📈 The Rise of Risky Assets: Bitcoin and Top Cryptocurrencies Analysis

IMX, KAS, TIA, and STX Could Extend Their Rally If Bitcoin Sustains its Uptrend

Bitcoin bulls are aiming to reach $50,000, which could pave the way for a surge in IMX, KAS, TIA, and STX prices.

📅 Published on February 14, 2022 | 🕗 5 min read

Risky assets have been experiencing a stellar run lately, with the S&P 500 Index logging in five consecutive weeks of gains and Bitcoin (BTC) surging over 13% in just one week. This bullish market sentiment has not gone unnoticed by investors. BitMEX Research data shows a staggering $2.7 billion influx into Bitcoin exchange-traded funds (ETFs), while outflows from Grayscale Bitcoin Trust (GBTC) have reduced to $51.8 million. The total assets under management of these ETFs have now soared to an astounding $10 billion.

Bitcoin Warrants Caution Despite Its Sharp Rise

Bitcoin’s recent price surge has attracted much attention and has left many Bitcoin enthusiasts excited. However, Keith Alan, CEO and co-founder of Material Indicators, warns in a tweet that Bitcoin is likely to face stiff resistance between its current level and $50,000. So while the bulls celebrate the recent gains, it’s crucial to remain cautious.

Altcoins Making Their Move

Although Bitcoin steals most of the spotlight, we shouldn’t overlook the potential of select altcoins that are beginning to show signs of movement. Let’s take a closer look at the top 5 cryptocurrencies and their potential for near-term outperformance.

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Bitcoin Price Analysis: Bulls vs. Bears Battle

Bitcoin’s rally has encountered a formidable resistance level at $48,970, where we can expect a fierce struggle between the bulls and the bears. The upward momentum is supported by the upsloping 20-day exponential moving average ($44,164) and the relative strength index (RSI) in the overbought zone. If the bulls manage to push the price above $48,970, the BTC/USDT pair could accelerate its climb towards $52,000 and potentially reach $60,000. However, a sharp downturn from the current level could indicate a consolidation phase between $44,700 and $48,970. The short-term trend will weaken if the price breaks below the 20-day EMA.

Immutable: Breaking Resistance or Showing Weakness?

Immutable (IMX) recently broke above the $2.60 resistance level, signaling a resumption of its uptrend. However, bears are unlikely to give up easily and will challenge the bulls at the $2.85 level. A reversal below $2.60 would weaken the bullish momentum, potentially leading to a drop towards the 20-day EMA ($2.24). On the other hand, if the bulls hold their ground and surpass the $2.85 resistance, the IMX/USDT pair could climb to $3 and potentially $3.50.

Kaspa: Defending Support Amidst Resistance

The bulls successfully defended the psychological support level of $0.10 during the correction in Kaspa (KAS), indicating strong buying interest at lower levels. The KAS/USDT pair faces stiff resistance near $0.15, which sellers are likely to defend. However, if the first support at $0.13 holds, the chances of a breakout above $0.15 increase. In that case, the bulls will aim for new highs at $0.20. On the downside, a break below $0.13 may keep the pair range-bound between $0.10 and $0.15 for some time.

Celestia: Battling Resistance on the Road to $25

Celestia (TIA) has been on an uptrend, but the bulls are currently struggling against resistance at $20.40. The moving averages and the RSI in positive territory indicate that buyers are still in control. A rally above $20.40 could propel the TIA/USDT pair to $25. However, if the price turns down and breaks below the 20-day EMA ($18.01), it could indicate weakening bullish sentiment. The bears would then have the upper hand on a break below the 50-day SMA ($16.16).

Stacks: Demand Remains Strong

Stacks (STX) has shown solid demand at lower levels, pushing the price above the $1.78 resistance after a brief correction. The upward momentum is supported by the turning up of the 20-day EMA ($1.62) and the RSI nearing the overbought zone. For the STX/USDT pair, the overhead resistance at $2.06 poses a strong challenge. If it’s breached, we can expect a surge towards $3. On the other hand, a break and close below the 20-day EMA may signal weakening bullish sentiment, potentially leading to a drop to $1.45.

The Future Outlook: What Lies Ahead?

The recent rally in risky assets, particularly Bitcoin and select altcoins, has left investors excited and intrigued about the next moves. It’s important to approach these volatile markets with caution and consider both bullish and bearish scenarios. While Bitcoin faces resistance and potential consolidation, select altcoins like Immutable, Kaspa, Celestia, and Stacks present lucrative opportunities. With the right analysis and strategy, investors can navigate these markets and potentially achieve attractive returns.

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3. Technical Analysis: The Power of Moving Averages
4. The Psychology of Market Sentiment
5. Understanding Resistance and Support Levels in Trading

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