Bitcoin (BTC) is finding it difficult to surpass the 200-day simple moving average, currently at $84,000. However, a promising indicator is that the bulls haven’t lost significant ground to the bears. A leading analyst mentioned that for Bitcoin to show resilience, it must secure a weekly close above $81,000. If prices fall below $76,000, selling pressure could intensify.
Markus Thielen, a prominent crypto researcher, expressed a more cautious outlook. He noted that Bitcoin’s current chart patterns reflect a state of market indecision instead of a clear bullish trend. Thielen remains skeptical about a strong recovery in Bitcoin’s price at this time.
Crypto market data daily view.
In contrast, Timothy Peterson, an economist focused on the Bitcoin network, offers a different perspective. He recently shared that April and October are typically strong months for Bitcoin’s annual performance, suggesting the possibility of a new all-time high before June.
Will buyers be able to drive Bitcoin past the short-term resistance levels? If they succeed, which other major cryptocurrencies might also see gains in the near future?
Bitcoin Price Analysis
The downward trend of the 20-day exponential moving average ($86,188) indicates that bears are currently in control. However, a positive divergence on the relative strength index (RSI) points to a decrease in selling pressure.
BTC/USDT daily chart.
If the price declines from the current level, the BTC/USDT pair may drop to $80,000 before potentially reaching $76,606.
On the other hand, if the price rises and breaks above the 20-day EMA, it could signal a rejection of the breakdown below the 200-day SMA. This could lead the pair to rally towards the 50-day SMA ($93,033) and possibly hit $100,000. However, buyers may face challenges in overcoming the psychological resistance at $100,000.
BTC/USDT 4-hour chart.
The 20-EMA on the 4-hour chart is becoming horizontal, while the RSI is just above the midpoint, indicating a balance in supply and demand. Buyers will need to push the price above the resistance line to gain an advantage. The pair may then move up to $92,810 and later to $95,000.
Support is located at $80,000, with another level at $78,000. Should these supports fail, the likelihood of a drop below $76,606 increases.
BNB Price Analysis
BNB (BNB) began its recovery from $507 on March 11 but is now encountering resistance at the 50-day SMA ($621).
BNB/USDT daily chart.
The pivotal near-term support level to monitor is the 20-day EMA ($595). A bounce from this level would indicate that bulls are buying the dips, which could enhance the chances of breaking through the 50-day SMA. Consequently, the BNB/USDT pair might surge towards $686.
Conversely, if the price declines and breaks below the 20-day EMA, it would suggest that bears are strongly defending the 50-day SMA, potentially pushing the pair down to $550.
BNB/USDT 4-hour chart.
The 20-EMA on the 4-hour chart is trending upward, with the RSI indicating bullish sentiment. Resistance lies at $632, and breaching this level could result in the pair climbing towards $680.
This optimistic scenario could be invalidated if the price dips below the 20-EMA, leading the pair to the 50-SMA, which might then attract buyers. A break below this level would give bears the advantage.
Toncoin Price Analysis
Toncoin (TON) saw a significant rise from $2.35 on March 11 and reached the 50-day SMA ($3.64) by March 16.
TON/USDT daily chart.
The pullback from the 50-day SMA is expected to find support around the 20-day EMA ($3.15). If this occurs, it would indicate a shift in sentiment from selling at rallies to buying at dips, increasing the likelihood of a move above the 50-day SMA. The TON/USDT pair may aim for $4 and later $5.
If, however, the price closes below the 20-day EMA, it suggests continued bearish activity at higher levels, potentially leading the pair down to $2.50.
TON/USDT 4-hour chart.
The 4-hour chart indicates that the upward movement is facing selling pressure around the $3.60 mark, but buyers are likely to defend the 20-EMA on pullbacks. A strong upward move from this level could see bulls attempting to push the price above $4.15, which may lead to a jump toward $4.67.
Conversely, a downturn below the 20-EMA would indicate that bearish pressure is still prevalent, potentially forcing the pair to the 50-SMA and eventually down to $2.50.
Gate Token Price Analysis
Gate Token (GT) has created a symmetrical triangle pattern, highlighting the uncertainty between bulls and bears.
GT/USDT daily chart.
The 20-day EMA ($21.06) is beginning to level off, and the RSI has moved to the midpoint, suggesting a reduction in selling pressure. If buyers manage to push the price above the triangle, it would indicate a resumption of the upward trend. This could lead the GT/USDT pair to rise towards $24 and possibly $26.
If the price continues to decline and closes beneath the 20-day EMA, it would imply that the pair may remain within the triangle for some time. A firm break below the triangle would signal renewed bearish control.
GT/USDT 4-hour chart.
The 4-hour chart illustrates that bears are struggling to maintain prices under the 20-EMA, indicating demand at lower levels. Buyers will likely attempt to solidify their position by pushing prices above the resistance line, which may see the pair rally towards $24.
If instead, the price drops and breaks below the 50-SMA, it would suggest a downturn in bullish momentum. The pair could then descend to $19 and potentially lower to the support line.
Cosmos Price Analysis
Cosmos (ATOM) broke above the 20-day EMA ($4.31) on March 15, indicating a reduction in selling pressure.
ATOM/USDT daily chart.
A positive divergence in the RSI indicates that bearish momentum is waning. The 50-day SMA ($4.73) could provide resistance but may also be surpassed. If the price closes above $5.15, it could trigger a rally towards $6.50.
The 20-day EMA remains a crucial support level to monitor. If this level fails, it would indicate that sellers are still active on rallies, potentially causing the ATOM/USDT pair to drop to $3.50.
ATOM/USDT 4-hour chart.
The pair is currently experiencing a pullback, which may reach the 20-day EMA. If prices bounce back from this level, it would indicate positive sentiment among bulls, increasing the chances of breaking above $5.15. Should this occur, the pair may ascend to $5.50 and later to $6.50.
This favorable outlook will be nullified if the price declines below the 20-day EMA, which could result in a drop to the 50-SMA and possibly down to $3.80.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Every investment and trading decision carries risks, and readers should conduct their own research before proceeding.