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 <p class=""><strong>In February, Bitcoin’s (BTC) historical market performance tends to favour the bullish sentiment, potentially paving the way for a rally beyond the $45,000 mark. The question arises: will altcoins follow suit?</strong></p>
 <p class="">Although the introduction of Bitcoin exchange-traded funds (ETFs) in January did not result in a price surge due to traders’ attention being directed towards the Grayscale Bitcoin Trust (GBTC) outflows rather than the net inflows into other ETFs, an interesting observation emerges. Traders seemed inclined to capitalise on the news by profiting from their positions.</p>
 <p class="">Nevertheless, there is an encouraging signal that Bitcoin did not linger below the $40,000 threshold for an extended period. This suggests that investors are still drawn to lower price levels. Buying during price declines and selling during upswings might maintain Bitcoin within a particular range for a few days. Looking ahead, the impending Bitcoin halving in April stands out as the next significant catalyst for the cryptocurrency.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">Another positive in favour of the bulls is that Bitcoin has produced an&nbsp;average monthly gain of about 12% in February, according to CoinGlass data. Since 2013, Bitcoin has ended February with a negative monthly return only in 2014 and 2020.</p>
 <p class="">Could Bitcoin repeat its historical solid performance in February? Will altcoins follow Bitcoin higher? 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 trading between the 20-day exponential moving average ($42,365) and the overhead resistance of $44,700 for the past few days.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The 20-day EMA has started to turn gradually, and the RSI has risen into positive territory, indicating a minor advantage to buyers. If bulls overcome the barrier at $44,700, the BTC/USDT pair could attempt a rally to $49,000. The bears are expected to defend this level aggressively.</p>
 <p class="">If the price turns down and plunges below the 20-day EMA, it will indicate that bears are trying to take charge. The selling could pick up on a slump below $41,394. The pair may then descend to $40,000 and later to $37,980.</p>
 <h2 class="wp-block-heading" id="ether-eth-market-analysis">Ether (ETH) market analysis</h2>
 <p class="">Ether remains stuck inside the $2,100 to $2,400 range, but the bulls have not given up and are trying to kick the price above the overhead resistance.</p>
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   <figcaption class="wp-element-caption"><em><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">A close above $2,400 will be the first sign of strength. That could attract further buying, pushing the ETH/USDT pair toward $2,700. If the price turns down from $2,700 but rebounds off $2,400, it will indicate that the sentiment has turned positive. That will enhance the prospects of a rally to $3,000.</p>
 <p class="">On the contrary, if the price turns down sharply from the current level or $2,400, it will indicate that the pair may spend some more time inside the range. The bears will be advantageous if the price dives below $2,100.</p>
 <h2 class="wp-block-heading" id="bnb-market-analysis">BNB market analysis</h2>
 <p class="">BNB&nbsp;<a target="_blank" rel="noreferrer noopener">slipped below the 20-day EMA ($304) on Jan. 31, but the bears could not break the 50-day SMA ($297) support.</a></p><a target="_blank" rel="noreferrer noopener">
  <figure class="wp-block-image"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/03/1d0bd53d74a68f4195e65bf631756af3.webp" alt="" data-recalc-dims="1">
   <figcaption class="wp-element-caption"><em><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </figure> <p class="">The 20-day EMA has flattened out, and the RSI is near the midpoint, signalling a balance between supply and demand. A break above the downtrend line will tilt the balance in favour of the buyers. There is a minor resistance at $322, but if crossed, the BNB/USDT pair may soar to $338.</p> <p class="">Contrarily, if the price turns lower from the downtrend line, it will indicate that the sentiment remains negative and the bears are selling on rallies. That increases the risk of a break below $288.</p> <h2 class="wp-block-heading" id="solana-sol-market-analysis">Solana (SOL) market analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Solana&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned down from the overhead resistance at $107 on Jan. 30 but rebounded off the moving averages on Feb. 1.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The bulls will try to drive the price above $107. If they can pull it off, the SOL/USDT pair will complete an inverse head-and-shoulders pattern. That may start an up move to $126, which is a substantial hurdle, but if the bulls prevail, the next stop could be the pattern target of $134.</p> <p class="">If bears want to prevent the upward move, they must quickly tug the price below the moving averages. The pair could drop to $80, which is likely to act as a strong support.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Sellers yanked XRP&nbsp;</a><a target="_blank" rel="noreferrer noopener">below the $0.50 support on Jan. 31, but the long tail on the candlestick shows buying at lower levels.