Cryptocurrencies BNB, VET, RNDR, and KAS Surge as Bitcoin Bulls Rally to Sustain $52K

Between February 12 and February 16, there were inflows of over $2.2 billion into spot Bitcoin exchange-traded funds (ETFs), indicating strong investor interest. BlackRock’s iShares Bitcoin Trust (IBIT) has attracted $5.2 billion in inflows this year, which is equivalent to 50% of BlackRock’s total net ETF flows out of 417 ETFs. Bitcoin’s price rose by about 7% this week, but it is facing resistance near $52,000. In the short term, there are concerns about the potential selling of $1.3 billion worth of Grayscale Bitcoin Trust shares by the bankrupt crypto lending firm Genesis. If Bitcoin consolidates, the focus may shift to altcoins, specifically those that have broken above their resistance levels.

When analyzing Bitcoin’s price, it has been facing selling pressure near $52,000. There has been solid buying on dips, which suggests that the bulls are not rushing to take profits. If the price breaks and sustains above $52,000, it could start moving towards $60,000. One risk is that the relative strength index (RSI) has stayed in the overbought territory, indicating the rally may be overheated. On the downside, a corrective phase would be signaled if the price falls below the 20-day exponential moving average ($47,809), potentially leading to a slide to the 50-day simple moving average ($44,441).

BNB is experiencing an uptrend, but it is facing strong resistance near $360. The bulls have been able to hold their ground, and the overall trend remains positive. If BNB closes above $360, it could continue its journey towards $400. On the downside, a close below $348 may lead to short-term traders taking profits, potentially causing a correction to the 20-day EMA and then the 50-day SMA ($313).

Kaspa (KAS) broke above the $0.15 resistance level, indicating the continuation of its uptrend. The RSI suggests that the rally may have happened too quickly. If the price finds support at $0.15, there is a possibility of a rally to $0.20. Conversely, a sharp decline below $0.14 could signal the end of the uptrend, potentially leading to a drop to the 50-day SMA ($0.11).

VeChain broke above the 50-day SMA ($0.03) and the $0.04 resistance, indicating aggressive buying by bulls. The bears are trying to halt the upward move near $0.05. If the price can maintain above $0.05, it may continue to rise towards $0.07. On the downside, a break below $0.04 would indicate bearish sentiment and potentially lead to a slump to the moving averages.

Render (RNDR) broke above the $5.28 resistance level, suggesting the resumption of its uptrend. The bulls were able to defend the breakout level, showing their determination. If they are successful in making $5.28 a support level, the price could rise to $7. The RSI is in the overbought zone, indicating the possibility of a minor correction or consolidation. If the price falls below $5, it may drop to the 50-day SMA ($4.34).