Bitcoin (BTC) bulls tried to push the price above $85,000, but the bears held their ground. A minor positive is that larger investors seem to be accumulating at lower levels.
Research firm Santiment said in a post on X that wallets with 10 BTC or more have bought roughly 5,000 Bitcoin since March 3. The researchers added that if buying by the large players continues, the second half of March could be much better than the recent performance of Bitcoin.
However, not everyone is bullish on Bitcoin in the near term. BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes said in a post on X that Bitcoin could retest $78,000 and even below $75,000.
He added that Bitcoin’s price action could become violent if it drops in the $70,000 to $75,000 zone as a lot of Bitcoin open interest is stuck in that range.
Daily cryptocurrency market performance. Source: Coin360
Meanwhile, short-term investor sentiment remains bearish. According to CoinShares data, cryptocurrency exchange-traded products (ETPs) witnessed $876 million in outflows last week, taking the four-week total outflows to $4.75 billion. Bitcoin ETPs recorded the lion’s share of outflows at $756 million.
Can Bitcoin start a recovery from the current levels, pulling altcoins higher? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) turned down from the 20-day exponential moving average (5,900) on March 3 and broke below the 5,773 support on March 6, completing a double-top pattern.
SPX daily chart. Source: Cointelegraph/TradingView
The index bounced off the 5,670 level on March 7, but the bears successfully defended the breakdown level of 5,773. The index turned down and broke below the 5,670 support on March 10, opening the doors for a fall to 5,400.
Buyers will have to push and sustain the price above 5,773 to suggest solid demand at lower levels. The index could then rise to the 20-day EMA, which is again expected to act as a strong resistance.
US Dollar Index price analysis
The US Dollar Index (DXY) turned down sharply on March 3 and continued lower, breaking below the 105.42 support on March 5.
DXY daily chart. Source: Cointelegraph/TradingView
The fall below 105.42 suggests that the breakout above 108 may have been a bull trap. Buyers are trying to defend the 103.73 level, but the relief rally is expected to face selling at the 20-day EMA (106.03).
If the price turns down from the current level or the 20-day EMA, it will suggest a negative sentiment. That increases the risk of a break below 103.37. If that happens, the index may plunge to 101.
Buyers have an uphill task ahead of them. They will have to push and maintain the price above the 20-day EMA to clear the path for a rally to 108.
Bitcoin price analysis
BTC price broke below the support line of the symmetrical triangle pattern on March 9, indicating that the sellers have overpowered the buyers.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The bulls are trying to defend the $81,500 to $78,258 support zone, but the recovery attempt faced selling at the breakdown level on March 10. That suggests the bears are trying to flip the support line into resistance. If the price skids below $78,258, the BTC/USDT pair could collapse to $73,777.
Buyers are likely to have other plans. They will try to defend the support zone and push the price above the 20-day EMA ($88,605). If they manage to do that, the pair could rally to the resistance line.
Ether price analysis
Ether (ETH) fell and closed below the vital $2,111 support on March 9, signaling the start of the next leg of the downtrend.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
Buyers tried to push the price above $2,111 on March 10, but the long wick on the candlestick suggests solid selling by the bears. There is minor support at $1,993, but if the level cracks, the ETH/USDT pair could sink to $1,750 and eventually to $1,550.
Related: Ethereum price bottom? $1.8B in ETH leaves exchanges, biggest outflow since 2022
The bulls will have to push and maintain the price above the 20-day EMA ($2,329) to signal that the break below $2,111 may have been a bear trap. The pair could then rally to the 50-day SMA ($2,711).
XRP price analysis
XRP (XRP) continues to slide toward the crucial support at $2, suggesting that the bears are trying to seize control.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
A break and close below $2 will complete a bearish head-and-shoulders pattern. There is minor support at $1.77, but the level is likely to be broken. If that happens, the XRP/USDT pair could plunge toward $1.28.
Related: Is XRP price going to crash again?
Contrary to this assumption, a solid bounce off $2 will signal that the bulls are vigorously defending this level. The 20-day EMA ($2.40) is likely to act as a stiff hurdle, but if the bulls prevail, the pair could reach $2.80.
BNB price analysis
BNB’s (BNB) failure to rise above the 20-day EMA ($601) attracted another round of selling on March 9, pulling the price below $546.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The down-sloping moving averages and the relative strength index (RSI) in the negative zone suggest that the path of least resistance is to the downside. If the price maintains below $546, the BNB/USDT pair could plummet to $500. Buyers are expected to aggressively defend the zone between $500 and $460.
The 20-day EMA is the first significant resistance to watch out for on the upside. If this level gets taken out, the pair could rise to the 50-day SMA ($633). A close above the 50-day SMA signals a short-term trend change.
Solana price analysis
Solana (SOL) broke below the uptrend line on March 9 and reached the strong support zone between $120 and $110.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
The bulls are expected to fiercely defend the support zone, but the relief rally could face selling at the 20-day EMA ($150). If the price turns down sharply from the 20-day EMA, the $110 level will be at risk of breaking down. If that happens, the SOL/USDT pair could decline to $100 and later to $80.
Instead, if the price rises from the current level and breaks above the 20-day EMA, it will suggest solid buying near the support zone. The pair could then climb to the 50-day SMA ($188).
Dogecoin price analysis
Dogecoin (DOGE) fell below the $0.18 support on March 9, indicating the resumption of the downtrend.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
The down-sloping moving averages and the RSI in the oversold territory suggest that bears have the upper hand. The 20-day EMA ($0.21) is the critical overhead resistance to watch out for. If the price turns down sharply from the 20-day EMA, the DOGE/USDT pair could sink to $0.14.
Alternatively, a break and close above the 20-day EMA will be the first sign that the selling pressure is reducing. The pair could climb to the 50-day SMA ($0.26), which may also act as a stiff resistance.
Cardano price analysis
Cardano (ADA) fell below the moving averages on March 8, indicating aggressive selling by the bears.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
Both moving averages have started to turn down, and the RSI has slipped into negative territory, indicating that the bears have a slight edge. The support on the downside is at $0.58 and then $0.50.
Any relief rally is likely to face selling at the moving averages. Buyers will have to push and maintain the price above the moving averages to signal a comeback. The ADA/USDT pair could then rise toward $1.02.
Pi price analysis
Pi (PI) fell to the 61.8% Fibonacci retracement level of $1.20 on March 9, indicating that the bears have kept up the pressure.
PI/USDT daily chart. Source: Cointelegraph/TradingView
Buyers are trying to start a recovery, but the long wick on the March 10 candlestick shows selling at higher levels. That increases the risk of a break below $1.20. If that happens, the PI/USDT pair could plunge to the 78.6% retracement level of $0.72.
Time is running out for the bulls. To prevent more downside, they will have to quickly push the price above the $2 overhead resistance. If they do that, it will suggest that the correction may be over.
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.
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