Bitcoin exchange-traded funds (ETFs), after facing numerous rejections, began trading last week. Contrary to speculators’ expectations, this did not lead to an increase in Bitcoin’s price. On their fourth day of trading, the total trading volume for the 11 spot Bitcoin ETFs surpassed $11.1 billion on Wednesday. Leading the market, Grayscale, BlackRock, and Fidelity accounted for over 90% of this volume.
The Crypto Fear & Greed Index, which had previously indicated “extreme greed” with a score of 76, dropped to a neutral level of 52. This decline suggests a reduction in market over-excitement, indicating a more stable market environment. However, the metric now hovers around 63 level.
With the recent “sell the news” phenomenon now past, market attention is turning towards macroeconomic indicators. The focus is particularly on the United States Federal Reserve, which, as per CME Group’s FedWatch Tool, is anticipated to begin rate cuts as soon as March. Should this occur, riskier assets are expected to perform well.
Bitcoin (BTC) Price Analysis
Bitcoin price continues to experience a significant bearish movement as it failed to break its consolidation, indicating a potential comeback of bearish momentum. However, buyers are strongly defending a decline below the monthly support line. As of writing, BTC price trades at $42,480, declining over 0.45% from yesterday’s rate.
The 20-day Exponential Moving Average (EMA) is now trending downwards at $42,867, with the Relative Strength Index (RSI) hovering near 43, hinting at a marginal advantage for the bears.
Should there be an attempt at recovery, it’s expected to encounter resistance near the moving averages. A decline from this level would signal a change in market sentiment, shifting from buying on dips to selling on rallies. In this scenario, the BTC/USDT pair might drop to $40,000 to test buyers’ patience.
However, if the buyers successfully surpass the $44,500 resistance, it would imply that the corrective phase might be concluding. This could lead the pair to aim for a bullish weekend.
Ethereum (ETH) Price Analysis
Ethereum price is currently undergoing a correction within an ascending channel as buyers faced rejection above $2,600. However, bulls strongly hold the price above $2,450 level. Currently, ETH price trades at $2,518, declining over 0.8% from yesterday’s rate.
The stable 20-day Exponential Moving Average at $2,535, along with the Relative Strength Index (RSI) trading around the midline, suggests that there’s a balanced demand and supply. A rebound from the current level or a strong recovery from around $2,400 would indicate robust buying interest on dips, potentially sending the ETH/USDT pair towards $2,700. Breaching this level could pave the way to reach the $3,000 mark.
However, this bullish outlook could be short-lived if the price continues to drop and falls below $2,400 and moving averages. Such a decline could lead the price down to $2,100-$2,200 level.
DYDX Price Analysis
dYdX experienced a drop below its 20-day Exponential Moving Average (EMA) of $2.8, yet the bears were unable to keep the price lower than the 61.8% Fibonacci retracement level. As of writing, DYDX price trades at $3.1, increasing over 3.9% from yesterday’s rate.
This led to a relief rally beginning, which gained momentum today as the price broke above moving averages and touched a high at $3.2. Should buyers maintain the price above $3.2, the DYDX/USDT pair might surge to $3.6, and potentially surge towards $4.3. However, the price is now facing a bearish correction.
A crucial level to monitor is $2.9 on the downside, as a fall below this point could drag the price down to $2.5.
Blur Price Analysis
Efforts by the bulls to initiate a recovery have successfully met targets as Blur price surged from its EMA20 trend line and broke above immediate Fib channels. Currently, Blur price trades at $0.716, surging over 6.2% from yesterday’s rate.
The rising 20-day Exponential Moving Average (EMA) at $0.66, with the Relative Strength Index (RSI) being below the overbought region, suggests that the easier path for the price movement is upwards. The buying pressure could intensify if the price surge above $0.75, potentially leading to a further increase to $0.83.
To avert this uptrend, sellers need to push the BLUR/USDT pair below the immediate support at $0.64. Doing so would negate the current bullish pattern and could trigger a downward rally, possibly reaching $0.58.
Sui Price Analysis
Sui price witnessed a surge in its buying pressure above from the EMA20 level and surged toward a high of $1.45. However, altcoin is now facing a rejection in continuing its upward momentum. Currently, Sui price trades at $1.23, declining over 2% from yesterday’s rate.
The price is now dropping below its 23.6% Fib channel. This suggests a rising bearish pressure for the Sui price and bears are aiming to send the price below the immediate support line. A drop below the $0.92 level will strengthen short-positions.
On the other hand, a move above $1.4 would indicate that the current correction might be ending. This could lead the Sui price to ascend to $2, and potentially extend its gains to register a new high.
