Solana

Bitcoin

strong bull

Spot

Daily

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 <p class=""><strong>Demand for Spot Bitcoin ETFs remains strong, yet the Bitcoin market might encounter significant resistance around the $52,000 mark. The impact on altcoins is also of interest.</strong></p>
 <p class="">This week, Bitcoin (BTC) surged past $52,000, with no signs of the upward momentum waning. This suggests a persistent interest in Bitcoin at increasingly higher levels. According to a study by on-chain data <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> company CryptoQuant, “over 75% of new Bitcoin investments” are estimated to be derived from spot Bitcoin exchange-traded funds.</p>
 <p class="">However, perpetual growth is unrealistic. Many experts believe that the current rally may be approaching a saturation point in the short term. Predicting the peak is challenging amidst solid momentum, but history shows that periods of extreme enthusiasm often culminate in significant downturns.</p>
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   <figcaption class="wp-element-caption"><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong><strong><sub>Coin360</sub></strong>
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 <p class="">Macroeconomic factors could act as a headwind for the market rally in the near term. On Jan. 16, CME Group’s FedWatch Tool showed a 63% probability of a 25 basis points rate cut by the Federal Reserve in their March meeting. Still, that expectation has dwindled to 10.5% after January’s Consumer Price Index and Producer Price Index numbers remained above market forecasts.</p>
 <p class="">Could Bitcoin start a correction soon, and will that pull down the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.</p>
 <h2 class="wp-block-heading" id="bitcoin-btc-market-analysis">Bitcoin (BTC) Market Analysis</h2>
 <p class="">Bitcoin has been facing resistance near $52,000, but the bulls have not ceded ground to the bears, indicating they are not hurrying to book profits.</p>
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   <figcaption class="wp-element-caption"><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong><sub><strong>TradingView</strong></sub>
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 <p class="">The upsloping 20-day exponential moving average ($46,947) indicates that the bulls have the upper hand, but the relative strength index (RSI) above 81 suggests that the rally may have run up too fast in the near term.</p>
 <p class="">If the price turns down from the current level and snaps back from $48,970, it will signal that the bulls have flipped the level into support. That will increase the possibility of the continuation of the upmove.</p>
 <p class="">If the price maintains above $52,000, the BTC/USDT pair could rally to $60,000, which is likely to act as a formidable hurdle. Conversely, the pair will be in danger of a short-term reversal if it skids below the 20-day EMA.</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) Market Analysis</h2>
 <p class="">The bulls propelled Ether&nbsp;<a target="_blank" rel="noreferrer noopener">above the $2,717 resistance on Feb. 14, indicating the resumption of the uptrend. The next target objective on the upside is $ the psychologically important level of $3,000.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/17/6c7c2ee7634f22f2772d376b4c9b2160.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong><sub><strong>TradingView</strong></sub>
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  </div> <p class="">The sharp-up move of the past few days has pushed the RSI into the overbought territory, indicating that the rally may be overheated in the short term. That could result in a minor correction or consolidation in the next few days.</p> <p class="">If the price bounces off $2,717, it will suggest that the sentiment remains bullish and traders view the dips as a buying opportunity. Instead, if the price turns down and slips below $2,717, it will suggest that the bulls are losing their grip. The ETH/USDT pair could decline to the 20-day EMA ($2,526).</p> <h2 class="wp-block-heading" id="solana-sol-market-analysis">Solana (SOL) Market Analysis</h2> <p class="">Solana turned down from $119 on Feb. 14 and is likely to retest the neckline of the inverse head-and-shoulders pattern at $107.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/17/bff5e2ca64b06c96a831bef7769dd528.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong><strong><sub>TradingView</sub></strong>
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  </div> <p class="">If the price rebounds off the neckline, it will suggest that the bulls have flipped the level into support. That will enhance the prospects of a break above $126. The SOL/USDT pair will then attempt a rally to the pattern target of $135.</p> <p class="">Contrarily, if the price breaks below the neckline, it will suggest that the bears continue to sell on rallies. The bulls will again try to arrest the fall at the moving averages, but if they fail, the pair may slide to $93.</p> <h2 class="wp-block-heading" id="bnb-market-analysis">BNB Market Analysis</h2> <p class="">The failure of a bearish pattern is a bullish sign that proved correct in the case of BNB.</p> <p class="">Buyers pushed the price above the descending triangle pattern on Feb. 8 and followed that up with a break above the overhead resistance of $338 on Feb. 15.</p>
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    <figcaption class="wp-element-caption"><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong><sub><strong>TradingView</strong></sub>
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  </div> <p class="">The long wick on the Feb. 15 and Feb. 16 candlestick shows the bears are trying to halt the upward move near $366. Sellers must drag the price below $338 to weaken the bulls. If they do that, the BNB/USDT pair could drop to the 20-day EMA ($322).</p> <p class="">Contrary to this assumption, if the price consolidates near the current level, it will suggest that the bulls anticipate the up move to continue. A break above $366 will open the doors for a possible rise to $400.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned up from the 20-day EMA ($0.53) on Feb. 14 and broke above the 50-day SMA ($0.55) on Feb. 15, indicating steady buying at higher levels.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong><strong><sub>TradingView</sub></strong>
