The Bitcoin Market reached a new peak, soaring to $70,199 on the Coinbase exchange, marking a significant achievement. This uptick demonstrates that buyers are currently dominating the market. However, the inability to keep the price above $70,000 reveals that at every new high, there’s resistance, indicating sellers are taking advantage of these levels to sell off.
The price jump was accompanied by an increase in Bitcoin’s spot trading volume, highlighting renewed interest from retail investors. On March 5, the daily spot trading volume for Bitcoin escalated to $46.26 billion across centralised exchanges, the most substantial figure seen in the past year. Following this uptrend, it appears some investors are inclined to secure their gains. According to Glassnode, there’s been an uptick in Bitcoin being moved to Coinbase, nearing the highs observed in 2022, suggesting a potential readiness among some to sell.
As the Bitcoin market hovers near $69,000, select major altcoins have resumed their upmove, indicating that traders may shift their attention to altcoins. According to Blockchain Center’s altcoin season index, an alt season has not yet started, but K33 Research believes it is about to begin.
Could repeated failures to maintain Bitcoin’s market price above $69,000 start a correction in the near term? Will altcoins also succumb to selling pressure? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
The bulls pushed Bitcoin to a new all-time high on March 8, but the long wick on the day’s candlestick shows profit booking at higher levels.
Still, a positive sign for the bulls is that they have not ceded ground to the bears. This suggests that the bulls hold on to their positions as they anticipate another leg higher. If bulls kick and maintain the price above $70,000, the BTC/USDT pair will likely soar to $76,000 and then $80,000.
Conversely, if the price turns down sharply and breaks below $62,500, it will indicate profit booking by short-term traders. The pair may then slide to the 20-day exponential moving average ($59,727). The bears will have to yank the price below this support to suggest the start of a corrective phase.
Ether (ETH) Market Analysis
Ether turned up after the correction on March 5 and broke above the overhead resistance of $3,822 on March 6. That signalled the resumption of the uptrend.
The ETH/USDT pair could rise to $4,150 and then to $4,375. If the price turns down from the overhead zone but finds support at $3,600, it will suggest that the rally may continue for some more time.
A word of caution to the traders is that the RSI has been trading inside the overbought zone for several days. This suggests the pair is ripe for a correction or consolidation in the next few days. The bears will gain the upper hand on a dip below the 20-day EMA ($3,352).
BNB Market Analysis
BNB bounced off the 20-day EMA ($404) on March 6, breaking above the immediate resistance of $427.
After that, the BNB/USDT pair picked up momentum and pole vaulted above the stiff overhead resistance of $460. If bulls maintain the price above $460, the pair could start the next leg of the rally to $500 and then $572.
The 20-day EMA remains the critical support level to watch out for on the downside. A break below it will be the first sign that the bulls are aggressively booking profits. The pair may then plunge to the 50-day SMA ($348).
Solana (SOL) Price Analysis
The bulls have successfully held Solana above the breakout level of $126 in the past few days, indicating that the sentiment remains positive and traders are buying on dips.
The bulls catapulted the price above the $143 resistance on March 7, indicating that the correction may be over. If buyers maintain the price above $143, the SOL/USDT pair will likely travel to the next target objective of $158.
Bears must quickly sink and sustain the price below $126 if they want to prevent the move. If they do that, several short-term bulls may exit their positions, pulling the pair to the 50-day SMA ($107).
XRP Price Analysis
On the downside, XRP has been stuck between the overhead resistance of $0.67 and the 50-day SMA ($0.55).
If the price stays above the 20-day EMA, the XRP/USDT pair will likely climb to $0.67. This remains the crucial short-term resistance to watch out for. If bulls overcome the $0.67 obstacle, the XRP/USDT pair could rally to $0.74. A break above this level will indicate the start of a new uptrend.
Instead, if the price turns down and breaks below the 20-day EMA, the pair could slump to the 50-day SMA. The bulls are expected to defend this level with all their might because failing may cost the pair $0.50.
Cardano (ADA) Price analysis
The Bulls are trying to keep Cardano above the breakout level of $0.68. This is a positive sign as it suggests that the bulls are trying to flip the $0.68 level into support.
The upsloping 20-day EMA ($0.67) and the RSI in positive territory indicate that the bulls are in command. Buyers will try to push the price to $0.80, which is likely to act as a significant hurdle. If the bulls clear this hurdle, the ADA/USDT pair could resume the uptrend and rise to $0.90.
On the contrary, if the price continues lower and breaks below $0.68, it will indicate that the traders are booking profits at higher levels. That could lead to a possible fall to the 50-day SMA ($0.57).
Dogecoin (DOGE) Price Analysis
Dogecoin has been witnessing a tough battle between the bulls and the bears near the $0.16 level.
A minor advantage in favour of the bulls is that they have not allowed the price to sustain below $0.16. This shows solid demand at lower levels. Buyers are again trying to maintain the price above $0.16. If they manage to do that, the DOGE/USDT pair could gradually climb toward $0.18 and then retest $0.20. If this level is cleared, the next stop could be $0.24.
The strong support on the downside is at $0.15. A close below this support could sink the pair to the 20-day EMA ($0.13). After such a sharp fall, the pair may enter a range-bound action for a few days.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has pulled back in a strong uptrend. The price is finding support near the 38.2% Fibonacci retracement level of $0.000032.
After the sharp rally, the possibility of the SHIB/USDT pair remaining inside a range is high. The pair could oscillate between the 50% retracement level of $0.000027 and the local high at $0.000046. A break above this resistance will signal the resumption of the uptrend. The pair may then climb to $0.000065.
Contrary to this assumption, if the price turns down and breaks below $0.000027, it will suggest that the bulls are rushing to the exit. That could sink the pair to the 61.8% retracement level of $0.000023. The deeper the fall, the greater the time needed to start the uptrend’s next leg.
Avalanche (AVAX) Price Analysis
Avalanche climbed back above the 20-day EMA ($40.54) on March 6 and the overhead resistance of $42 on March 7, suggesting buying at lower levels.
There is a minor resistance at $45.20, but if bulls overcome this barrier, the AVAX/USDT pair could accelerate toward the psychological resistance of $50. This level may offer stiff resistance, but the rally could extend to $57 if crossed.
Contrarily, if the price turns down from the current level and breaks below the 20-day EMA, it will signal a lack of aggressive buying at higher levels. That could sink the price to the 50-day SMA ($37.38).
Polkadot (DOT) Price Analysis
Polkadot recovered sharply on March 6, and the bulls cleared the overhead hurdle at $10.80 on March 7.
However, the bulls could not sustain the breakout, indicating that the bears continue to sell on rallies. The bears will try to strengthen their position further by pulling the price to the breakout level of $9.59. This level is likely to attract solid buying by the bulls. If the price rebounds off $9.59, the likelihood of a rally above $11 increases. The DOT/USDT pair could then climb to $13.18.
This optimistic view will be invalidated soon if the price turns down and plummets below the 20-day EMA ($8.91). That will indicate the start of a deeper correction to $8.
