Price Analysis February 4th, 2024 – BTC, SOL, ETH, BNB, and AVAX
Last month, the launch of spot Bitcoin ETFs failed to propel the prices of cryptocurrencies as the bears focused on the major outflows initiated by the investors of Grayscale Bitcoin Trust. At the time, the buying pressure exerted by the remaining ETF issuers wasn’t enough to keep Bitcoin above $40,000.
The coin plummeted to find support at $38,946. The good news is that it did not stay at lower levels for long. This indicated that investors were finding low prices attractive for buying the dip.
With the hype over spot Bitcoin ETF seemingly fading, the next massive catalyst for a Bitcoin rally is the halving event set for April. Several analysts anticipate BTC will break above the current all-time high before the year ends.
Moreover, it is expected that the history of Bitcoin’s price performance in February will repeat itself this month. Per data from CoinGlass, BTC has posted an average of 12% in monthly gains every February since 2017.
That said, let’s take a look at the price charts to know the critical support and resistance levels to monitor over the next few days.
Bitcoin Price Analysis
Bitcoin continues to trade between the $44,703 key resistance level and the 20-day EMA (Exponential Moving Average) of $42,384. The good news for the buyers is that the Relative Strength Index (53.21) has entered a positive zone. This gives them a slight edge over the bears.
If the buyers clear the tough barrier at $44,703, then BTC will stand a chance of retesting $49,026.67. On the other hand, the bears may grow stronger against the bulls if $42,384 crumbles. If this happens, a downward momentum could pick up, pulling Bitcoin to $40,908 and later to $38,946.
Ethereum Price Analysis
Like Bitcoin, Ethereum trades within a range. The token’s price has been stuck within the $2,105 -$2,409 range since January 22nd. The bulls are now attempting to clear the hurdle at the 20-day Exponential Moving Average of $2,334.76 to have the upper hand over the bears. Sustaining ETH above $2,334.76 will make a rally to $2,409 attainable. Crossing this second barrier could cause Ethereum to surge to $2,698.46, where the sellers will likely be waiting to book profits.
Contrary to this positive assumption, ETH might fall below $2,000 if the bulls fail to prevent $2,105 from collapsing.
BNB Price Analysis
Although the bears succeeded in pulling BNB below the 20-day Exponential Moving Average of $304.89 on January 31st, they have failed to cause the 50-day Simple Moving Average of $296.34 to collapse. BNB is now changing hands for $300.07. The Relative Strength Index (50.48) shows that neither the bears nor the bulls have a major advantage.
However, if the bulls intensify buying activity over the coming days and help BNB cross above $304.89, the token may rally toward the $321.90 critical resistance. Breaking above this barrier boosts the possibility of a surge to $339.65.
Conversely, a break below $296.34 might signal the bears’ determination to pull BNB to lower levels in an attempt to weaken the bulls. Binance could touch $267 in the process.
Solana Price Analysis
SOL’s recovery rally met resistance at $106.87 on January 30th. The bears then dragged the token to the 50-day Simple Moving average of $94.08 on February 1st, but the bulls guarded the level, pushing SOL to $98.47 as of this writing. The buyers will not try to clear the $106.87 barrier. If they succeed, a move to $126.07 could be possible. On the contrary, a slide below $94.08 might cause SOL to plummet to $79.80.
Avalanche Price Analysis
AVAX bears couldn’t keep the digital currency below the 20-day Exponential Moving Average of $34.67 when this level collapsed on January 31st. Avalanche is now valued at $35.98. If it goes above the 50-day Simple Moving Average of $37.54, it may touch $44.20. Meanwhile, if the bears sustain AVAX below $34.67, they may pull the token to $26.61.
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