FXStreet Team
FXStreet
Bitcoin price sees bulls swallow up the entire trading range of the past eight days. Ethereum price hits $3,000 and extends the intraday bull rally above $3,100. XRP price prepares for launch to hit $1.00.
A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next. Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.
ETH/USD traded higher yesterday, after it hit support slightly above the 2800 barrier, near the crossroads of the downside line taken from the peak of December 1st and the upside one drawn from the low of January 24th. As long as the crypto is trading above both those lines, we would consider the short-term outlook to be positive.
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Shiba Inu price sliced through a crucial support area as it rallied exponentially in February. This run-up created a platform that helped facilitate the extension of the rally. SHIB is currently retesting this barrier again, hinting at a breakdown.
Solana price experienced a quick run-up over the past two days. While this move was obvious, it failed to set up a higher high on a daily chart. Despite the recent shortcomings, SOL has a chance to prove itself by clearing a crucial hurdle and triggering another rally.
Russia’s Ministry of Economic Development has put forward a proposal to allow cryptocurrency mining operations in the country in areas with “sustainable surplus in electricity generation.” It suggests introducing lower fees for setting up mining in specific regions in Russia.
AVAX price is preparing for a substantial climb as a bullish chart pattern has emerged. Avalanche bulls could be headed for a 20% ascent toward $106 if the token manages to slice above the hurdles ahead. If AVAX slices below $78, the positive outlook will be invalidated.
Bitcoin price is at an inflection point of its recent uptrend and is likely to reverse and establish a directional bias. If BTC sets a higher low, there is a good chance the rally will continue; else, investors can expect a steep correction.
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