All regulation issues sparked a major downside move in bitcoin and altcoins this past month. Later, buyers took a stand and a recovery was initiated. Bitcoin price closed February above the USD 10,000 level, which is a positive sign. Similarly, Ethereum is positioned nicely above the USD 800 pivot level. The only cryptocurrency that is struggling to gain upside momentum is Ripple.
There was a major decline in bitcoin price this past month. BTC/USD traded below the USD 10,000 level and even broke the USD 8,000 support. It traded close to the USD 6,000 level before a bottom was formed.
Later, the price recovered and settled above the USD 8,000 pivot level. More importantly, the price closed above the USD 10,000 level and opened March with a positive note.
Monthly resistances are at USD 11,000 and 11,800. If there is a break above the USD 11,800 resistance, the next major stop could be USD 12,500.
Ethereum also followed bitcoin and declined this past month by more than 25%. ETH/USD traded close to the USD 550 support before forming a base.
Ether buyers were successful in pushing the price back above USD 850. However, the price is currently struggling to break the USD 900 resistance. The mentioned level is a crucial resistance, and a break above USD 900 could open the gates for a test of USD 1,000 this month.
On the downside, supports are at USD 800 and 650. Monthly resistances are USD 900 and 1,000.
Bitcoin Cash and Ripple
Bitcoin cash price was comparatively stable and it recently surged to USD 1,600. BCH/USD closed February above the USD 1,200 support and it remains in a bullish trend.
Ripple was among the worst performers of February. XRP/USD recovered, but upsides were limited. There is still no close above the USD 1.00 level, which is a bearish sign. Monthly supports are at USD 0.90 and 0.75. Resistances are near USD 1.00 and 1.20.
Other Altcoins Market Today
Today, Particl (PART) is performing really well. PART price is currently trading 23% higher to USD 26.40. The company, which is an open source, decentralized privacy platform, is planning to release a new website with an improved design to communicate their project’s features in a better way.
To sum up, the market is showing a lot of positive signs for more bullish action this month. However, bitcoin price must stay above the USD 10,000 level to remain in a positive bias.