Key points:
- Bitcoin risks falling below $65,000, but lower levels are likely to attract solid buying by the bulls.
- HYPE, ZEC and XLM look strong on the charts while other major altcoins risk resuming their downtrend.
Bitcoin (BTC) is attempting a bounce off the $65,426 level, but the bulls are struggling to hold onto higher levels. The launch of fresh strikes by the US and Iran has hurt sentiment, but Bitrue Research Institute research lead Andri Fauzan Adziima told Cointelegraph that the fall was more about “leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news, but it amplifies the fear.”
All eyes have shifted to BTC’s yearly lows of $60,000. Veteran trader Peter Brandt said in a post on X that BTC has formed an expanding triangle, a common and reliable pattern. He projects a decline to about $56,000, but added that a move above $75,000 would invalidate this bearish view.
Crypto market data daily view. Source: TradingView
The short-term trend has turned negative, but the bulls are unlikely to give up without a fight. Buyers are expected to enter the $65,000 to $60,000 zone, but relief rallies are likely to be sold into. Volatility is likely to increase over the next few days as the bulls and bears battle for supremacy. Buyers will have to propel the price above $77,000 to signal that BTC has bottomed out in the short term.
What are the crucial support levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC collapsed after breaking below the support line on Tuesday, indicating aggressive liquidation of long positions.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
There is support at $65,000, but that may not hold. That clears the path for a drop to the $62,500 to $60,000 support zone. Buyers are expected to defend the zone with all their might, as a close below it would signal a resumption of the downtrend. The BTC/USDT pair then risks falling to $50,000.
The bears will attempt to maintain their advantage by selling the relief rallies to the 20-day exponential moving average ($74,064). Buyers will have to secure a close above the 50-day simple moving average ($76,966) to signal a comeback.
Ether price prediction
Ether’s (ETH) $1,916 to $2,465 range resolved to the downside on Tuesday, indicating that the bears are in control.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The ETH/USDT pair may dip to the solid support at $1,750. The oversold level on the relative strength index (RSI) suggests a bounce is possible from $1,750, but rallies are likely to be sold into. A shallow rebound increases the possibility of a break below the $1,750 level. If that happens, the ETH price may plummet to $1,550.
Buyers have an uphill task ahead of them. They will have to swiftly push and sustain the price above the 20-day EMA ($2,056) to suggest that selling pressure is easing. The pair may then rise to the 50-day SMA ($2,218).
BNB price prediction
BNB (BNB) fell below the breakout level of $687 on Monday and extended its decline to the 50-day SMA ($645) on Tuesday.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The drop back below $687 may have trapped the aggressive bulls. The $628 level may act as a temporary support, but it is likely to be broken. If that happens, the BNB/USDT pair may plummet to solid support at $570.
This negative view will be invalidated in the near term if the BNB price turns up sharply from the current level and breaks above $745. That signals solid demand at lower levels. The pair may then march to $790 and later to $900.
XRP price prediction
XRP (XRP) broke below the strong support of $1.27 on Tuesday, indicating that the bears are in charge.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The next support on the downside is the Feb. 6 intraday low of $1.11. Buyers are expected to fiercely defend the $1.11 level, as a close below it signals the start of the next leg of the downtrend to $1.
On the way up, the downtrend line is the first hurdle for the bulls to overcome. If they clear that, the XRP/USDT pair may climb to $1.61. Sellers are expected to pose a substantial challenge at the $1.61 level, but if the bulls prevail, a new up move may begin.
Solana price prediction
Solana (SOL) closed below the $76 support on Tuesday, indicating that the bears have overpowered the bulls.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
The bulls will attempt to push the SOL price back above $76, but are expected to face significant resistance from the bears. If the price declines from $76, the next stop is likely the Feb. 6 low of $67. Buyers will strive to hold the $67 level, as a close below it may sink the SOL/USDT pair to $60.
Buyers will have to drive and maintain the price above the moving averages to suggest that the break below $76 may have been a bear trap.
Hyperliquid price prediction
Hyperliquid (HYPE) has held strong among all the mayhem,…
cointelegraph.com