Inflows into Spot Bitcoin (BTC) exchange-traded funds (ETFs) exceeded $2.2 billion from February 12th to February 16th, demonstrating strong investor appetite. Bloomberg analyst Eric Balchunas wrote on This represents 50% of all net ETF flows.
Bitcoin continued its rally this week, gaining about 7%, but bulls are facing stiff resistance near the $52,000 level. One near-term concern is the possibility that bankrupt crypto finance company Genesis may sell about $1.3 billion worth of Grayscale Bitcoin Trust shares to repay creditors.
If Bitcoin stabilizes in the short term, the action could shift to altcoins. Some altcoins that have broken above their respective overhead resistance levels in the past few days are likely to witness a continuation of the rally.
Can Bitcoin avoid a crash in the short term? If that happens, let’s take a look at the charts of the top five cryptocurrencies that have the potential to extend the rally.
Bitcoin price analysis
Bitcoin is facing a sell-off near $52,000. The bears tried to push the price below $50,000 on February 17th, but the long candlestick tail indicates solid buying on the push.
The shallow correction from the $52,000 resistance indicates that the bulls are in no rush to book profits as they expect the uptrend to continue. If the price breaks above $52,000 and sustains, the BTC/USDT pair could start heading north toward $60,000.
A small risk to a continuation of the bull market is that the Relative Strength Index (RSI) remains in overbought territory for some time. This indicates that the rally may heat up in the short term.
The bears will need to push the price below the 20-day exponential moving average ($47,809) to signal the start of a correction. The pair could then fall to his 50-day simple moving average ($44,441).
The bears pushed the price below the 20 EMA on the 4-hour chart, but the price failed to sustain below the lower limit. This suggests that the bulls are actively trying to defend the level. Buyers need to overcome a $52,817 hurdle to improve their chances of climbing to $55,000.
If the bears want to stop the rally, they will need to push the price below the moving average. The pair could then collapse to the $48,970 breakout level. The bulls will try to defend this level, but if their efforts fail, the pair could fall to $47,000 and eventually $44,700.
BNB price analysis
BNB (BNB) is trending higher, but its gains are facing headwinds near stiff resistance at $360. The small positive is that the bulls did not cede ground to the bears.
The uptrending 20-day EMA ($328) and RSI near overbought territory indicate that the path of least resistance is towards the upside. If buyers achieve a close above $360, the BNB/USDT pair could begin the next leg towards $400. This level may be a difficult hurdle to cross, but if it can be overcome, the next stop could be at $460.
Conversely, if the price closes below $348, short-term traders may book profits. If this happens, a correction could begin at the 20-day EMA and then toward the 50-day SMA ($313). If the pair closes below the 50-day SMA, it signals a short-term trend change.
While the bulls are trying to protect the 20-EMA on the 4-hour chart, the bears are continuing to press. If the price rises from current levels, the bulls will try to push the pair up to $366. A break above this resistance would indicate a resumption of the uptrend. After that, the pair could rise to $400.
Conversely, if the price remains below the 20-EMA, it would indicate that the bears are on a recovery trend. After that, the pair could fall to the 50-SMA.
Caspa price analysis
Kaspa (KAS) soared above the $0.15 overhead resistance on February 17, indicating a resumption of the uptrend.
An uptrend at the 20-day EMA ($0.13) points in favor of buyers, but an overbought level on the RSI suggests that the rally may be too fast in the short term. . If the price declines from current levels, $0.15 is likely to serve as support. A solid rebound from this level would increase the prospects for a rise to $0.20.
On the other hand, if the price drops sharply and drops below $0.14, it would indicate that the uptrend may have ended in the short term. After that, the KAS/USDT pair could fall sharply to the 50-day SMA ($0.11).
The 4-hour chart shows that the pair is facing resistance at $0.17, but it is a positive sign that the bulls are not allowing the price to fall below the 20-EMA. An upward moving average and his RSI near the overbought zone indicate an advantage for buyers. If the price rises above $0.17, the uptrend can continue to $0.20.
Buyers are expected to defend the zone between the 20-EMA and 50-SMA if there is a correction. A break below the 50-SMA may signal that the bears are back in the driver’s seat.
Related: CME Bitcoin Futures OI hits record high of $6.8 billion, BTC price drops to $52,000
VeChain price analysis
VeChain (VET) has been gaining momentum since breaking above its 50-day SMA ($0.03) on February 12, indicating aggressive buying by bulls.
The VET/USDT pair broke above the $0.04 overhead resistance on February 15, marking the beginning of the next leg of the uptrend. However, the long wick of the February 16th candle indicates that the bears are trying to halt the rally around $0.05.
Unless buyers make significant concessions, the rally is likely to continue. If the price closes above $0.05, the pair can rise to $0.07.
If, contrary to expectations, the price continues to decline and falls below $0.04, it would indicate that the bulls are rushing to the exit. After that, the pair may fall to the moving average.
The bulls are trying to prevent a pullback at the 20-EMA on the 4-hour chart. If the price rises from current levels and crosses above $0.05, it will indicate that sentiment remains positive and traders continue to buy the dip.
Instead, if the price falls below the 20-EMA, it would signal profit-taking by the bulls. If the price falls below the 20-EMA, the pair could plummet to the 50-SMA. A deeper decline could delay the start of the next leg of the rally.
rendering price analysis
Lender (RNDR) closed above the overhead resistance at $5.28 on February 15, indicating a resumption of the uptrend.
The bears tried to push the price back below the February 17 breakout level, but the bulls held their ground. This indicates that buyers are attempting to flip the $5.28 level into support. If it is successful, the RNDR/USDT pair could rise to the pattern target of $7.
The rally over the past few days has pushed the RSI into the overbought zone, indicating the possibility of a small correction or consolidation. A break and close below $5 could signal weakness and trap aggressive bulls. After that, the pair could plummet to the 50-day SMA ($4.34).
The moving average on the 4-hour chart is rising and the RSI is near 60, indicating that the bulls have the upper hand. If the price rises above $5.71, it could rise to $6. The trend will favor the bulls if the price remains above the 20-EMA.
The RSI has formed a negative divergence, indicating that the bullish momentum may slow down. If the price falls below the 20-EMA, the decline could reach the 50-SMA. A break below this level could open the door for a fall to $4.40.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
