The crypto prices have been on a tear since last week as Bitcoin and Ethereum prices skyrocketed. After a boring day trader at the start of February, the volatility is back in the crypto markets. Side by side, the altcoin market capitalization is also experiencing an uptick, with Immutable X (IMX), Beam (BEAM), Superverse (SUPER), KASPA and Bittensor (TAO) recording strong surges.
Despite the prevailing bullish sentiment in the markets, Solana’s price remains 16% down from its yearly high. This is also evident by the weakness in the SOL/BTC pair, which shows that SOL is underperforming against the most valuable digital asset.
The ongoing surge can be attributed to the massive success of the recently launched spot Bitcoin ETFs. In the first month after their launch, these exchange-traded products have collectively hit the milestone of $10 billion in assets under management. This is an indication of the strong interest from the institutional investors.
Let’s analyze the price action of the top cryptocurrencies with the help of advanced technical analysis.
BTC Technical Analysis
Currently, the BTC price is retesting the $48,000 resistance as bulls target the January peak of $49,000. Just above this level lies the major psychological barrier of $50,000. Therefore, most analysts are expecting a bullish continuation before another pullback.
This price target also aligns with the target of the recent inverse head and shoulders breakout. In the event that the price breaks above $50,000 and holds, the outlook on Bitcoin will become extremely bullish, with a possibility of another leg toward its all-time high.
Immutable X (IMX) Soars 38% In 1 Week
The native asset of the layer 2 blockchain, Immutable X, IMX surged past $3 on Monday. In the last 7 days, the gaming-focused digital asset has soared 38%, making it the second best-performing asset in the top 100 coins by market capitalization.
This also marks a retest of the 0.618 fib retracement level from the all-time high of IMX to its bear market low. Due to the possibility of a pullback from current levels, it is better to watch the price action closely in the next couple of days.
ETH Price Struggles To Overcome $2,500 Resistance
Due to the strong surge in Bitcoin, the ETH/USD pair is also following with another retest of the $2500 resistance. Consequently, Ethereum is once again trading above the range highs in an attempt to make fresh yearly highs.
A breakout above $2,500 will put the price targets of $2,720 and $3,000 well within bulls’ reach.
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