Bitcoin lacks strength, but ETH, BNB, XMR, and TAO show promise

Bitcoin (BTC) slipped below $95,500 on Feb. 23 after failing to rise above the $100,000 level on Feb. 21. The longer the price stays below $100,000, the greater the possibility of a drop to the crucial $90,000 support. Analysts remain divided on Bitcoin’s next trending move. While some anticipate a new high as early as next month, others expect a drop to $85,000 before the uptrend resumes.

Bitcoin’s uncertain near-term price action could have increased traders’ interest in altcoins. CryptoQuant CEO Ki Young Ju said in a post on X that “altseason has begun.” Young Ju added that, unlike previous altseasons, there wouldn’t be a direct rotation into altcoins from Bitcoin, but stablecoin holders would prefer altcoins. He said that trading volume defines altseason and highlighted that altcoin trading volume was 2.7 times higher than Bitcoin.

The largest altcoin, Ether (ETH), remains unfazed by the $1.4 billion hack of the Bybit exchange. According to CryptoQuant data, Ether whales, holding between 10,000 to 100,000 Ether, have accumulated $140 million worth of Ether since the hack. 

Could Bitcoin’s tight-range trading shift focus to altcoins? Let’s look at the top cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin turned down from the 50-day simple moving average ($98,933) on Feb. 21, indicating that bears are fiercely defending the level.

The 20-day exponential moving average ($97,236) is gradually sloping down, and the relative strength index (RSI) is just below the midpoint, indicating a slight advantage to the bears. A break and close below $93,388 could open the doors for a fall to the critical level at $90,000. Buyers will have to defend the $90,000 support to avoid the formation of a double-top pattern.

The bulls will gain the upper hand in the near term if they push and maintain the price above the 50-day SMA. The BTC/USDT pair could rally to $102,500 and eventually to $106,500.

Both moving averages have flattened out on the 4-hour chart, and the RSI is in the negative territory, indicating a balance between supply and demand. The short-term advantage will tilt in favor of the bears if they pull the price below $93,388. The pair may then slump to the critical support at $90,000, where buyers are expected to step in.

On the upside, the bulls will have to push and maintain the price above the psychological level of $100,000 to start a stronger recovery toward $102,500. 

Ether price analysis

Ether rose above the 20-day EMA ($2,775) on Feb. 23, signaling that the bulls are attempting a comeback.

The zone between the downtrend line and $2,850 could pose a strong challenge, but if the bulls prevail, the ETH/USDT pair will signal a short-term trend change. The pair could rally to $3,332 and subsequently to $3,525.

This positive view will be invalidated in the near term if the price turns down from the downtrend line and breaks below $2,500. That could extend the downward move to $2,400 and later to $2,300. 

The 20-EMA on the 4-hour chart has started to turn up, and the RSI has risen into the positive zone, signaling that the short-term advantage has shifted in favor of the bulls. The downtrend line may act as a strong barrier, but if the bulls overcome it, the pair may climb to $3,000 and then to $3,437.

Conversely, if the price turns down sharply from the downtrend line and breaks below the moving averages, it will indicate that the bears continue to sell on rallies. That may pull the pair to $2,600 and, after that, to $2,500.

BNB price analysis

Sellers are trying to keep BNB (BNB) below the 50-day SMA ($666), but the bulls have kept up the pressure.

Buyers will have to drive and maintain the BNB/USDT pair above the 50-day SMA to clear the path for a possible rally to $745. There is minor resistance at $686, but it is likely to be crossed.

If bears want to prevent the upmove, they will have to swiftly yank the price below the $635 support. If they can pull it off, the pair could slump to $596, bringing the large $460 to $745 range into play.

The 4-hour chart shows that the pair has been trading between $680 and $635 for some time. The flattish moving averages and the RSI below the midpoint suggest a minor advantage to the bears. If the price breaks below $635, the pair could start a deeper correction to $596. 

On the contrary, a break and close above $686 signals that the bulls have asserted their supremacy. That may propel the pair to $732. 

Related: Can Ether recover above $3K after Bybit’s massive $1.4B hack?

Monero price analysis

Monero (XMR) has been in an uptrend for several days, but the upmove is facing resistance at $245.

If the price rebounds off the 20-day EMA ($228) with strength, it will improve the prospects of a rally above $245. If that happens, the XMR/USDT pair could accelerate toward the next significant resistance at $290. 

Contrary to this assumption, a break and close below the 20-day EMA suggests that the bulls are booking profits. That could pull the price down to the 50-day SMA ($219), which is likely to attract solid buying by the bulls.

Both moving averages are flattening out on the 4-hour chart, and the RSI is near the midpoint, signaling a possible range-bound action in the near term. The pair may consolidate between $245 and $226 for a while.

If the price rises above $245, it will signal the start of the next leg of the uptrend. On the contrary, a break and close below $226 suggests that the bulls have given up. That could start a correction toward $216.

Bittensor price analysis

Bittensor’s (TAO) recovery is facing strong resistance at $500, indicating that the bears remain active at higher levels.

The bulls will try to stall the pullback at the 20-day EMA ($404). If they do that, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then make one more attempt to clear the overhead hurdle at $500. If they succeed, the TAO/USDT pair could jump to $600.

This optimistic view will be negated in the near term if the price breaks below the 20-day EMA. The pair may then descend to $346.

The pair has broken below the 20-EMA on the 4-hour chart, indicating that the bullish momentum is weakening. Buyers will try to start a rebound off the 50-SMA. If they manage to do that, the pair could rise to $463 and later to $500. A break and close above $500 will complete a bullish inverted head-and-shoulders pattern, starting a rally toward $600.

Conversely, a break and close below the 50-SMA suggests that the bears remain in control. The pair may then tumble to the solid support at $350.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.