Bitcoin’s recent rebound from $76,606 has encountered resistance around $85,000, but indicators suggest a potential decrease in selling pressure, hinting at a nearby bottom. Analysts, including Aurelie Barthere, suggest that Bitcoin remains in a macro correction phase within a bull market, with $71,000-$72,000 as the next critical level. Onchain analytics firm Glassnode echoes this sentiment, identifying short-term holders who bought near the January peak as primary contributors to the sell-off. This suggests Bitcoin could stabilize near $70,000 if the sell-off continues.
The larger financial landscape shows pressure across not just cryptocurrencies but also the US stock market. However, a decrease in the US Dollar Index from its peak, which typically inversely affects Bitcoin, might signal an approaching bottom. Whether Bitcoin will revisit $76,606 support or push beyond $85,000 remains uncertain. For altcoins, understanding key support and resistance levels is crucial. Here’s a breakdown of major cryptocurrencies:
Bitcoin encountered selling at the 20-day EMA ($87,262), yet an RSI positive divergence implies a potential decline cessation. Overcoming this level could propel Bitcoin to the 50-day SMA ($94,654). Failing this, bulls are likely to strongly defend $73,777 to prevent a descent to $67,000.
Ether’s struggle to break $1,993 has seen it fall to $1,754. Recovery efforts face significant hurdles at $2,111, with sustained selling threatening further decline to $1,500. Conversely, surpassing the 20-day EMA ($2,235) could enable a resurgence to $2,800.
XRP slipped below its $2 threshold but bulls resisted further declines. The 20-day EMA ($2.35) poses as another resistance level, critical for maintaining momentum towards $3 or risking a collapse to $1.28.
BNB’s resilience above $500-$460 hints at strong support. It faces a challenge at the 20-day EMA ($592), with persistent selling possibly triggering a dip to $460, unless it rebounds to retain the $460-$745 range.
Solana’s $110 defense suggests some bullish momentum, with a 20-day EMA ($145) breakthrough signaling resistance erosion. A failure could drive a fall to $98.
Cardano saw a lift from the uptrend line on March 11 but must overcome moving average resistance. A decline below the line could target $0.50, while exceeding the averages opens potential to $1.02.
Dogecoin’s defense of $0.14 is met with selling at higher levels. Breaking the 20-day EMA ($0.20) could shift the momentum upwards, while a breach below $0.14 risks descending to $0.10.
Pi support at $1.20 allows for potential fluctuation between $2 and $1.20, while a break either way dictates the future trend.
Unus Sed Leo maintains consolidation near $10 within an ascending triangle. A break above could target $12.04, while a decline below the uptrend line suggests a fall to $8.30.
Hedera’s bounce from $0.17 is up against selling at the 20-day EMA ($0.22). A successful break suggests diminishing pressure and potential rise to $0.29, while a failure could see a retreat to $0.12.
Each of these analyses highlights the pressures and potential paths ahead for major cryptocurrencies amid broader market volatility, underscoring the necessity for diligent monitoring of technical indicators and market conditions.
