Bitcoin (BTC) surged above $40K on February 28, although the S&P 500 remained weak. This suggests that the relationship between Bitcoin and the US stock market may be showing early signs of decoupling. If the bulls keep the price above $38,500 for the rest of the day, Bitcoin will avoid four straight months of declines.

The volatility of recent days does not seem to have shaken the decision of long-term investors who plan to hold their positions. Data from network analysis firm Glassnode showed that the supply of bitcoin, which last moved three to five years ago, has risen to more than 2.8 million bitcoin, the highest level in four years.

Daily indicators for the cryptocurrency market. Source: Coin360
Interestingly, an experiment by Portuguese developer Thiago Vasconcelos to develop an artificial intelligence bot for bitcoin trading led the bot to conclude that “it is better to buy ASAP and never sell!”

Will the bulls be able to maintain the momentum and push Bitcoin to the next upper resistance? Will cryptocurrency join the party? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin / US Dollar
Bitcoin deviated from the 50-day simple moving average (SMA) of $4,0261 on February 26, but the bears failed to push the price below $37,000. The price fell sharply on February 28 and the bulls broke the upper barrier at the 50-day simple moving average.

BTC/USDT daily chart. Source: Trading View
If the bulls hold the price above the 50-day SMA, the BTC/USDT pair may start moving north towards the channel resistance line. Bjorner is expected to form a solid defense at this level. Bulls should push the pair through the channel to show that the correction can complete.

The 20-day exponential moving average ($39,813) is fading, with the RSI slightly above its midpoint. This indicates that the bulls are trying to come back.

These positive forecasts will be worthless in the short term if the price does not stay above the moving averages. Then the pair can return to the channel guide.

Ether (ETH) has reversed from the 50-day SMA ($2865) and moved down to the triangle support line, indicating that higher levels continue to attract sales from the bears.

ETH/USDT daily chart. Source: Trading View
The price dropped from the triangle support line, but the bulls should push the ETH/USDT pair and hold it above the 50-day SMA to signal a possible change in the short-term trend. If this happens, the pair can rise to the resistance line of the triangle.

Conversely, if the price falls below the moving averages, this means that the bears continue to sell at higher levels. This will increase the likelihood of a break below the triangle. A close below the triangle could open the door to a potential retest of $2,300.

BNB pulled back from the 20-day moving average of $385 on February 26, but the price fell sharply from the strong support of $350 on February 28. This indicates that the price is fixed between these two levels.

BNB/USDT daily chart. Source: Trading View
Both moving averages are declining and the RSI is just below their midpoint, indicating a slight advantage for the bears. If the price deviates from the 20-day EMA, the chance of a breakout below $350 increases. And if that happens, BNB/USDT could drop to the $330-$320 support area.

On the contrary, if the price rises from the current level and breaks above the moving averages, this means that the bulls are trying to return. The pair could then rise to $445.

Ripple (XRP) has dropped off its descending trend line on February 26, indicating that the bears are aggressively defending this resistance. The slight upside is that the bulls are defending the support at the 50-day simple moving average ($0.72).

XRP/USDT daily chart. Source: Trading View
If the price remains above $0.75, the bulls will once again attempt to push the XRP/USDT pair while continuing above the descending trend line. If they succeed, it could pave the way for a potential rally to $0.91.

Alternatively, if the price deviates from the current level, the bears will attempt to pull the pair below $0.68. If this happens, the pair may test the intraday low on February 24th at $0.62 again. Flat Moving Averages and the Relative Strength Index (RSI) just above the midpoint offer no clear advantage to the bulls or the bears.

Source: CoinTelegraph