. This bolsters prospects for further rebound. Piercing the 50-day SMA could carry the BCH/USDT pair to $600.

Sellers counter by rapidly dropping price below the 20-day EMA, pressuring toward $500 support.