Bitcoin bulls have failed to defend $94,000 in the past 24 hours due to increased selling pressure caused by Donald Trump’s speech that confirmed the United States plans to impose tariffs on Canada and Mexico.
According to data from CoinGlass, the latest downtrend has led to crypto liquidations worth $1.36 billion. Furthermore, the dip has hurt investor sentiment based on the ETF outflows witnessed in the past day. SoSoValue data indicates investors have pulled over $435 million from Bitcoin spot ETFs.
However, not all investors are fazed by the current price action. For instance, the largest institutional Bitcoin investor, Strategy, bought more coins on Monday. According to its CEO, Michael Saylor, the company purchased 20,356 BTC for roughly $1.9 billion, expanding its holding to 499,096.
Meanwhile, Glassnode analysts have noted that Bitcoin’s 1-week realized volatility has stretched to 23.41%. They claim the coin has experienced ‘major price moves’ in the past when volatility crossed 20%. Whether BTC will rally or dip further if history repeats itself remains to be seen.
Now, let’s explore the charts to find key levels investors and traders need to monitor.
Bitcoin Price Analysis
The $93,366 – $99,450 trading range has finally collapsed, with Bitcoin plunging below $90,000 to trade at $89,042 as of this writing. The latest price trend suggests that the bears have taken control in the short term. Moreover, a bearish double-top pattern has been completed after BTC dipped below $90k. This enhances the probability of a move to $85,480, where intense buying is anticipated.
Also read:On the other hand, Bitcoin needs to cross the 20-day Exponential Moving Average of $96,984 for investor sentiment to turn positive again. As such, the number 1 coin by market cap could rally above the 50-day Simple Moving Average of $98,826, heading toward $102,248.
Ethereum Price Analysis
Short traders have been taking profits since Ethereum rose to the $2,849.25 breakdown level on February 23rd, thanks to Bybit’s buying spree to cover the deficit resulting from a massive hack that saw about 400,000 ETH disappear from the exchange’s cold wallet.
As demand continues to dry at higher levels, Ethereum’s price is breaking below key levels, indicating that sellers have seized control. The buyers must now guard the $2,301.77 support to prevent a plunge to $2,500.17. If they wish to make a comeback, they must push Ether above the 20-day Exponential Moving Average of $2,763.18. In this scenario, a rally toward the 50-day Simple Moving Average of $3,021.45 seems likely.
XRP Price Analysis
XRP is valued at $2.148, trading near the support line of the ascending triangle pattern. It has been on free fall since plunging below the 20-day Exponential Moving Average of $2.638 on February 21st. Over the past three days, the sellers have sold on recovery rallies, signaling their intentions to pull XRP to lower levels.
Continued selling could drag the token to $2.073 and then to $1.906, where the buyers must exert pressure to prevent a downtrend to $1.760. Conversely, XRP could see a massive rally to $3 if the bulls sustain its price above $2.638.
BNB Price Analysis
BNB broke out of the $635.90 – $665 trading range on Monday, falling to $605.89 at the time of publishing. The Relative Strength Index (42.55) shows that the bears are advantaged, raising the possibility of a concrete dip to $550. However, if the buyers succeed in thrusting the Binance Coin above the 20-day Exponential Moving Average of $652.11, $665 could collapse, leading to a surge toward $740.57.
Solana Price Analysis
SOL has fallen to levels ($136.65) it hadn’t seen since October. The massive price drop came after the bears successfully turned the $175.80 support into resistance. Increased selling at the current levels could cause Solana to drop to $120. Meanwhile, the bulls must push and keep the token above $175.80 to regain control. As such, SOL could jump to $190.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.