Week Ahead: Bitcoin threatens a drop, altcoins in shambles – FXStreet
Akash Girimath
FXStreet
With Bitcoin price action losing volatility, markets have turned chaotic again, some believe a crash is due for BTC, a short-term reset, if you will. Others believe that the ongoing consolidation will lead to a swift move to the upside, preferably to the next key level at $60,000. This speculative dichotomy has some shorting altcoins and others buying the dips. In this article, let’s explore what can happen next with BTC, along with the usual “What to expect next week?”
Also read: This week’s nearly $250 million token unlock events: YGG, AGIX, SUI, OP, PRIME, MANTA DYDX, ZETA
Bitcoin price trades between the $52,062 weekly resistance level and the $45,156 support level after rallying 37% in the last 28 days. Due to the explosive nature of this move, a retracement seems due. Moreover, the previous week’s forecast also notes a bearish price fractal that postulates a potential liquidity event likely to happen in the next two weeks.
Additionally, the 12-hour chart posted below showcases a bearish divergence, where the Bitcoin price has produced higher highs, but the Relative Strength Index (RSI) and the Awesome Oscillator (AO) have produced lower highs.
Furthermore, the Point of Control (POC), which is the highest traded volume in the last 28 days is $51,716, which is serving as a resistance level.
This setup also forecasts a potential correction to the key levels:
BTC/USDT 12-hour chart
In addition to the 12-hour chart, the bearish divergence can be found on the weekly chart as well, which adds to the overall correction thesis. 
BTC/USDT 1-week chart
February 26
February 27
February 28
February 29
March 1
Between February 26 and March 3, five altcoins will unlock nearly $315 million tokens.
Read more: Next week’s nearly $250 million worth token unlock events: YGG, AGIX, SUI, OP, PRIME, MANTA DYDX, ZETA
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Near Protocol (NEAR) price is trading with a bullish bias, with a sustained series of higher highs since the last week of January. With investors groping for discounted entry points, NEAR could correct before the next leg up.
Ethereum (ETH) price consolidation within the ascending parallel channel has lasted since October, with the Proof-of-Stake (PoS) token making multiple attempts to breakout. As it stands, Ethereum continues to outperform Bitcoin (BTC) with double the gains.
Solana (SOL) price is trading with a bearish bias, recording a series of lower highs and lower lows since mid-February. The downtrend has seen the Layer 1 (L1) token drop below the midline of the market range between $79.49 and $126.27.
Binance Coin (BNB) price has formed lower highs and lower lows over the past few days, but the bulls continue to maintain a strong presence in the market. BNB has also steadfastly shown strength despite the recent uncertainty in the market as altcoins awaited cues from Bitcoin (BTC) price.
Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.
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