Price analysis 2/18: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT
Bitcoin (BTC) sold off along with the U.S. equity markets on Feb. 17 on reports that Russia expelled Bart Gorman, the second highest-ranking American official from the U.S. Embassy in Moscow and U.S. President Joe Biden cautioned that the threat of a Ukrainian invasion by Russia remains “very high.”
Although the near-term correlation between Bitcoin and the U.S. equity markets remains high, Pantera Capital CEO Dan Morehead said in a recent newsletter that the “markets will decouple soon.” Morehead mentioned that the U.S. Federal Reserve’s rate hikes will be negative for bonds, stocks and real estate and cryptocurrencies may be the “best place” to park capital.
While traders are fixated on the near-term price action, Jurrien Timmer, the director of Global Macro at Fidelity Investments, dismissed it as noise. Timmer highlighted the similarities in the growth of Bitcoin and Apple networks and concluded that Bitcoin could rally above $100,000 in the long term.
Bitcoin and several major altcoins are at a critical juncture. Could bulls hold the key support levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the moving averages on Feb. 17, indicating that bears are in no mood to relent and are selling on rallies. The price is near $39,600, which is an important level for the bulls to defend.
The relative strength index (RSI) has slipped into the negative territory and the 20-day exponential moving average ($41,635) has started to turn down. This suggests that bears are attempting to gain the upper hand.
A break and close below $39,600 could increase the selling pressure and the BTC/USDT pair may drop to $36,250.
If the price rebounds off the current level, the bulls will again try to
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