Market Analysis for 2/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH Price Forecasts
Bitcoin rebounded from the crucial $74,500 support level with ETH following suit, though market indicators remain inconclusive about whether the bottom has been reached.
After Bitcoin and altcoins plummeted to fresh 2026 lows, bullish market participants finally emerged to purchase the dip, though persistent selling pressure at intraday range peaks suggests the market's corrective phase may continue for some time.
Key points:
- A relief rally has commenced in Bitcoin, though selling pressure is anticipated around the $84,000 level.
- Numerous prominent altcoins face the threat of breaching their support zones should bullish forces fail to overcome overhead resistance barriers.
On Monday, Bitcoin (BTC) reversed its trajectory from the $74,508 price point, with purchasing activity now working to sustain prices above the $79,000 threshold. In an X platform post, BTC analyst PlanC suggested that the decline into the $75,000 to $80,000 range could represent "the deepest pullback opportunity this Bitcoin bull run."
The Crypto Fear & Greed Index, a metric designed to gauge overall crypto market sentiment, dropped into "Extreme Fear" territory with a reading of 14, marking the lowest level recorded in 2026. In a Friday report, crypto analytics platform Santiment noted that the extreme negative sentiment pervading social media channels could be viewed as a positive indicator, given that "historically, crypto markets move in the opposite direction of the crowd's expectations."
Nevertheless, a consensus regarding a market bottom remains elusive. Multiple market analysts maintain bearish perspectives on BTC, projecting additional downside movement. On Polymarket, trader sentiment leans toward continued bearish momentum, with Monday seeing the probability of BTC dropping beneath $65,000 climb to 72%.
Will BTC and major alternative cryptocurrencies launch a substantial relief rally in the coming period? Let's examine the technical charts of the leading 10 cryptocurrencies to determine the outlook.
S&P 500 Index price prediction
On Thursday, the S&P 500 Index (SPX) descended to touch the 50-day simple moving average (6,864), though bullish market participants mounted a successful defense of this critical level.
For bullish momentum to resume, buyers must drive prices beyond the resistance line forming the upper boundary of the ascending channel pattern. Should this occur, the index could advance toward the 7,290 target.
In opposition to this scenario, should prices reverse from the resistance line and penetrate beneath the 20-day exponential moving average ($6,929), this would indicate the index might consolidate within the channel boundaries for an extended duration. Bears would seize control upon a closing price below the channel's support line. Following such a breakdown, the index could potentially decline toward the 6,550 support zone.
US Dollar Index price prediction
On Tuesday, the US Dollar Index (DXY) plunged beneath the 96.21 support threshold, though bearish momentum proved insufficient to maintain these depressed levels.
By Wednesday, bullish participants had successfully reclaimed territory above the 96.21 mark, though the rebound will likely encounter resistance near the 20-day EMA ($97.78). Should prices sharply reverse from the 20-day EMA, bearish traders will make another attempt to drive the index beneath the 96.21 threshold.
Conversely, a decisive break accompanied by a close above the 20-day EMA would suggest the breach below 96.21 may have functioned as a bear trap. Under this scenario, the index could potentially rally toward the formidable overhead resistance positioned at 100.54.
Bitcoin price prediction
On Saturday, BTC penetrated below the Nov. 21, 2025, low of $80,600, ultimately descending to the critical support zone of $74,508 by Monday.
The relative strength index (RSI) has descended into oversold conditions, indicating the potential for a relief rally in the immediate term. Selling pressure is anticipated to materialize within the $80,600 to $84,000 zone for the Bitcoin price. If the BTC/USDT pair experiences a sharp reversal from this overhead region, the probability of breaching the $74,508 level rises substantially. The subsequent support zone on the downside is positioned at $60,000.
The initial indication of bullish strength would manifest as a break followed by a close above the moving averages. This development would suggest the $74,508 level is likely to maintain its function as a price floor for the foreseeable future.
Ether price prediction
On Saturday, Ether (ETH) breached the $2,623 threshold and continued downward to the subsequent major support positioned at $2,111 by Monday.
