Crypto: Price Predictions 2/9: Spx, Dxy, Btc, Eth, Bnb, Xrp, Sol, Doge,...

Bitcoin and several major altcoins are not out of the woods yet, especially since they continue to face significant selling near their range highs. Do technical charts show BTC and altcoins forming a bottom?

Bitcoin’s relief rally is facing selling near $72,000, but a positive sign is that the bulls have not ceded much ground to the bears.

Several major altcoins are facing selling at higher levels, indicating that the sentiment remains negative.

Bitcoin (BTC) has slipped closer to $69,500, indicating that the bears are selling on rallies. Several analysts believe that BTC’s bottom is still not in. Trader BitBull said in a post on X that BTC’s “real bottom will form below $50,000, where most of the ETF buyers will be underwater.”

A different view point was put forth by crypto sentiment platform Santiment. In a report on Saturday, the Santiment team said that data suggests the fall to $60,000 may have been a genuine bottom. However, for a sustained recovery, the market has to sustain above the key support level, and whales must continue their tentative accumulation.

Another positive for the bulls is that the BTC Sharpe ratio has fallen to -10, which historically indicates the final phases of bear markets, according to CryptoQuant analyst Darkfost. Although the readings do not confirm that the bear market is over, it indicates that the risk-to-reward profile may be reaching extreme levels.

Could BTC and the major altcoins start a strong relief rally, or will the downtrend resume? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

The S&P 500 Index (SPX) fell below the ascending channel pattern on Thursday, but the bulls could not sustain the lower levels.

The index came roaring back on Friday and surged above the moving averages. That shows the break below the channel may have been a bear trap. The bulls will attempt to push the price to the resistance line, where the bears are expected to step in.

The 20-day exponential moving average (6,917) is flattening out, and the relative strength index (RSI) is just above the midpoint, signaling a balance between supply and demand. A close above the resistance line might start the next leg of the uptrend toward 7,290.

Source: CoinTelegraph