Price analysis 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT
The U.S. equity markets and Bitcoin (BTC) have rebounded sharply from their Feb. 24 lows while gold has made a retreat from its recent highs. This indicates that investors may be buying risky assets and reducing exposure to assets perceived as a safe haven.
Recent reports also suggest that Russian President Vladimir Putin may send a delegation to negotiate with Ukraine and this raises hope that the conflict could end sooner than analysts expect.
Some analysts believe that the U.S. Federal Reserve may not raise rates aggressively in March due to the geopolitical situation. Allianz chief economic advisor Mohamed El-Erian believes that the March 50 basis point rate hike is “completely off the table.”
Dr. Raullen Chai, the co-founder and CEO of blockchain network IoTeX, told Cointelegraph that investors should refrain from selling their crypto holdings with the expectation of buying again at a lower price. He cautioned that the market could “easily reach new all-time highs by the end of the year.”
Could bulls build upon the strong bounce off the lower levels or will bears sell at higher levels and pull the price down? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin formed an outside-day candlestick pattern on Feb. 24. The bears pulled the price below the immediate support at $36,250 but the long tail on the day’s candlestick indicates strong buying by the bulls at lower levels.
If buyers push the price above the moving averages, the BTC/USDT pair could rally toward the overhead resistance at $45,821. Such a move will suggest that the bears may be losing their grip. The longer the price sustains above the moving averages, the greater the possibility that a bottom has been made.
Conversely, if the price
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