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  </div> <p class="">The price has reached the downtrend line, which will likely witness a tough battle between the bulls and the bears. The XRP/USDT pair could accelerate toward $0.67 if the bulls prevail. There is a minor resistance near $0.62, but it is likely to be overcome.</p> <p class="">Contrarily, if the price turns down sharply from the current level and breaks below the 20-day EMA, it will suggest that the bears are fiercely defending the downtrend line. The pair may, after that, descend to $0.50.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">After struggling a few days, Cardano&nbsp;</a><a target="_blank" rel="noreferrer noopener">picked up momentum on Feb. 14 and broke above the immediate resistance at $0.57.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong><strong><sub>TradingView</sub></strong>
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  </div> <p class="">The upsloping 20-day EMA ($0.54) and the RSI in the positive territory indicate that bulls have a slight edge. There is a minor resistance at $0.62, but it is likely to be crossed. The ADA/USDT pair could rally to the stiff overhead resistance at $0.68.</p> <p class="">The critical support to watch on the downside is at the moving averages. A break and close below the 50-day SMA ($0.53) will suggest that the recent breakout may have been a bull trap. The pair could then plunge to the solid support at $0.46.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) Price Analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">The bulls nudged Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">above the $42 overhead resistance but could not sustain the higher levels seen from the long wick on the Feb. 15 candlestick.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/17/7d5270d9ea8353dc73ee6fc11b6b18d8.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong><sub><strong>TradingView</strong></sub>
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  </div> <p class="">The price could dip to the 20-day EMA ($37.87), the first support line. If the price turns up from the 20-day EMA, it will increase the likelihood of a break above $42. If that happens, the AVAX/USDT pair will complete a bullish inverse H&amp;S pattern, triggering a rally to $50.</p> <p class="">On the contrary, if the price continues lower and breaks below the moving average, it will suggest that the pair may swing between $32 and $42 for some time.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) Price Analysis</h2> <p class="">Dogecoin&nbsp;turned up from the 20-day EMA ($0.08) on Feb. 14 and broke above the downtrend line, indicating that the bulls are trying to seize control.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/17/40f4c4ad77805c659be113721670f073.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong><strong><sub>TradingView</sub></strong>
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  </div> <p class="">If the price maintains above the downtrend line, the DOGE/USDT pair is likely to pick up momentum and surge toward the $0.10 to $0.11 resistance zone. The bears are expected to defend this zone with vigour.</p> <p class="">Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that every higher level is being sold. The pair may decline to the uptrend line and later to the strong support at $0.07.</p> <h2 class="wp-block-heading" id="chainlink-link-price-analysis">Chainlink (LINK) Price Analysis</h2> <p class="">Chainlink&nbsp;has been facing profit booking near $20.85, but a positive sign is that the bulls have not ceded much ground to the bears.</p>
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/17/68164c248023b789f52b0877236b2339.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><strong><sub>LINK/USDT daily chart. Source:&nbsp;</sub></strong><sub><strong>TradingView</strong></sub>
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  </div> <p class="">This suggests that the sentiment remains positive, and traders anticipate the uptrend to resume. The upsloping 20-day EMA ($18.41) and the RSI in the positive territory also indicate an advantage to buyers. A break above $20.85 could open the doors for a move to the pattern target of $21.79.</p> <p class="">The 20-day EMA is a crucial support to watch on the downside. The LINK/USDT pair may plummet to $17.32 if this level is violated.</p> <h2 class="wp-block-heading" id="polkadot-dot-price-analysis">Polkadot (DOT) Price Analysis</h2> <p class="">Polkadot&nbsp;has been sustaining above the 50-day SMA ($7.25) for the past two days, indicating buying from the bulls.</p>
  <div class="wp-block-image">
   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/17/946d325231a69c5a2bc7d557acc34015.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><strong><sub>DOT/USDT daily chart. Source:&nbsp;</sub></strong><sub><strong>TradingView</strong></sub>
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  </div> <p class="">The moving averages are on the verge of a bullish crossover, and the RSI is in the positive zone, indicating that the bulls are making a comeback. The 20-day EMA ($7.20) is likely to support dips, and the bulls will try to propel the price to $8.58.</p> <p class="">This optimistic view will be negated if the price turns down sharply and breaks below the moving averages. The pair could then slump to $6, likely to attract strong bull buying.</p> <p class="">Source – Rakesh Upadhyay</p> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-16th-feb-btc-eth-sol-bnb-xrp-ada-avax-doge-link-dot-tbt80093.html">https://thebittimes.com/latest-market-overview-16th-feb-btc-eth-sol-bnb-xrp-ada-avax-doge-link-dot-tbt80093.html</a></p>

Latest Market Overview 16th Feb: BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE, LINK, DOT

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