Bitcoin’s (BTC) recovery continues to face selling at higher levels, indicating that the bears have not given up. Trading resource Material Indicators noted that “Spoofy the Whale” has been suppressing Bitcoin’s price below $87,500.
Though there are current restrictions on the upside, select analysts remain optimistic about limited downside risks. BitMEX co-founder Arthur Hayes suggested that Bitcoin may have bottomed out at $77,000, especially after the Federal Reserve announced plans to slow its quantitative tightening from April.
Robbie Mitchnick, BlackRock’s head of digital assets, posited that a recession could serve as a bullish catalyst for Bitcoin. In an interview with Yahoo Finance, he mentioned that sophisticated long-term Bitcoin accumulator clients view the current market dip as a buying opportunity.
Looking ahead, could Bitcoin potentially form a higher low and break above the $87,500 resistance soon? Such a move could stimulate buying in altcoins. Let’s analyze the charts of the top cryptocurrencies to gain further insights.
Bitcoin Price Analysis
Bitcoin surged above the 20-day exponential moving average ($85,332) on March 19, but the bears halted the relief rally at the resistance line.
If the price drops below the uptrend line, the BTC/USDT pair could descend to $80,000 and eventually to $76,606. The range between $76,606 and $73,777 is anticipated to attract strong buying interest. However, if bearish momentum prevails, the pair could slip to $67,000.
Conversely, if the price rebounds from the uptrend line and exceeds $87,500, it should gain momentum, possibly overcoming the 50-day simple moving average ($91,136) and rallying towards $95,000 and then the crucial $100,000 milestone.
Ether Price Analysis
Ether’s (ETH) recovery has stalled at the 20-day EMA ($2,067), signaling active resistance from bears at these higher levels.
If ETH falls below $1,927, the pair might slip to $1,800. Buyers are likely to defend the $1,750 to $1,800 support zone, as a breach could lead to a drop to $1,550. A reversal above $2,111 would invalidate this negative outlook, clearing the path for potential rallies to $2,420 and later $2,850.
XRP Price Analysis
XRP surged past the moving averages on March 19, but the bulls could not sustain the momentum.
The bears are attempting to pull the price below the 20-day EMA ($2.36). If successful, the XRP/USDT pair may fall to $2.22 and then $2, which has crucial support. A failure to defend this support could complete a bearish head-and-shoulders pattern.
If the price rebounds from the 20-day EMA, it would indicate buying on dips, allowing the price to potentially reach the resistance line.
BNB Price Analysis
BNB’s (BNB) pullback found support at the 20-day EMA ($608) on March 19, showcasing that buyers are stepping in.
If the price breaks and closes above $644, it could pave the way for a rally towards $686 and potentially $745, while sellers will try to prevent this by pulling the price below the 20-day EMA to $550.
Solana Price Analysis
Solana (SOL) turned down from the 20-day EMA ($135) on March 20, indicating that bearish sentiment persists.
The SOL/USDT pair may slide to $120 and potentially $110, where buyers are expected to defend vigorously. A successful rebound might lead to a rally towards the 50-day SMA ($163). Conversely, a close below $110 would signal a likely continuation of the downtrend towards $98 and $80.
Cardano Price Analysis
Cardano’s (ADA) price faced resistance at moving averages on March 20, suggesting bears are defending this level.
Sellers may aim to drive the price to the uptrend line where bulls would likely step in. If there’s a rebound, it could raise possibilities for a breakout above the moving averages towards $1.02. A drop below the uptrend line would indicate potential declines towards $0.58 and $0.50, which is a critical support.
Dogecoin Price Analysis
Dogecoin (DOGE) is struggling to maintain levels above the 20-day EMA ($0.18), reflecting persistent bearish sentiment.
If the price drops below $0.16, it may retest the critical support at $0.14, with a break below this level potentially dragging it down to $0.10. On the thematic side, a close above the 20-day EMA may signal a return of buyers, leading the pair towards the 50-day SMA ($0.22) and potentially $0.29.
Toncoin Price Analysis
Toncoin (TON) surpassed the 50-day SMA ($3.51) on March 19, but the bears are trying to halt further increases at $4.
The 20-day EMA ($3.32) has begun to trend up, signaling bullish potential. If the price finds support at this level, a break above $4 may lead to a rise toward $5. Failure to maintain above this EMA could lead to declines towards $3.
Chainlink Price Analysis
Chainlink (LINK) increased above the 20-day EMA ($14.59) on March 19 but could not maintain these higher levels, indicating selling pressure.
The bears will likely target the crucial support level at $12. Should the price reverse positively near this threshold, it suggests a shift from selling to buying on dips. A successful rally could push the LINK/USDT pair towards the 50-day SMA ($16.83) and eventually $19.25. However, continued selling pressure leading to a drop below $12 could open the door to a descent towards $10.
UNUS SED LEO Price Analysis
UNUS SED LEO (LEO) remains below the overhead resistance of $10, indicating bear dominance.
The merging of moving averages and an RSI near the midpoint presents no distinct advantage for either bulls or bears. A break below $9.60 reflects strengthening bearish sentiment, leading to potential declines to the uptrend line. Conversely, a close above $9.90 could trigger a bullish move towards the target of $12.04.
Disclaimer: 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.
