Price analysis 2/4: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and Ether (ETH) are attempting to build upon their recent recovery as the U.S. equity markets try to resume their relief rally, backed by strong results by Amazon. Bollinger Bands creator John Bollinger recently tweeted that Ether looked to be in a good spot to be added to his existing long positions.
The Purpose Bitcoin exchange-traded fund also witnessed its third-largest inflow on Feb. 1, according to Glassnode data. This suggests that traders may have started accumulating Bitcoin at lower levels.
Even though crypto markets are reeling under a bear phase, investor interest remains strong. Popular social media platform Stocktwits said that it has partnered with FTX.US to launch its crypto trading next quarter. The platform boasts 5 million monthly active users. This could result in several new investors starting their crypto investment journey.
Does the strong move in Bitcoin and select altcoins indicate the start of a new uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin bounced off the minor support at $36,155.01 and the bulls have pushed the price above the overhead resistance zone between the 20-day exponential moving average ($38,974) and $39,600.
If the price sustains above $39,600, buying could pick up momentum and the BTC/USDT pair could rally to the 50-day simple moving average ($43,021). The bulls will have to clear this hurdle to signal a possible change in trend.
Contrary to this assumption, if the price turns down from the current level, it will suggest that bears continue to sell on rallies. A break and close below $36,155.01 could clear the path for a retest of the Jan. 24 intraday low at $32,917.17.
Ether turned down from the 20-day EMA ($2,795) on Feb. 2 and
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