Although the Bitcoin price quickly recovered from the bottom and took back 69 thousand dollars, the continuation has not yet come. US markets are focused on the NVIDIA earnings report coming in about 1 hour. Iran talks tomorrow, Zach’s insider trading exposé, and US PPI data on Friday. The agenda continues to be busy, and crypto investors need to be cautious.
DOGE and BNB
BNB Coin Although it remained strong for a long time, it could not remain unresponsive to the steady decline in the BTC chart and fell below $ 700. The strong social media FUD wave on Binance fueled the sell-off. However, Binance is still the world’s most powerful cryptocurrency exchange in terms of volume and is still standing.
It managed to maintain $828 as support until January 31. BNB It could not withstand the February crash and bottomed at $582. Now it is recovering from the bottom like other altcoins. And now he is at the decision point. If it can leave the $647-661 range behind, it can return to the $828 support after an accelerated decline.
The accepted narrative for Bitcoin these days is that the weakness will continue for at least a few more quarters. If this scenario were to happen, BNB will not be able to regain the support level.
Always making deeper bottoms DOGE A trailer was played on February 15-16 for investors who missed the speculative rises. However, faced with the fact that X Money was irrelevant to cryptocurrencies, investors quickly turned this into a selling opportunity. Maintaining $0.089 as support and gaining $0.1 support Dogecoin (DOGE) If it started a real turnaround from the bottom, we should start seeing closes above $0.117 again. Of course, it also forms a local top at current levels, where it is blocked by the underlying Bitcoin price scenario (which will probably continue), which negatively affects the overall market sentiment.
It will collapse slowly
Kyle warned investors who are hoping for a comeback today. Giving an example from 2022, the analyst says that for the same scenario to be repeated, BTC should not gain 70 thousand dollars and then the “slow collapse and contraction” will continue.
“BTC It bounced back from $60,000 but now…it’s not going anywhere.
Seems like balance for now. Sellers’ fatigue and support from long-term holders. But let’s move away a bit. We are down 46% from the peak. This is the same area where it pauses before moving into the next decline we see in 2022. At this depth, time puts pressure on the bulls.
If BTC fails to regain the $70,000 level soon, the risk is not a crash. “There will be another slow contraction.”
