Crypto: Price Predictions 2/16: Spx, Dxy, Btc, Eth, Bnb, Xrp, Sol, Doge,...
The relief rallies in Bitcoin and several major altcoins are stalling near their respective overhead resistance levels, signaling that the bears remain in control.
Bitcoin remains under pressure as bears are selling on rallies near the $74,508 resistance
The bears are mounting a solid defense in several major altcoins at higher levels, indicating a negative sentiment.
Bitcoin (BTC) has started the new week on a cautious note as bulls attempt to maintain the price above $67,500. Investors are not rushing in to buy the dip, as seen from the $133.3 million in outflows from BTC exchange-traded products last week. The total outflows from crypto investment products have risen to $3.8 billion over the past four weeks, according to a CoinShares update on Monday.
If BTC ends the month below $79,500, it will record its first-ever consecutive negative monthly closing in January and February. With more than 22% loss, BTC is staring at its worst first-quarter performance since the 49.7% loss in 2018, per CoinGlass data.
Despite BTC’s weak performance and uncertain near-term direction, Strategy co-founder Michael Saylor indicated in a post on X that the company is buying more BTC. That will be Strategy’s 99th BTC transaction, showing their long-term bullish view remains intact.
Could BTC and the major altcoins defend the support levels and start a strong relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears at the support line of the ascending channel pattern.
The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating that the bears are making a comeback. The index may start a deeper correction to 6,720 and then to solid support at 6,550 if the price breaks below the 6,780 level.
Buyers will have to propel the price above the 7,002 level to retain control. If they manage to do that, the index may resume its uptrend and surge toward the 7,290 level.
Source: CoinTelegraph
