The Bitcoin (BTC) price finally reached a market value of $ 1 trillion on February 19, which is an important milestone because as digital growth grows, the digital asset will continue to attract new institutional investors considering spinning off part of the the portfolio.
Glassnode data shows that affluent continue to invest in bitcoin. The number of Bitcoin addresses containing more than $ 1 million worth of Bitcoin has increased to 94,000.
Another positive sign, according to Whalemap, is that the number of headings containing 1,000 to 10,000 BTC has increased during the current bullish period, while this number fell in the previous bullish phase.
Bobby Lee, CEO and founder of the Ballet cryptocurrency wallet, believes the cryptocurrency market could continue and bitcoin could hit “$ 200,000 to $ 250,000 this year.” Lee also expects bitcoin to reach $ 500,000 by 2028, and the market value compared to gold.
However, not everyone is optimistic about Bitcoin. Analysts at JPMorgan Chase believe that bitcoin trades at a price well above fair value and behaves like a cyclical asset. They also called cryptocurrencies “the worst defense against a sharp fall in stocks.”
As the cryptocurrency continues to grow, let’s examine the charts of the top 10 cryptocurrencies to determine critical growth levels.
Bitcoin / US dollars
Bitcoin broke the resistance level of $ 52,599 today and resumed the bullish trend. Now the bulls are trying to push the price across the rising channel. If they succeed, speed may increase and the price may rise to $ 60,974.43.
Bullish moving average and relative strength index (RSI) are in the overbought zone, indicating that the bulls are in control.
However, if the price falls from the channel resistance line, the BTC / USD may fall to the middle of the channel, where bulls are more likely to provide support. If this level persists, the pair can continue its bullish path towards the goal.
The first sign of weakness will be a fall below the middle of the canal. This can push the price down towards the channel guide line. A break below this support will indicate a possible reversal of the trend.
ETH / USD
Ether (ETH) resumed its uptrend, breaking the $ 1,869,473 resistance level on February 18th. The larger all-around currency is gradually approaching the psychological $ 2000 level as the bears may try to stop the rally again.
However, if the bulls manage to push the price above the resistance line of the upward channel, momentum may increase and the ETH / USD may rise to $ 2515. Bullish moving averages and RSI are in overbought zone, indicating that the bulls are in control. …
This assumption will be invalid if the price falls below the upper resistance and breaks the 20-day exponential moving average ($ 1,714). Such a move would indicate that traders are earning profits at higher levels. The trend can be negative if the price of the bears falls below the channel’s guide line.
BNB / USD
The Binance coin (BNB) shows a vertical rally after a sharp increase in recent days. The RSI climbed above 94, indicating that the bullish move is very overbought in the short term.
When traders are afraid of losing growth, they continue to buy at every higher level. Usually this rally ends with a top explosion after buying the last bull. When the price starts to fall, momentum traders are the first to jump off the ship, and this deepens the correction.
The long week on the candlestick today indicates that traders are making profits at higher levels. If the price falls below the 38.2% Fibonacci retracement level of $ 260.5707, it will indicate that bulls are no longer buying in downturns. This could push the price down to a 61.8% retracement level of $ 206.1226.
A breakout without this support can trigger panic sales in the short term. The pair could then complete a 100% retracement of the entire rally, bringing it down to $ 118. Conversely, if the bulls pushed the price above $ 348.6969, the price could rise to $ 400.
DOT / USD
The bears defended the line of resistance to the rising canal on 17 and 18 February, and today they tried to bring down the price. However, Polkadot (DOT) has reversed the trend sharply from $ 29.50 and is currently climbing the channel.