The RSI has entered oversold territory, suggesting selling pressure may have reached excessive levels in the short term. This development raises the likelihood of a corrective bounce, though resistance is expected near the 20-day EMA ($2,833).
A minimal bounce from current price levels or a sharp rejection at the 20-day EMA would indicate bearish participants maintain their dominance. Should the $2,111 support fail to hold, the Ether price could potentially fall to $1,750. Bullish traders will regain momentum only after the ETH/USDT pair successfully climbs above the moving averages.
BNB price prediction
On Saturday, BNB (BNB) crashed through both the uptrend line and the $790 support level, signaling intense selling pressure from bearish traders.
Bullish market participants are working to defend the $730 support zone, though any relief rally will likely encounter selling resistance at the breakdown point of $790. If the BNB price sharply reverses from $790, this would signal that bearish forces have successfully converted this level into resistance. Such a development would increase the probability of a decline toward $700.
Alternatively, should prices close above the $790 mark, this would indicate buyer interest at lower price levels. The BNB/USDT pair could then potentially advance toward the moving averages, where bulls should anticipate encountering substantial selling pressure from bearish participants.
XRP price prediction
At the pivotal $1.61 support level, XRP (XRP) is experiencing an intense confrontation between purchasing and selling forces.
A weak bounce raises the probability of a decline toward the support line defining the descending channel pattern. Purchasing forces are anticipated to mount a defense at the support line, as a breakdown below this level could send the XRP/USDT pair plummeting to the Oct. 10, 2025, low of $1.25.
The moving averages represent the key resistance zone to monitor on the upside. A closing price above the moving averages would suggest the XRP price may continue trading within the channel boundaries for additional days.
Solana price prediction
On Saturday, Solana (SOL) plummeted beneath the $117 threshold and descended to the critical support positioned at $95.
Bullish forces have mounted a successful defense of the $95 level, though the absence of a robust bounce indicates persistent bearish pressure. Should the $95 support zone fail, the SOL/USDT pair may initiate the subsequent phase of its downtrend toward $79.
In contrast, if the Solana price climbs above $107, the recovery phase could extend toward the 20-day EMA ($121). Selling forces will likely attempt to defend the 20-day EMA, though if bullish participants succeed in overcoming this barrier, the pair may advance toward the $147 resistance zone.
Dogecoin price prediction
On Saturday, Dogecoin (DOGE) dropped beneath the Oct. 10, 2025, low of $0.10, signaling aggressive selling activity by bearish market participants.
Bullish traders have initiated a relief rally, though selling resistance is anticipated at the 20-day EMA ($0.12). Should the Dogecoin price experience a sharp rejection from the 20-day EMA, the likelihood of breaking beneath the $0.10 level grows stronger. The DOGE/USDT pair could then potentially plunge to $0.08.
On the other hand, if purchasing forces push through the 20-day EMA, this would indicate the market has rejected the breakdown below the $0.10 threshold. The pair would then attempt to rally toward the substantial overhead resistance located at $0.16.
Cardano price prediction
On Saturday, Cardano (ADA) descended below the Oct. 10, 2025, low of $0.27, indicating that bearish control persists.
The Cardano price has rebounded from the support line though is anticipated to face selling resistance at the 20-day EMA ($0.34). If prices sharply reverse from the 20-day EMA, bearish forces will renew their efforts to drive the ADA/USDT pair beneath the support line. Success in this endeavor could extend the downtrend toward $0.20.
Bullish participants must propel prices above the downtrend line to indicate the downtrend may be reaching its conclusion. The pair could then potentially climb toward the breakdown level of $0.50.
Bitcoin Cash price prediction
On Saturday, Bitcoin Cash (BCH) descended toward its pattern target of $456, a level where purchasing forces intervened.
Bullish participants have launched a relief rally, though resistance is anticipated within the zone spanning from the 50% Fibonacci retracement level of $535 to the 61.8% retracement level of $551. Should the Bitcoin Cash price reverse from this resistance zone, bearish forces will work to drag the BCH/USDT pair beneath $500.
In the alternative scenario, if purchasing forces drive prices above $551, the pair may climb toward the 20-day EMA ($571). A closing price above the 20-day EMA would signal that bullish momentum has returned to the market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.