"Bitcoin Stumbles, Altcoins Shine: Ether Whales Accumulate Amid Bybit Hack"

Bitcoin's recent performance has been lackluster, with the cryptocurrency failing to break above the $100,000 level and slipping below $95,500 on February 23. Analysts remain divided on Bitcoin's next move, with some predicting a new high as early as next month and others expecting a drop to $85,000 before the uptrend resumes. The uncertainty surrounding Bitcoin's near-term price action has led some traders to explore alternative cryptocurrencies, with CryptoQuant CEO Ki Young Ju declaring that "altseason has begun."

Ether (ETH), the largest altcoin, has shown resilience despite the $1.4 billion hack of the Bybit exchange. According to CryptoQuant data, Ether whales, holding between 10,000 to 100,000 Ether, have accumulated $140 million worth of Ether since the hack. This accumulation suggests that investors remain bullish on Ether's prospects.

Bitcoin's tight-range trading has shifted focus to altcoins, with several cryptocurrencies showing promise on the charts. Let's examine the top cryptocurrencies that appear strong at the moment.

Bitcoin price analysis

Bitcoin turned down from the 50-day simple moving average ($98,933) on February 21, indicating that bears are fiercely defending the level. The 20-day exponential moving average ($97,236) is gradually sloping down, and the relative strength index (RSI) is just below the midpoint, suggesting a slight advantage to the bears. A break and close below $93,388 could open the doors for a fall to the critical level at $90,000. Buyers will have to defend the $90,000 support to avoid the formation of a double-top pattern. The bulls will gain the upper hand in the near term if they push and maintain the price above the 50-day SMA. The BTC/USDT pair could rally to $102,500 and eventually to $106,500.

Ether price analysis

Ether rose above the 20-day EMA ($2,775) on February 23, signaling that the bulls