Bitcoin (BTC) has surpassed the 200-day simple moving average ($83,754), indicating a potential comeback by the bulls. The failure of the bears to take advantage of the drop below the 200-day SMA suggests that selling pressure is decreasing at lower levels.
However, Bitcoin still faces challenges. Crypto analyst Matthew Hyland believes that Bitcoin needs to close above $89,000 on a weekly basis to confirm a bottom. If this level is not reached, Hyland warns that Bitcoin could fall into the range of $74,000 to $69,000.
A move above $89,000 could lead to the liquidation of approximately $1.60 billion in short positions, according to CoinGlass data. On the other hand, if Bitcoin fails to reach this level, it may face further downside.
Buyers in the US spot Bitcoin exchange-traded funds (ETFs) faced difficulties as inflows of $13.3 million on March 12 were followed by outflows of $135.2 million on March 13, according to Farside Investors data. This indicates that investors remain cautious due to tariff threats and actions by US President Donald Trump.
Now, let’s analyze the price charts of the top 10 cryptocurrencies to see if Bitcoin’s potential surge to $100,000 could lift other altcoins.
Bitcoin Price Analysis:
Bitcoin bulls are attempting a recovery, but they are likely to encounter significant resistance between the 200-day SMA and the 20-day exponential moving average ($86,717). A break above the 20-day EMA would signal a possible bear trap, with the BTC/USDT pair potentially rising to the 50-day SMA ($93,876) and then to the psychological barrier of $100,000. However, a sharp rejection from the overhead resistance zone would indicate bearish control and increase the chances of a drop to the crucial support level at $73,777.
Ether Price Analysis:
Ether (ETH) has been trading within a tight range between $1,963 and $1,754, indicating a battle between bulls and bears. The relative strength index (RSI) is showing early signs of a positive divergence. If the price breaks above $1,963, the ETH/USDT pair could climb to the breakdown level of $2,111 and potentially rally to the 50-day SMA ($2,597). However, a downside scenario would be confirmed if the price turns down from the current level and breaks below $1,754, leading to a potential drop to $1,500.
XRP Price Analysis:
XRP rebounded from the $2 support level on March 11 and reached the 20-day EMA ($2.35) on March 13. The bulls have kept up the pressure, increasing the likelihood of a break above the 20-day EMA. If this level is cleared, the XRP/USDT pair could rise to $2.64 and potentially rally to $3. However, a sharp rejection from the current level would suggest negative sentiment, with a retest of the crucial $2 support. A breakdown below this level could complete a bearish head-and-shoulders pattern, potentially sinking the pair to $1.28.
BNB Price Analysis:
BNB rose above the 20-day EMA ($591) on March 13 but faced selling pressure, as seen from the long wick on the candlestick. The bulls are now attempting to push the price above the 20-day EMA again. If successful, the BNB/USDT pair could challenge the 50-day SMA ($624) and potentially signal the end of the correction. A break and close above the 50-day SMA could lead to a rally towards $686. On the downside, bears would need to push the price below the $500 support level to gain control. However, aggressive buying is expected around the $460 level.
Solana Price Analysis:
Solana has been trading above the $120 level, but the bulls have struggled to push the price above $132. If the price drops below $120, the SOL/USDT pair could decline to $110. This level is critical, as a break and close below it may trigger a downward move to $98 and then to $80. On the upside, a break and close above the 20-day EMA would suggest reduced selling pressure, with a potential rally to the 50-day SMA ($178), where strong resistance is expected.
Cardano Price Analysis:
Cardano was rejected from the 20-day EMA ($0.77) on March 12, indicating bearish selling pressure. The ADA/USDT pair could drop to the uptrend line, which is an important level for the bulls to defend. A strong bounce off the uptrend line would improve the chances of a break above the moving averages, potentially leading to a rise to $1.02. However, a downside scenario would be confirmed if the price turns down and breaks below the uptrend line, potentially sliding to $0.58 and then to the Feb. 3 intraday low of $0.50.
Dogecoin Price Analysis:
Dogecoin bounced off the $0.14 support level on March 11, indicating bullish defense. However, the relief rally is likely to face selling pressure at the 20-day EMA ($0.19). If the price turns down sharply from this level, there is a higher possibility of a break below $0.14, potentially leading to a decline to $0.10. On the other hand, a break and close above the 20-day EMA would signal strength and open the doors for a rally to the 50-day SMA ($0.24) and potentially to $0.29.
Pi Price Analysis:
Pi’s recovery stalled at $1.80 on March 13, indicating selling pressure from bears. The bears will aim to sink the price to $1.20, a crucial level to watch. If the price rebounds from $1.20, a possible range formation between $1.20 and $1.80 could occur. However, a break below $1.20 would signal a resumption of the downward move, potentially leading to a drop to the 78.6% retracement level of $0.72.
UNUS SED LEO Price Analysis:
UNUS SED LEO has been trading near the $10 resistance level, indicating bullish pressure. A break and close above $10 would complete a bullish ascending triangle pattern, potentially starting an upmove towards the pattern target of $12.04. On the downside, bears will try to pull the price to the uptrend line, which is a critical level to watch. A rebound from the uptrend line would suggest a prolonged consolidation within the triangle, while a break below it could sink the pair to $8.84 and later to $8.30.
Chainlink Price Analysis:
Chainlink plunged below the support line of the descending channel pattern on March 10 but failed to sustain lower levels. The bulls have pushed the price back into the channel, but they are likely to face strong selling at the 20-day EMA ($15.14). If the price turns down from the 20-day EMA, bears will attempt to sink the LINK/USDT pair below $11.85, potentially leading to a decline to $10. On the other hand, a break and close above the 20-day EMA would indicate a rejection of the channel break, with a potential climb to the 50-day SMA ($18.27).
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research before making any investment decisions.
