Crypto: Price Predictions 2/11: Btc, Eth, Bnb, Xrp, Sol, Doge, Bch, Hype,...

Technical charts show Bitcoin and altcoins consolidating as part of establishing a new price floor after last week’s sharp sell-off. As a range is set, will bulls or bears establish dominance?

Bitcoin spot selling keeps a $60,000 retest open as a short-term outcome.

Several major altcoins risk resuming the downtrend, indicating a negative investor outlook.

Bitcoin (BTC) has again come under pressure, dropping below the $66,000 level during the early hours of the US trading session. According to Kaiko Research, a 52% retracement from the all-time high was “unusually shallow,” and a drawdown of 60% to 68% was more in line with previous bear market cycles. That suggests BTC might bottom from $40,000 to $50,000.

BTC seems to have ditched its “digital gold” narrative and is behaving more like a high-risk growth asset, per new research from Grayscale. Author Zach Pandl said that BTC is strongly correlated with software stocks, particularly since 2024, rather than gold. That shows a deeper integration into traditional financial markets, which is a part of BTC’s ongoing evolution, the report said.

A minor positive in favor of the bulls is that the BTC spot exchange-traded funds have witnessed inflows for the past three consecutive days, according to Farside Investors data. That suggests institutional investors are accumulating at lower levels.

Could BTC and the major altcoins resume their downtrend? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC turned down from $72,271 on Sunday, indicating that the higher levels continue to attract selling by the bears.

If the Bitcoin price stays below $67,300, the BTC/USDT pair may slide to $62,345 and subsequently to $60,000. Buyers are expected to defend the $60,000 level with all their might, as a close below it may sink the pair to $52,500.

Buyers are likely to have other plans. They will attempt to swiftly push the price above the $72,271 resistance. If they do that, the pair may rally to the 20-day exponential moving average (EMA) ($76,275). Buyers will have to pierce the 20-day EMA to start a sustained recovery toward the 50-day simple moving average (SMA) ($85,832). Such a move suggests that the pair may have bottomed out in the near term.

Source: CoinTelegraph