Bitcoin, Ethereum and select altcoins set to resume rally despite February slump

MARKET_WATCH

Crypto

Bitcoin and select altcoins such as ETH, OKB, ALGO and THETA may extend their up-move after a brief correction. 

 

 

After the impressive rally in January, Bitcoin seems to be taking a breather in February. This is a positive sign because vertical rallies are rarely sustainable. A minor dip could shake out the nervous longs and provide an opportunity for long-term investors to add to their positions.

 

Has Bitcoin price bottomed?

 

The opinion remains divided, however, on whether Bitcoin has bottomed out or not. Some analysts expect the rally to reverse direction and nosedive below the November low while others believe the markets will continue to move up and frustrate the traders who are waiting to buy at lower levels.

Crypto market data daily view.

 

In an interview with Cointelegraph, Morgan Creek Capital Management founder and CEO Mark Yusko said “the crypto summer” could begin as early as the second quarter of this year.

He expects risk assets to turn bullish if the United States Federal Reserve signals that it will slow down or pause interest rate hikes. Another potential bullish catalyst for Bitcoin is the block reward halving in 2024.

Could the altcoins continue their up-move while Bitcoin consolidates in the near term? Let’s study the charts of Bitcoin and select altcoins that may outperform in the next few days.

 

BTC/USDT

Bitcoin has been gradually correcting since hitting $24,255 on Feb. 2. This indicates profit booking by short-term traders. The price is nearing the strong support zone between $22,800 and $22,292. The 20-day exponential moving average ($22,436) is also located in this zone, hence the buyers are expected to defend the zone with all their might.

 

 

Source : [Bitcoin, Ethereum and select altcoins set to resume rally despite February slump](cointelegraph.com/news/bitcoin-ethereum-and-select-altcoins-set-to-resume-rally-despite-february-slump) by Cointelegraph By Rakesh Upadhyay - Ethereum Price Tezos•30Cointelegraph by Cointelegraph By Rakesh Upadhyay / February 05, 2023

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