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">A break above the $0.51 resistance could clear the path for a rally to the 20-day EMA ($0.53). The bears are expected to defend this level with vigour. If the price turns down from the 20-day EMA, the XRP/USDT pair could plunge to $0.46.</p> <p class="">The first sign of strength will be a break and close above the 20-day EMA. The pair may then travel to the downtrend line. Buyers must overcome this obstacle to start a new upmove to $0.67.</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">Cardano&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been trading inside a descending channel pattern for several days, indicating that the bears continue selling on rallies.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The flattish 20-day EMA ($0.51) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price maintains above the 20-day EMA, the bulls will try to push the ADA/USDT pair to the downtrend line. A break and close above this level will suggest that the short-term downtrend may end.</p> <p class="">The critical level to watch on the downside is $0.46, and then the channel’s support line is near $0.40.</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">Avalanche&nbsp;</a><a target="_blank" rel="noreferrer noopener">plunged below the 20-day EMA ($34.29) on Jan. 31, but the bears could not build upon this strength.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The price climbed above the 20-day EMA on Feb. 2, indicating that lower levels are attracting buyers. This increases the likelihood of a break above the channel’s downtrend line. If that happens, the AVAX/USDT pair could start an upmove to $44 and subsequently to the crucial resistance at $50.</p> <p class="">This optimistic view will be invalidated in the near term if the price reverses direction from the downtrend line and breaks below $32. That will set the stage for a decline to the channel’s support line.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Dogecoin&nbsp;</a><a target="_blank" rel="noreferrer noopener">has been trading below the 20-day EMA ($0.08) for the past few days, but the bears have not been able to challenge the $0.07 support. This suggests that selling dries up at lower levels.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">Buyers will try to push the price above the 20-day EMA and gain the upper hand soon. The DOGE/USDT pair could rally to the downtrend line if they succeed. This remains the critical level to watch out for, as the bears have successfully defended the level for many days.</p> <p class="">If the price turns down from the downtrend line, it will indicate that the bears have not given up. The pair may then slide to the $0.07 support. On the other hand, a break above the downtrend line will signal a potential trend change. The pair may then rise to the $0.10 to $0.11 resistance zone.</p> <h2 class="wp-block-heading" id="polkadot-dot-price-analysis">Polkadot (DOT) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">The bears pulled Polkadot&nbsp;</a><a target="_blank" rel="noreferrer noopener">below the neckline of the H&amp;S pattern on Jan. 31, but they could not sustain the lower levels.</a></p><a target="_blank" rel="noreferrer noopener">
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    <figcaption class="wp-element-caption"><em><sub><strong>DOT/USDT daily chart. Source:&nbsp;</strong></sub></em><sub><strong><em>TradingView</em></strong></sub>
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  </div> <p class="">Solid buying by the bulls pushed the price to the 20-day EMA ($6.92) on Feb. 2. A break and close above the 50-day SMA ($7.44) will indicate that the bears are losing their grip. That could open the doors for a rally to $8.50.</p> <p class="">Contrary to this assumption, if the price turns down from the moving averages, it will signal that the bears remain active at higher levels. The DOT/USDT pair may consolidate between the 50-day SMA and $6 for a few days.</p> <h2 class="wp-block-heading" id="chainlink-link-price-analysis">Chainlink (LINK) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Chainlink’s&nbsp;</a><a target="_blank" rel="noreferrer noopener">range-bound action resolved to the upside with a breakout above $17.32 on Feb. 2, suggesting that the buyers have overpowered the sellers.</a></p><a target="_blank" rel="noreferrer noopener">
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   <figure class="aligncenter"><img decoding="async" src="https://cdn.thebittimes.com/images/2024/02/03/d1abbfc6f44a68df43ea8de2fd95bcbe.webp" alt="" data-recalc-dims="1">
    <figcaption class="wp-element-caption"><em><strong><sub>LINK/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">However, the bears are unlikely to give up easily and will try to pull the price back below the breakout level. If they manage to do that, several aggressive bulls may get trapped. That may result in a fall to the 20-day EMA ($15.38).</p> <p class="">Instead, if buyers maintain the price above $17.32, it will suggest a valid breakout. The $17.32 level may then act as a launchpad, propelling the LINK/USDT pair toward the target objective of $21.79.</p> <h4 class="wp-block-heading">Source – Rakesh Upadhyay</h4> </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-2nd-feb-btc-eth-bnb-sol-xrp-ada-avax-doge-dot-link-tbt78741.html">https://thebittimes.com/latest-market-overview-2nd-feb-btc-eth-bnb-sol-xrp-ada-avax-doge-dot-link-tbt78741.html</a></p>

Latest Market Overview 2nd Feb: BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, LINK

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