Price analysis 2/28: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT
Bitcoin (BTC) soared above $40,000 on Feb. 28 even though the S&P 500 remained soft. This suggests that the correlation between Bitcoin and the U.S. equity markets may be showing the first signs of decoupling. If bulls sustain the price above $38,500 till the end of the day, Bitcoin would avoid four successive months of decline.
The volatility of the past few days does not seem to have shaken the resolve of the long-term investors planning to stick with their positions. Data from on-chain analytics firm Glassnode showed that the amount of Bitcoin supply that last moved between three to five years ago soared to more than 2.8 million Bitcoin, which is a four year high.
Interestingly, an experiment by Portuguese software developer Tiago Vasconcelos to develop an artificial intelligence trading bot for Bitcoin resulted in the bot concluding that “the best move is to buy as soon as possible and never sell!”
Could bulls sustain the momentum and push Bitcoin toward the next overhead resistance? Will altcoins also join the party? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned down from the 50-day simple moving average ($40,261) on Feb. 26 but the bears could not pull the price below $37,000. The price rebounded sharply today and the bulls have cleared the overhead hurdle at the 50-day SMA.
If bulls sustain the price above the 50-day SMA, the BTC/USDT pair could start its northward journey toward the resistance line of the channel. The bears are expected to mount a strong defense at this level. The bulls will have to push the pair above the channel to indicate that the correction may be over.
The 20-day exponential moving average ($39,813) is flattening out and the relative strength index (RSI) has
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