Bitcoin's Price Falls As Investors Switch To Smaller Cryptos

Short overview of upcoming week: BTC, XRP, CRO, FTT, THETA

Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics claims that whales are accumulating because they believe the price is appealing in the long run.

On the downside, Willy Woo, an analyst, believes that $33,000 is a solid bottom for Bitcoin. According to famous Twitter trader Credible Crypto, who cited data from PlanC, the chances of Bitcoin falling below $30,000 are slim.

Bitcoin fell from the overhead resistance level of $45,456, but a minor positive is that the bulls prevented the price from falling below the 20-day exponential moving average ($41,383). The pair fell from $45,456 to break below the moving averages. The bulls are attempting to defend the minor support level of $41,688.88 but are encountering stiff resistance from the moving averages.

If the price falls from its current level and falls below $41,688.88, the pair could fall to $39,600. If the price recovers from this level, the team may remain range-bound between $39,600 and $45,456 for a few days.

A break and close above the moving averages will be the first sign that bulls have a slight advantage.

XRP/USDT

On February 7, Ripple (XRP) broke and closed above the moving averages, indicating that the downtrend may end. The bears attempted to push the price back below the breakout level of $0.75, but the bulls stopped them. The price has recovered from $0.75, and bulls are attempting to push the XRP/USDT pair toward the overhead resistance of $1. A break and close above this resistance level could allow a rally to $1.41.

The moving averages are approaching a bullish crossover, and the relative strength index (RSI) is green, indicating that buyers have the upper hand.

CRO/USDT

Moving averages are approaching a bullish crossover, and the RSI is in positive territory, indicating that buyers have a slight advantage. If the current rebound from the moving averages holds, it will mean that bulls are buying on dips. The bulls will then push the price above $0.54 to resume the uptrend.

If they succeed, the CRO/USDT pair could rise to $0.60 and then $0.68. In contrast to this assumption, if the price falls and breaks below the 20-day moving average, the pair could fall to $0.39.

FTT/USDT

Within a broadening formation, FTX Token (FTT) has been volatile. The inability of buyers to push the price above the resistance line suggests that bears are selling rallies at this level. Bulls are buying dips in the zone between the 20-day EMA ($43.85) and the 50-day SMA ($41.50), which is a minor positive. If the price rises above its current level, buyers will attempt to clear the overhead barrier.

If they are successful, the FTT/USDT pair may begin a new uptrend. The pair could then rally to $53.50, where the bears may once again mount a strong challenge.

THETA/USDT

If bulls can convert the breakout level into support, it indicates a shift in sentiment from sell-on rallies to buy-on dips. The 20-day EMA ($3.49) has begun to rise, and the RSI is in positive territory, indicating a buyer’s advantage.

If the price bounces off the downtrend line, the bulls will initiate a new uptrend. If the THETA/USDT pair breaks and closes above $4.39, it could attract more buying and rise toward $6.

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