By Chris Hollingworth 
Bitcoin’s price dropped to the $85,000 region on February 26, indicating that the crypto market is still facing uncertainty. The breach of the $90,000 support level on February 25 favored the bears, leading to $937.9 million in outflows from US spot Bitcoin exchange-traded funds.
The question on traders’ minds is whether Bitcoin has reached its peak or if the current decline is just a temporary setback in an overall upward trend. Binance CEO Richard Teng described the recent pullback as a “tactical retreat” rather than a reversal, noting that crypto markets often recover strongly following such corrections.
While long-term analysts maintain a bullish outlook, caution is advised in the short term. Should the $85,000 support level fail, Bitcoin could face liquidations totaling $1 billion from leveraged long positions across exchanges, according to CoinGlass data.
Can Bitcoin recover from $85,000, or will it break down further? How do altcoins fare in this scenario? Let’s examine the charts of the top 10 cryptocurrencies to gain insights.
Bitcoin Price Analysis
Bitcoin fell below the $90,000 support on February 25, forming a bearish double-top pattern with a target around $70,412.
The oversold level on the relative strength index (RSI) suggests a possible relief rally in the near term for Bitcoin. However, any upward movement is likely to encounter significant resistance around $90,000. A sharp reversal from this level would indicate a shift in favor of the bears, potentially leading to a decline to $73,777.
Time is of the essence for the bulls as reclaiming the $90,000 level swiftly is crucial for a potential comeback. The 20-day exponential moving average ($95,194) could pose a challenge, but a successful breach would indicate a possible end to the correction.
Ether Price Analysis
Ether faced strong resistance at $2,850 on February 24, signaling bearish pressure. The drop below the $2,520 support level dragged Ether towards the next major support at $2,300.
Buyers are attempting to initiate a recovery, anticipated to encounter resistance at $2,520 and the 20-day EMA ($2,700). Sustaining a price above the 50-day SMA ($2,974) would favor buyers, while a dip below $2,300 could pave the way for a decline to $2,111.
XRP Price Analysis
XRP broke below the support line of a symmetrical triangle pattern on February 24, signaling bearish dominance. Despite a brief recovery on February 25, bears are defending the resistance level.
A sharp downturn from the support line would indicate a bearish trend, potentially pushing XRP towards $1.80. On the other hand, a move back into the triangle could see XRP reach the 20-day EMA ($2.54), a crucial level to monitor for a potential market rejection of the bearish break.
BNB Price Analysis
BNB breached the $635 support level on February 24, bringing the wider range of $460 to $745 into play. Bulls are attempting a relief rally, likely facing resistance at the 20-day EMA ($644).
A sharp decline from the 20-day EMA could increase the risk of breaking below $586, leading BNB towards $557. However, a move above the 50-day SMA ($660) would negate this bearish outlook in the short term.
