Bitcoin (BTC) experienced a 4.25% increase last week, closing above $86,000 and continuing its recovery to surpass $88,700 on March 24. Markus Thielen, founder of 10x Research, mentioned in a report on March 23 that Bitcoin’s reversal indicators have shifted to a positive outlook, indicating a "renewed uptrend."
It appears that buyers are making a comeback in the markets. SoSoValue’s data revealed that US Spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $744.4 million last week, following five straight weeks of outflows. In contrast, Ether ETFs did not perform as well, suffering their fourth consecutive week of net outflows.
Analysts hold differing views regarding Bitcoin’s upcoming price movements. Some expert opinions suggest that Bitcoin might hit significant resistance near the $90,000 mark, potentially causing a pullback towards $80,000. Meanwhile, Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, stated on X that Bitcoin is expected to surge to $110,000 before retreating to $76,500.
Will the bulls manage to sustain their momentum and push Bitcoin above $90,000? And how will altcoins respond to this rise? Let’s delve into the charts for further insights.
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) has approached the 20-day exponential moving average (5,742), where bearish pressure is anticipated.
If the price declines from the 20-day EMA, bears will likely aim to push the index below 5,670. Should they succeed, a retest of crucial support levels between 5,600 and 5,500 may occur.
Conversely, if the index closes above the 20-day EMA, it may signal that the corrective phase is coming to an end, potentially leading to a rise towards the 50-day simple moving average (5,913).
US Dollar Index Price Analysis
The US Dollar Index (DXY) bounced back from the 103.37 level on March 19, reinforcing the notion that bulls are attempting to establish a support foundation.
The index may reach the 20-day EMA (104.59), a key level to monitor. If the index sharply declines from this point, bears will make another attempt to push prices below 103.37. If successful, the index might plummet to 102 and eventually 101.
On the other hand, a move and close above the 20-day EMA would indicate weakening bear pressure. The index could then rise towards the breakdown level of 105.42, which is expected to serve as significant resistance.
Bitcoin Price Analysis
Bitcoin surged past the 20-day EMA ($85,572) on March 23, indicating the onset of a robust recovery.
With the 20-day EMA flattening and the RSI climbing into positive territory, there are signs of a slight bullish edge. However, any rally is likely to face strong resistance at the 50-day SMA ($90,290). If the price retraces from this level yet finds support at the 20-day EMA, it would reflect positive sentiment and increase the chances of a rally towards $95,000 and then $100,000.
Conversely, if Bitcoin declines from the 50-day SMA and falls below the 20-day EMA, it would suggest ongoing bear activity at higher prices. A dip below $83,000 could lead the BTC/USDT pair down to $80,000.
Ether Price Analysis
Ether (ETH) bulls are once again striving to push the price above the 20-day EMA ($2,057) and the breakdown point of $2,111.
Success in doing so would indicate that the market is rejecting the prior breakdown. The ETH/USDT pair might then rise towards the 50-day SMA ($2,356) and subsequently to $2,550.
Time is of the essence for the bears; they must defend the $2,111 level effectively and swiftly pull the price below $1,750 to reinforce their position. This could reset the downtrend toward the next support at $1,550.
XRP Price Analysis
XRP (XRP) rebounded from the 20-day EMA ($2.38) on March 23, signaling bullish sentiment as buyers capitalize on dips.
The bulls will aim to push the price above $2.59. If successful, the XRP/USDT pair may rise to the resistance line, where sellers are expected to intensely resist.
Should the price retreat from this resistance line yet bounce off the 20-day EMA, it would suggest positive sentiment and enhance the potential for it to break above the resistance line, possibly rallying to $3.
For sellers, pulling the price below $2.20 is essential to regain control, which could open the door for a retest of the critical support around $2.
BNB Price Analysis
BNB (BNB) has shown resilience, bouncing off the moving averages, indicating a shift in sentiment towards buying on dips rather than selling on rallies.
If the price rises and breaks above $644, it would signal a continuation of the recovery, potentially leading the BNB/USDT pair to $686 and ultimately to the crucial resistance at $745.
On the downside, the 20-day EMA ($613) serves as a strong support level. A break below this EMA could diminish bullish momentum, pushing the pair down to the 38.2% Fibonacci retracement level of $591 and then the 50% retracement level of $575.
Solana Price Analysis
Solana (SOL) surpassed the 20-day EMA ($135) on March 24, indicating that bulls are making a concerted effort to rebound.
If prices remain above the 20-day EMA, the SOL/USDT pair could advance towards the 50-day SMA ($158). Sellers will likely attempt to halt the surge at the 50-day SMA; however, should bulls overcome this resistance, the pair could soar to $180, opening up the larger $110 to $260 range.
On the flip side, if the price retreats from its current level or the 50-day SMA, it would suggest that bears remain active at higher levels. The bears need to pull the price below the $120 to $110 support zone to initiate the next phase of the downtrend.
Dogecoin Price Analysis
Dogecoin (DOGE) has moved above the 20-day EMA ($0.18), indicating sustained pressure from bulls.
If the price closes above the 20-day EMA, the DOGE/USDT pair could climb to the 50-day SMA ($0.21) and eventually to $0.24. Sellers are expected to defend this level; however, if bulls prevail, the pair could spike to $0.29.
Conversely, if the price declines from the 20-day EMA and falls below $0.16, it signifies that bears are still active at elevated levels. The pair may then decline to the critical support level of $0.14.
Cardano Price Analysis
Cardano (ADA) has been trading between the moving averages and the uptrend line in recent days.
The bears’ failure to drive the price to the uptrend line suggests lower selling pressure. Buyers will aim to strengthen their position by pushing prices above the moving averages. Should they succeed, the ADA/USDT pair could rise to $0.84 and eventually $1.02.
This optimistic outlook may be invalidated if the price declines from the moving averages and breaches the uptrend line, potentially sending the pair down to $0.58 and eventually to $0.50.
Chainlink Price Analysis
Chainlink (LINK) broke through the 20-day EMA ($14.60) on March 24, indicating a potential end to the downtrend.
The LINK/USDT pair could rise to the 50-day SMA ($16.34), which might act as a significant resistance point. If the price retreats from the 50-day SMA, it will likely find support at the 20-day EMA. A rebound off the 20-day EMA would enhance the likelihood of a rally toward $19.25.
To curb any upward momentum, bears must quickly pull the price below $13.82, which could lead to a decline towards the channel’s support line near $12.
This analysis does not contain investment advice or recommendations. Every investment and trading decision carries risks, and individuals should undertake their own research before making any financial moves.