BTC came near the $78,000 support on February 28th, with the bulls managing to arrest the downtrend, pushing the coin’s price to $85,200 at press time. CryptoQuant boss Ki Young Ju has insisted that selling Bitcoin at current levels could prove to be a major mistake, considering the coin hit a new all-time high after dropping 52% in the 2021 bull run.
Several Bitcoin whales have been building up their stockpile amid the dip. On Thursday, a whale only identified as Spoofy purchased $344 million worth of BTC and told their X followed that they would buy more if Bitcoin dropped further.
While the current price correction has instilled fear in many retail investors based on the Fead & Greed Index, which has fallen to 20, analysts at Standard Chartered are still holding their long-term bullish view, predicting a Bitcoin rally to $200k in 2025 and to $500,000 before US President Donald Trump’s second term ends.
So, which areas in the upperside are likely to act as strong resistance if BTC continues to recover? Let’s find out by analyzing the charts.
Bitcoin Price Analysis
As mentioned, Bitcoin has crossed $85k as of this writing. If it successfully closes above this critical level, it could rise to the $90,400 resistance. A break and close above that price will invalidate the bearish setup, thus improving the prospects of a further upward move toward the 50-day Simple Moving Average of $97,873.
Also read:On the other hand, if BTC drops below $85,000 again, it would mean that the bears are still determined to maintain their advantage. As such, we may see a bearish move to the previous all-time high of $73,794, which the bulls must protect to block a dip to $70,000.
Ethereum Price Analysis
ETH bulls arrested the massive price downturn from $2,847 at the $2,112.60 support on February 28th. Intense buying at that key level prevented a bearish move to $1,910. However, Ethereum could still drop there if the current recovery rally fails to pick up momentum.
The bulls need to push Ether above the $2,503.74 resistance to become dominant. Achieving this could allow them to thrust the coin above the 20-day Exponential Moving Average of $2,600.25 and push it toward the 50-day Simple Moving Average of $2,931.
XRP Price Analysis
XRP dropped below the support line of the ascending triangle pattern early this week and retested it on February 27th, indicating that the sellers had flipped the line into a strong resistance level.
Therefore, increased selling could cause the $2.071 support to break, triggering a correction toward $1.905, where we expect the buyers to mount resistance and start a recovery rally. Conversely, if XRP crosses and stays above the support line, it could head to the 20-day Exponential Moving Average of $2.498, then later rise to the 50-day Simple Moving Average of $2.726.
Dogecoin Price Analysis
While the sellers pulled Dogecoin below the support line of a bearish flag pattern on Wednesday, they couldn’t sustain the coin at lower levels as buyers applied pressure, pushing its price to $0.2026 at press time. The recovery rally is expected to meet resistance at the 20-day Exponential Moving Average of $0.2481. Meanwhile, if the $0.20 support collapses and the bears drag and keep DOGE below the support line, a move to $0.1508 is likely.
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