Crypto Market Analysis 2/11: Bitcoin, Ethereum, Binance Coin, Ripple, Solana, Dogecoin, Bitcoin Cash, Hyperliquid, Cardano, Monero Price Forecast
Chart analysis reveals Bitcoin alongside alternative cryptocurrencies are undergoing consolidation while forming a fresh support level following the previous week's dramatic market decline. With trading ranges being established, which side will gain control - buyers or sellers?
Main takeaways:
- Spot market selling pressure in Bitcoin maintains the possibility of prices revisiting $60,000 in the immediate term.
- Multiple leading alternative cryptocurrencies face the possibility of continuing their downward trajectory, suggesting bearish sentiment among investors.
Bitcoin (BTC) is experiencing renewed selling pressure, falling beneath the $66,000 price point during early hours of United States market activity. Data from Kaiko Research indicates that a 52% pullback from peak prices was "unusually shallow," with historical bear market patterns showing drawdowns ranging from 60% to 68%. This analysis points toward BTC potentially finding a bottom within the $40,000 to $50,000 range.
According to recent analysis from Grayscale, BTC appears to have abandoned its "digital gold" characterization and is now trading more like a high-risk technology asset. Research author Zach Pandl noted that BTC demonstrates strong correlation with software equities, especially from 2024 onward, as opposed to gold. This correlation reveals deeper integration within conventional financial markets, representing part of BTC's continued maturation, the analysis stated.
One encouraging sign for bullish traders is that BTC spot exchange-traded funds have recorded capital inflows over three consecutive trading days, based on data from Farside Investors. This pattern indicates that institutional market participants are building positions during price dips.
Will BTC alongside leading alternative cryptocurrencies continue their bearish trajectory? Let's examine the technical charts of the top 10 digital assets to determine the outlook.
Bitcoin price prediction
BTC experienced a reversal from $72,271 on Sunday, showing that elevated price levels continue to draw selling activity from bearish traders.
Should the Bitcoin price remain beneath $67,300, the BTC/USDT pair could decline toward $62,345 and later drop to $60,000. Purchasing activity is anticipated to protect the $60,000 threshold vigorously, since a daily close underneath this mark could send the pair plunging to $52,500.
Purchasing traders likely have alternative strategies. They will work to rapidly elevate the price beyond the $72,271 resistance threshold. Should they succeed, the pair could advance toward the 20-day exponential moving average ($76,275). Purchasing traders must breakthrough the 20-day EMA to initiate a meaningful recovery targeting the 50-day simple moving average ($85,832). This type of movement would indicate that the pair may have established a near-term bottom.
Ether price prediction
Ether (ETH) experienced a downturn from $2,111, demonstrating that bearish forces are aggressively protecting this price level.
The ETH/USDT pair could decline toward the important $1,750 support level, at which point purchasing traders are anticipated to intervene. A robust recovery from the $1,750 threshold could establish a trading range in the immediate term.
Alternatively, should selling forces push the Ether price beneath $1,750, the following target could be $1,537. The initial indication of bullish strength would be a daily close surpassing $2,111. The pair could subsequently advance to the 20-day EMA ($2,364). This represents a vital level for bearish traders to protect, since a close above this mark could drive the pair toward the 50-day SMA ($2,838).
BNB price prediction
The inability of bullish forces to elevate BNB (BNB) beyond the 50% retracement point of $676 has triggered a pullback toward $570.
Bullish traders are anticipated to mount robust defense at the $570 threshold, however if bearish forces succeed, the BNB/USDT pair could restart its downward movement and fall toward the psychological support at $500.
On the other hand, if the BNB price rebounds from its current position near $570, this indicates buying interest at reduced prices. Bullish forces will subsequently work to push the pair beyond $669. Should they accomplish this objective, the pair could rally toward the 20-day EMA ($730).
XRP price prediction
Purchasing forces have maintained XRP (XRP) above the support boundary of the descending channel formation but have been unable to trigger a substantial recovery.
