Crypto Price today: Bitcoin over $25,000, Dogecoin rises, BNB drops

Muhammad Naeem

Blogger

It might feel like a lifetime ago since the Terra Luna collapse happened, but it is still frightening many investors and the Luna-related projects are still recovering from the damage. Furthermore, the security watchdogs are still behind the culprits as SEC charged Do Kwon, Terraform Labs with securities fraud this week.

The FTX collapse was also a prime example of not trusting the centralized exchanges with the funds. Though we have seen Proof of Reserves in action, it is really hard to mend investors' trust. One of the most prominent projects to suffer due to the FTX collapse was probably Solana. It dropped from an all-time high of $269 to a low of $8 last year. It looks like 2022 was the hardest year if we count the FUDs and regulatory actions on crypto. Though many people lost their life savings, many experts call this purification after which only good projects survived.

Despite this setback, BTC has experienced a 73 percent increase from its lowest point in the last month. Ethereum has followed a similar pattern, rising above $1,700 before falling back to $1,600. Investors are becoming increasingly concerned about inflation and monetary policies following the release of the PPI data.

Edul Patel, Co-founder, and CEO at Mudrex.

Crypto market cap is probably one of the best measures to discern the market direction of the entire crypto. If there’s a clear inflow of crypto into the crypto market, the marketcap rises and vice versa. The overall crypto marketcap touched a low of $731 billion on November 22 and since then it has been on the rise. Luckily the marketcap is maintaining its level above the slop support of $1 trillion. If this support is respected, we might see a continuation of the bullish trend in 2023.

Price Analysis Today: Bitcoin Price Analysis

To start with, bulls are cheering as 2023 has been in their favor: the Bitcoin price year-to-date has increased by nearly 50% till now. In less than two months, Bitcoin has brought itself from the psychological support of $20,000 and made it up to $25,252 in the following week. The course of bitcoin and the entire crypto market has turned bullish.

Last week we predicted that “the bulls might try to break the local resistance, which is at the local high of $24,300”; this actually happened and Bitcoin came back from the immediate support of $21,700 and broke the resistance of $24,000, the cycle’s high.

Bitcoin fear and greed index is interestingly showing a mild greed factor (60) as bitcoin has been making huge green candles this week. The investors are getting greedier as the price rises again, trying to update the local high. Compared to last week, the Fear and Greed index has been neutral as the market is undecisive about its next move.

If we look at the bitcoin 4-hour chart, we can tell that at the time of maximum rise, Bitcoin was overbought as suggested by the RSI (Relative Index Score) of 86. The increased selling pressure forced bitcoin to tank and the price return to $22,000.

Soon after, however, the price started to recover and reached a high of $24,000. The Bitcoin price today is $24,626.58 with a 24-hour trading volume of $22,421,380,652.

Another price charting indicator in favor of bulls appeared on the bitcoin chart, some weeks ago. The chart pattern is called Golden Cross. It happens when short-term Moving Average crosses over the long-term moving average. In this case, on a weekly chart, EMA 50 is crossing over EMA 200 -- an indication of price strengthening that we have witnessed already.

Dogecoin Price Today: Price Analysis

While Bitcoin and Binance coin were facing FUDs, Dogecoin was enjoying all the attention of the “Dogefather”, Elon Musk. Dogecoin was struggling to maintain its support above $0.08 last week when the Twitter CEO decided to throw some green candles towards the doge community. He posted Doge images as “New Twitter CEO” back-to-back and both Dogecoin and Shiba community took it as a signal to go all in. Though Musk's actions did not prompt the response he received in the past year, Dogecoin still gained over 11% in the next few hours.

Dogecoin kept gaining until the price gain was rejected by the strong resistance near $0.092. The Dogecoin price today is $0.086874with a 24-hour trading volume of $507,993,443. The price seems quite stable today, maybe awaiting another tweet by Elon Musk.

Binance Coin: BNB Price Analysis

Binance coin or BNB is the native coin of the Binance ecosystem. The good thing about tokens like BNB is that they have an entire community to promote them. BNB has been lucky to have CZ Binance, one of the most influential crypto personalities, as its promoter. However, the same thing goes against these tokens. If there’s any kind of FUD, the token will suffer the most almost every time. Last week was rough for the Binance ecosystem as US regulators were after its stable coin BUSD.

Last week on February 13, 2023, SEC announced that Binance’s stable coin BUSD is an unregulated security; this announcement caused a panic among the BUSD and BNB holders. The Binance CEO responded comprehensively through a twitter thread. He communicated that the funds of the community are #SAFU and BUSD does not fall in the category of securities.

As soon as the news was out, BUSD started to lose marketcap and its price also depegged for a brief moment. At the same time, BNB started to slide downwards from $320 in a reasonably bullish market. The coin price dropped over 12% before it started to rise as the traders started to enter the trade below $300 mark.

The BNB price has rebounded from the SEC FUD. The coin has been climbing on a rising support level that is now attempting to break lower. Even if it does, there’s a strong support level near $304 and the resistance is at the previous local high of $328.

Conclusion:

Bitcoin is attempting to capitalize on this year's positive sentiment and the golden cross. If Bitcoin continues in this trajectory, it has the potential to lift the entire market, setting a new year-to-date high. Because of their volatility, altcoins are the most appealing to traders, and they may also play an important role in determining market direction.