Bitcoin (BTC) has climbed back above the 200-day simple moving average ($83,754), suggesting that buyers are making an effort to reclaim momentum. The inability of sellers to take advantage of the price dip below this average indicates that selling pressure diminishes at lower levels.
Nevertheless, Bitcoin may not yet be completely out of danger. A crypto analyst mentioned in a recent video that a weekly close above $89,000 is necessary for confirming a market bottom.
A breakthrough past $89,000 could trigger the liquidation of approximately $1.60 billion in short positions, based on data from CoinGlass. If this doesn’t occur, the analyst cautions that Bitcoin could slide into the range of $74,000 to $69,000.
Daily view of crypto market data.
Buyers face a tough challenge going forward. The inflows of $13.3 million into US spot Bitcoin exchange-traded funds (ETFs) on March 12 could not be sustained, resulting in outflows of $135.2 million the following day, according to Farside Investors’ data.
This illustrates that investors are feeling apprehensive and are selling amid new tariff threats and actions from the US government.
Is there potential for Bitcoin to soar to $100,000, pulling certain altcoins along? Let’s explore the charts of the top 10 cryptocurrencies to investigate further.
Bitcoin Price Analysis
Bitcoin bulls are attempting to initiate a rebound but are likely to encounter substantial resistance between the 200-day SMA and the 20-day exponential moving average ($86,717).
BTC/USDT daily chart.
If buyers can push the price beyond the 20-day EMA, it would indicate that the prior drop below the 200-day SMA was likely a bear trap. The BTC/USDT pair might then advance to the 50-day SMA ($93,876) and subsequently toward the $100,000 psychological level.
On the other hand, if the price experiences a sharp decline from the resistance area, it will suggest that bears are in control, increasing the chances of a drop to the crucial support level at $73,777. Buyers are expected to defend this level vigorously, as a breach below it could lead the pair down to $67,000.
Ether Price Analysis
Ether (ETH) has been trading in a narrow range between $1,963 and $1,754, signaling a fierce struggle between buyers and sellers.
ETH/USDT daily chart.
The relative strength index (RSI) is beginning to show signs of positive divergence. If the price rises above $1,963, the ETH/USDT pair could reach the breakdown point of $2,111. This level may provoke aggressive selling from bears, but if buyers maintain their momentum, the pair could rally to the 50-day SMA ($2,597).
This optimistic outlook will be reversed if the price fails to hold at $2,111 and dips below $1,754, signaling a return to a downtrend. In that case, the pair might plummet to $1,500.
XRP Price Analysis
XRP (XRP) rebounded from the $2 support on March 11, reaching the 20-day EMA ($2.35) by March 13.
XRP/USDT daily chart.
While bears attempt to stop the recovery at the 20-day EMA, bulls are keeping the pressure on, increasing the chances of a breakout above this average. Should that occur, the XRP/USDT pair may rise to $2.64. Clearing this level could pave the way for a rise to $3.
Conversely, if the price sharply declines from its current level, it suggests bearish sentiment remains. The pair could retest the critical support at $2, and if this level fails, it would complete a bearish head-and-shoulders pattern, potentially dragging the pair down to $1.28.
BNB Price Analysis
BNB (BNB) surged above the 20-day EMA ($591) on March 13, but bulls could not maintain the higher levels, evident from the long wick on the candlestick.
BNB/USDT daily chart.
Bulls are attempting once again to overcome the 20-day EMA. Should they succeed, the BNB/USDT pair might challenge the 50-day SMA ($624). A decisive break and close above this average would suggest the correction could be over, allowing the pair to aim for a rally to $686.
If bears want to hinder this upside potential, they must pull the price below the $500 support. If that occurs, the pair could tumble to $460, where aggressive buying is anticipated from bulls.
Solana Price Analysis
Solana (SOL) has been trading above the $120 mark, but bulls have struggled to push the price above $132.
SOL/USDT daily chart.
If the price slips below $120, the SOL/USDT pair could drop to $110. This level is crucial to watch, as a break and close below it may trigger a downward trend toward $98 and subsequently to $80.
Conversely, a break and close above the 20-day EMA would indicate a reduction in selling pressure, allowing the pair to advance toward the 50-day SMA ($178), where bears are expected to mount a strong defense.
Cardano Price Analysis
Cardano (ADA) faced rejection at the 20-day EMA ($0.77) on March 12, signaling that bears are selling during rallies.
ADA/USDT daily chart.
The ADA/USDT pair may fall to the uptrend line, which is a vital level for bulls to defend. A strong bounce off this trend line would enhance the chances of breaking above the moving averages, enabling a climb to $1.02.
This positive outlook will be invalidated if the price declines below the uptrend line, which could lead to a slide to $0.58 and eventually to the February 3 intraday low of $0.50.
Dogecoin Price Analysis
Dogecoin (DOGE) bounced off the $0.14 support level on March 11, indicating that buyers are defending this threshold.
DOGE/USDT daily chart.
This relief rally may encounter selling pressure at the 20-day EMA ($0.19). A sharp decline from $0.19 could raise the chances of breaching $0.14, potentially causing the DOGE/USDT pair to plummet to $0.10.
Note: The first sign of strength comes with a break and close above the 20-day EMA. This could open the way for a rally to the 50-day SMA ($0.24). Bears will likely attempt to halt this upward momentum at the 50-day SMA, but if bulls prevail, the pair could advance to $0.29.
Pi Price Analysis
Pi’s (PI) recovery hit a roadblock at $1.80 on March 13, indicating that bears are selling at each minor rally.
PI/USDT daily chart.
Bears may attempt to drive the price down to $1.20, a critical level to monitor. If the price bounces from this point, it could suggest the formation of a range, allowing the PI/USDT pair to oscillate between $1.20 and $1.80.
Alternatively, if the price continues to decline and dips below $1.20, it will indicate a continuation of the downtrend, potentially lowering the pair to the 78.6% retracement level of $0.72.
UNUS SED LEO Price Analysis
UNUS SED LEO (LEO) has been trading close to the $10 resistance, a sign of ongoing strength from buyers.
LEO/USD daily chart.
A break and close above $10 would complete a bullish ascending triangle pattern, potentially leading to an uptrend toward a target of $12.04.
Bears, however, will be eager to pull the price back to the uptrend line, an important level to watch. A rebound from this line would suggest that the LEO/USD pair could remain within the triangle for a while longer.
If bears manage to break and close below the uptrend line, they would gain the upper hand, possibly driving the pair down to $8.84 and then $8.30.
Chainlink Price Analysis
Chainlink (LINK) fell and closed below the support line of its descending channel on March 10, but bears could not maintain control.
LINK/USDT daily chart.
On March 14, bulls managed to push the price back into the channel, but significant selling is anticipated at the 20-day EMA ($15.14). If the price declines from this EMA, bears will likely target the LINK/USDT pair for a drop below $11.85; if successful, the pair could descend to $10.
Conversely, a breakout and close above the 20-day EMA would indicate market rejection of the earlier breakdown from the channel, possibly allowing the pair to rise to the 50-day SMA ($18.27).
This article does not offer investment advice or recommendations. Every investment and trading decision carries risk, and readers should do their own research before making any financial choices.