By Chris Hollingworth 
Bitcoin (BTC) experienced a significant drop to nearly $78,000 on February 28, only to see strong buying interest emerge at lower levels. Ki Young Ju, the founder and CEO of CryptoQuant, cautioned against selling after a 30% correction, suggesting that such a move could be considered a rookie mistake. Despite a 53% decline in 2021, Bitcoin managed to reach a new all-time high.
During the recent dip, select whales, including a prominent figure known as “Spoofy,” were observed building substantial positions in Bitcoin. Spoofy acquired 4,000 Bitcoin valued at around $344 million when prices ranged between $82,000 and $85,000. Analysts believe Spoofy is gradually increasing his position and might consider buying more if the market experiences further declines.
Standard Chartered remains optimistic about Bitcoin’s long-term prospects, with the head of digital assets research, Geoffrey Kendrick, suggesting that Bitcoin could potentially recover to $200,000 this year and even soar to $500,000 before the end of President Trump’s second term.
Despite the recent correction, there is speculation about whether Bitcoin could initiate a recovery, potentially lifting other altcoins along with it. Let’s delve into the analysis of the top 10 cryptocurrencies to gain insights.
Bitcoin Price Analysis
Bitcoin breached the $85,000 support level on February 26, with bears successfully defending this level on February 27. Despite attempts to push prices down to $73,777, bulls stepped in, leading to a rebound to $78,258 on February 28. Analysts are closely watching for a potential move above the $85,000 to $90,000 resistance zone, which could signal a short-term bottom.
Ether Price Analysis
Ether (ETH) found support near $2,111, indicating bullish efforts to maintain prices within a significant range. Bulls might aim to extend the recovery towards the 20-day EMA ($2,611) and the downtrend line. However, sellers are likely to defend these levels, potentially pushing the ETH/USDT pair back towards $2,111 and even lower if support weakens.
XRP Price Analysis
XRP (XRP) faced resistance at the symmetrical triangle pattern’s support line on February 26, leading to a downturn. While the XRP/USDT pair briefly dropped below $2.06 on February 28, buyers managed to prevent sustained losses. A move above the 20-day EMA could indicate renewed bullish momentum, while a failure to do so might signal further downside towards crucial support levels.
BNB Price Analysis
BNB (BNB) saw a bounce off support near $557, suggesting bullish defense of this level. A potential relief rally could face resistance at the 20-day EMA ($634), with a failure to surpass this level increasing the risk of a breakdown below $557. However, strong buyer interest is anticipated in the $460 to $500 zone in case of a decline.
Solana Price Analysis
Solana (SOL) slipped below the $133 support on February 28, but a significant buying response was evident, as shown by the long tail on the candlestick. This resilience could suggest underlying support at lower levels.
