Bitcoin Lacks Strength But ETH, BNB Show Promise
Bitcoin fell below $95,500 on Feb. 23 after failing to break above $100,000, raising the possibility of a drop to support at $90,000. Analysts are divided on where it will go next, with predictions ranging from a new high next month to a drop to $85,000 before rebounding.
CryptoQuant CEO Ki Young Ju believes that “ altcoin season has begun ” and predicts that stablecoin money will flow into altcoins rather than directly from Bitcoin. He also notes that altcoin trading volume is currently 2.7 times higher than Bitcoin.
Bitcoin Price Analysis
Bitcoin rejected the 50-day SMA ($98,933) on February 21, suggesting that sellers are in control. The 20-day EMA ($97,236) is trending down and the RSI is near the midpoint, giving a slight advantage to the sellers.
If the price breaks below $93,388, Bitcoin could drop to $90,000 – a crucial level to hold to avoid a double top pattern. Conversely, if the bulls push the price above the 50-day SMA, BTC could rise to $102,500 and then $106,500.
On the 4-hour chart, both moving averages are flat and the RSI is in negative territory, indicating a balance between supply and demand. If the price falls below $93,388, Bitcoin could fall to $90,000, a key support level. Conversely, buyers need to push the price above $100,000 to trigger a recovery to $102,500.
Ethereum Price Analysis
Ethereum crossed above the 20-day EMA ($2,775) on February 23, indicating that buyers are regaining momentum. A break below the $2,850 zone could see a short-term trend reversal, pushing the price to $3,332 and $3,525.
Conversely, if the price declines from the descending trend line and breaks below $2,500, ETH could continue to decline towards $2,400 and $2,300.
If Ethereum breaks above $2,850, the short-term trend could reverse, taking the price to $3,332 and $3,525. Conversely, if it falls below $2,500, ETH could continue to fall to $2,400 and $2,300.
The 20-EMA on the 4-hour chart is rising and the RSI is in the positive zone, indicating that buyers have the upper hand. If the downtrend line is broken, ETH could rise to $3,000 and $3,437. Conversely, if the price declines and breaks below the moving average, ETH could drop to $2,600 and $2,500.
BNB Price Analysis
If BNB/USDT breaks above the 50-day SMA, the price could rise to $745, with minor resistance at $686. Conversely, if it falls below $635, BNB could fall to $596, widening the trading range from $460 to $745.
On the 4-hour chart, BNB is hovering between $680–$635, with the advantage tilted towards the bears. A break below $635 could drag the price down to $596, while a break above $686 could push the price to $732.