This development raises the probability of a breakdown beneath the support boundary. Should this occur, the XRP/USDT pair could retest the $1.11 threshold. If the $1.11 level fails to hold, the pair could tumble to $1 followed by $0.75.
Purchasing traders must push the XRP price beyond the $1.61 threshold to demonstrate that selling momentum is diminishing. The pair could then advance toward the 50-day SMA ($1.85) and subsequently to the descending trendline.
Solana price prediction
Solana's (SOL) recovery attempt halted just beneath the breakdown threshold of $95, showing that bearish forces are working to convert this level into resistance.
There exists modest support at $77, though if this level is breached, the SOL/USDT pair could tumble to the $67 threshold. Purchasing forces are expected to vigorously protect the $67 level, as a breakdown beneath it could extend the decline toward $50.
The initial signal of bullish strength would be a breakthrough and close beyond the 20-day EMA ($100). This would indicate that markets have rejected the breakdown beneath the $95 threshold. The Solana price could then climb toward the 50-day SMA ($121).
Dogecoin price prediction
Dogecoin (DOGE) reversed course from the psychological threshold of $0.10, showing that bearish forces are working to transform this level into resistance.
The DOGE/USDT pair could fall toward the $0.08 threshold, which will probably draw purchasing activity. If the Dogecoin price rebounds and breaks beyond the 20-day EMA, this indicates that bearish pressure is diminishing. The pair could then surge toward the breakdown threshold of $0.12.
Conversely, if the price continues declining and falls beneath $0.08, this signals the continuation of the bearish trend. The pair could then tumble to $0.06.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) continues experiencing strong resistance at the 20-day EMA ($540), though a modest positive development is that bullish forces have not surrendered significant territory to bearish traders.
Should the price rebound from its current position and breakthrough the 20-day EMA, this indicates that the $443 threshold is functioning as robust support. The BCH/USDT pair could then advance toward the 50-day SMA ($583).
In contrast, if the Bitcoin Cash price continues declining and drops beneath $497, this demonstrates that bearish forces are working to maintain dominance. The pair could then fall to $467 and ultimately to the critical support at $443.
Hyperliquid price prediction
Hyperliquid (HYPE) maintained its downward trajectory and dropped beneath the 20-day EMA ($29.95) on Tuesday, demonstrating that bullish forces have capitulated.
The 20-day EMA is trending horizontally, and the RSI is positioned just beneath the centerpoint, indicating potential sideways movement in the immediate term. The HYPE/USDT pair could oscillate between $35.50 and $20.82 for several days.
Purchasing forces must elevate and sustain the Hyperliquid price beyond the $35.50 threshold to signal the beginning of a fresh upward movement. Conversely, a close beneath the $20.82 support could intensify the decline to $17.
Cardano price prediction
Cardano (ADA) has been progressively declining toward the support boundary of the descending channel formation, demonstrating that bearish forces maintain selling pressure.
Selling forces will work to pull the price beneath the support boundary and Friday's minimum of $0.22. Should they achieve this, the ADA/USDT pair could restart the bearish trend. The subsequent support on the downward path is $0.20 followed by $0.15.
Bullish forces must drive the Cardano price beyond the 20-day EMA ($0.29) to maintain the pair within the channel for additional time. Purchasing traders will regain control upon a close beyond the descending trendline.
Monero price prediction
Monero (XMR) climbed to the 38.2% Fibonacci retracement threshold of $361, at which point bearish forces are mounting substantial resistance.
Should the Monero price reverse downward and fall beneath $309, this indicates that bearish forces retain control. The XMR/USDT pair could then drop to the $291 to $276 support zone.
Alternatively, if the price rebounds from its current position or the support zone and breaks beyond $361, the following target will probably be the 20-day EMA ($394). Selling forces will once again work to stop the recovery at the 20-day EMA, though if purchasing forces penetrate the resistance, the pair could advance toward the 50-day SMA ($464).