After running hard for two weeks, Bitcoin (BTC) is taking a breather near the $52,000 level. The bears are trying to start a correction, but the bulls are in no mood to relent. Strong equity markets, upcoming halving, and solid inflows into the spot Bitcoin exchange-traded funds are likely to limit any downside.
Analysts will closely monitor the inflows into the spot Bitcoin ETFs to determine the next directional move in Bitcoin. BitMEX Research data showed that Grayscale Bitcoin Trust outflows were just $44 million on Feb. 24, the lowest since Jan. 11.
Crypto market data daily view. Source: Coin360
The crypto sentiment remains upbeat as Bitcoin continues to sustain above $50,000. While Bitcoin consolidates, short-term traders may look for trading opportunities in altcoins that are demonstrating strength.
Could Bitcoin resume its uptrend after a brief hiatus? Will altcoins follow Bitcoin higher? Let’s look at the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin has been finding support near $50,500 and resistance close to $53,000, indicating a consolidation inside a tight range. This is a positive sign, showing that the bulls are not hurrying to the exit.
BTC/USDT daily chart. Source: TradingView
The rising moving averages and the relative strength index (RSI) near the overbought zone suggest that the bulls have the upper hand. A break and close above $53,000 could open the doors for a rally to $60,000.
Time is running out for the bears. If they want to prevent the rally, they will have to quickly drag the price below the breakout level of $48,970. If they do that, the BTC/USDT pair could plunge to the 50-day simple moving average ($45,542).
BTC/USDT 4-hour chart. Source: TradingView
The moving averages on the 4-hour chart are flattish, and the RSI is just above the midpoint, indicating a minor advantage to the bulls. If the price maintains above the 50-SMA, the pair could rise to $53,000. This level is likely to act as a stiff resistance, but if crossed, the pair may rally to $55,000 and thereafter to $60,000.
Conversely, if the price turns down from $53,000, the pair may remain…
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