Bitcoin (BTC) rose 4.25% last week to close above $86,000, and the bulls extended the recovery above $88,700 on March 24. 10x Research founder Markus Thielen said in a March 23 report that Bitcoin’s reversal indicators had turned positive, suggesting a “renewed uptrend.”
Buyers seem to be returning to the markets. According to SoSoValue data, US Spot Bitcoin exchange-traded funds (ETFs) witnessed net inflows of $744.4 million last week after recording five consecutive weeks of outflows. However, Ether ETFs could not replicate a similar performance as they witnessed a fourth successive week of net outflows.
Daily cryptocurrency market performance. Source: Coin360
Analysts are divided about the near-term price action for Bitcoin. Select analysts believe Bitcoin could run into significant resistance near $90,000, starting a pullback toward $80,000. In contrast, BitMEX co-founder and chief investment officer of Maelstrom, Arthur Hayes, said in a post on X that Bitcoin will rally to $110,000 before it drops to $76,500.
Could Bitcoin bulls maintain the momentum and push the price above $90,000? Will the altcoins follow Bitcoin higher? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) has risen to the 20-day exponential moving average (5,742), where the bears are expected to step in.
SPX daily chart. Source: Cointelegraph/TradingView
If the price turns down from the 20-day EMA, the bears will attempt to drag the index below 5,670. If they succeed, the index may retest the critical support zone between 5,600 and 5,500.
On the other hand, a close above the 20-day EMA will be the first indication that the correction may be ending. The index will then try to rise toward the 50-day simple moving average (5,913).
US Dollar Index price analysis
The US Dollar Index (DXY) rebounded off the 103.37 level on March 19, indicating that the bulls are trying to form a floor.
DXY daily chart. Source: Cointelegraph/TradingView
The index could reach the 20-day EMA (104.59), which is an important level to watch out for. If the index turns down sharply from the 20-day EMA, the bears will again try to sink the price below 103.37. If they can pull it off, the index may collapse to 102 and eventually to 101.
Contrarily, a break and close above the 20-day EMA suggests the bears are losing their grip. The index could climb to the breakdown level of 105.42, which is likely to act as a formidable barrier.
Bitcoin price analysis
Bitcoin broke above the 20-day EMA ($85,572) on March 23, suggesting the start of a strong recovery.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA is flattening out, and the RSI has risen into positive territory, signaling a minor advantage to the bulls. The relief rally is expected to face stiff resistance at the 50-day SMA ($90,290). If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it will indicate a positive sentiment. That increases the possibility of a rally to $95,000 and then to $100,000.
Conversely, if the price turns down from the 50-day SMA and breaks below the 20-day EMA, it will suggest that the bears remain active at higher levels. A drop below $83,000 could sink the BTC/USDT pair to $80,000.
Ether price analysis
Ether (ETH) bulls are again attempting to drive the price above the 20-day EMA ($2,057) and the breakdown level of $2,111.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
If they manage to do that, it will signal that the markets have rejected the breakdown below $2,111. The ETH/USDT pair could rally to the 50-day SMA ($2,356) and subsequently to $2,550.
Time is running out of the bears. If they want to retain the advantage, they will have to defend the $2,111 level and swiftly pull the price below $1,750. That may resume the downtrend toward the next support at $1,550.
XRP price analysis
XRP (XRP) turned up from the 20-day EMA ($2.38) on March 23, signaling that the bulls are using the dips to buy.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The bulls will try to push the price above $2.59. If they manage to do that, the XRP/USDT pair could climb to the resistance line, where sellers are expected to mount a strong defense.
If the price turns down from the resistance line but rebounds off the 20-day EMA, it will indicate a positive sentiment. That improves the prospects of a break above the resistance line. The pair may then rally to $3.
Sellers will have to tug the price below $2.20 to seize control. That could clear the path for a retest of the vital support at $2.
BNB price analysis
BNB (BNB) has bounced off the moving averages, indicating a change in sentiment from selling on rallies to buying on dips.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
If the price rises and breaks above $644, it will indicate the resumption of the recovery. The BNB/USDT pair could ascend to $686 and above it to the crucial resistance at $745.
The 20-day EMA ($613) is the strong support to watch out for on the downside. A break and close below the 20-day EMA could weaken the bullish momentum. The pair may slide to the 38.2% Fibonacci retracement level of $591 and then to the 50% retracement level of $575.
Solana price analysis
Solana (SOL) broke above the 20-day EMA ($135) on March 24, signaling that the bulls are attempting a comeback.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
If the price maintains above the 20-day EMA, the SOL/USDT pair could rise to the 50-day SMA ($158). Sellers will try to stall the rally at the 50-day SMA, but if the bulls overcome the obstacle, the pair may surge toward $180. That will bring the large $110 to $260 range into play.
Contrarily, if the price turns down from the current level or the 50-day SMA, it will suggest that the bears remain sellers on rallies. The bears will have to yank the price below the $120 to $110 support zone to start the next leg of the downtrend.
Related: How long will Bitcoin’s price consolidation last?
Dogecoin price analysis
Dogecoin (DOGE) has risen above the 20-day EMA ($0.18), indicating that the bulls have kept up the pressure.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
If the price closes above the 20-day EMA, the DOGE/USDT pair could climb to the 50-day SMA ($0.21) and later to $0.24. Sellers are expected to defend the level, but if the bulls prevail, the pair could soar to $0.29.
Contrarily, if the price turns down from the 20-day EMA and breaks below $0.16, it will signal that bears remain active at higher levels. The pair may then slump to the critical support at $0.14.
Cardano price analysis
Cardano (ADA) has been trading between the moving averages and the uptrend line for the past few days.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
The failure of the bears to sink the price to the uptrend line suggests a lack of selling at lower levels. Buyers will try to strengthen their position by pushing the price above the moving averages. If they do that, the ADA/USDT pair could rise to $0.84 and later to $1.02.
This positive view will be invalidated in the near term if the price turns down from the moving averages and breaks below the uptrend line. That could sink the pair to $0.58 and eventually to $0.50.
Chainlink price analysis
Chainlink (LINK) has broken out of the 20-day EMA ($14.60) on March 24, indicating that the downtrend could be ending.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The LINK/USDT pair could rise to the 50-day SMA ($16.34), which could again act as a stiff resistance. If the price turns down from the 50-day SMA, the pair is likely to find support at the 20-day EMA. If the price rebounds off the 20-day EMA, the likelihood of a rally to $19.25 increases.
If bears want to prevent the upside, they will have to swiftly pull the price below $13.82. That may sink the pair to the channel’s support line near $12.
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.
