Altcoin Surge as Bitcoin Stalls Below $100,000

Bitcoin's price has been facing resistance below $100,000, prompting a surge in altcoin activity as traders seek alternative opportunities. As Bitcoin lingers below critical price levels, altcoin trading volumes have surged significantly, indicating a shift in trader behavior towards these alternatives. CryptoQuant CEO Ki Young Ju noted that "altseason has begun," highlighting that stablecoin holders are increasingly opting for altcoins rather than a direct rotation from Bitcoin.

Bitcoin's price remains under $100,000, creating opportunities in altcoins as trader sentiment shifts, with several cryptocurrencies showing strong potential. Bitcoin (BTC) witnessed a notable decline from the 50-day simple moving average (SMA) at $98,933, indicating that sellers are actively defending this resistance level. The price dipped below $95,500 on February 23, suggesting a cautious sentiment among traders. The recent daily chart analysis illustrates the 20-day exponential moving average (EMA) currently positioned at $97,236, continuing to trend downward. The relative strength index (RSI) is hovering just under the neutral zone, reflecting a marginal advantage for sellers. A decisive drop below $93,388 could trigger a deeper correction toward the critical support level at $90,000.

If buyers can successfully push the price above the 50-day SMA, there is potential for a rally towards $102,500, and eventually reaching $106,500, should bullish momentum persist. Ether (ETH) has demonstrated resilience in the wake of significant events, including the $1.4 billion hack of the Bybit exchange. Despite this setback, whale activity has surged, with accumulation of approximately $140 million in Ether noted post-hack. On February 23, ETH prices managed to break above the 20-day EMA valued at $2,775, signaling a potential bullish reversal. Resistance is detected in the area between the downtrend line and $2,850, but should buyers overcome this barrier, the price could escalate towards $3,332 and $3,525.

BNB (BNB) is currently facing challenges as sellers attempt to assert control below the 50-day SMA at $666.