Bitcoin, the leading cryptocurrency, experienced a notable price movement on March 11, bouncing back from a low of $76,606. However, the following day, the bulls struggled to maintain momentum, failing to push the price above $84,500. This behavior in the market has raised concerns and led experts to analyze the current trend.
According to Aurelie Barthere, a principal research analyst at Nansen, Bitcoin appears to be undergoing a macro correction while still within a broader bull market. Barthere highlighted that the next key support levels for Bitcoin range from $71,000 to $72,000, representing the peak of its pre-election trading range. This sentiment aligns with observations made by Glassnode, an on-chain analytics firm, which indicated that the recent sell-off was primarily initiated by short-term holders who likely bought near Bitcoin’s peak back in January. Their data forecasts that if selling pressure continues, Bitcoin could potentially bottom out around the $70,000 mark.
In the wider economic ecosystem, the U.S. stock market is experiencing its own set of challenges. A notable development for Bitcoin enthusiasts is the recent correction in the U.S. Dollar Index (DXY), which has retreated from its multi-year high of over 110 down to just below 104. Historically, Bitcoin tends to operate in an inverse correlation to the U.S. dollar, and this correction suggests that a potential bottom for Bitcoin might be approaching.
The pressing question remains: Will Bitcoin retest the support level at $76,606, or could we see it rising above $85,000 in the near future? To gain a clearer understanding, let’s delve into the technical charts of the top 10 cryptocurrencies.
### Bitcoin Price Analysis
On March 10, Bitcoin broke below a significant level at $78,258 and fell to $76,606. Yet, the inability of sellers to maintain lower prices reflects strong buying interest from bulls. Currently, Bitcoin’s relief rally appears to be facing resistance at the 20-day exponential moving average (EMA) located around $87,262. A positive indicator for bulls is the formation of a positive divergence in the relative strength index (RSI), which could signal that the correction phase may be nearing its end. If buyers manage to push Bitcoin above the 20-day EMA, we could see it ascend towards the 50-day simple moving average (SMA) at approximately $94,654.
Conversely, the downside remains precarious. The bulls are expected to defend the $73,777 level fiercely; a break below this could lead Bitcoin down to the $67,000 area.
### Ether Price Analysis
Ether, another major player in the cryptocurrency market, faced its own struggles as it fell below the $1,993 support level on March 9, eventually reaching a low of $1,754 on March 11. While bulls are attempting to initiate a recovery, they are expected to encounter substantial resistance at the breakdown level of $2,111. Should the price sharply decline from this threshold, it would suggest that bears are successfully converting the level into resistance, thereby increasing the likelihood of a drop below $1,754 and potentially down to $1,500.
On the upside, if Ether breaks and closes above the 20-day EMA at $2,235, this turnaround could mark a rejection of the bearish breakout below $2,111 and may propel the price towards $2,800, where again, bears are predicted to intervene.
### XRP Price Analysis
XRP has also seen recent volatility, dipping below the $2 support on March 11, although the bears were unable to maintain their positions in the market, as indicated by a long tail on the candlestick. Currently, bears are encountering resistance at the 20-day EMA, positioned at $2.35. If downward momentum persists, the likelihood of breaking below the $2 threshold increases, which could complete a bearish head-and-shoulders pattern. In such a scenario, minor support is found at $1.77; however, if that fails, XRP may plunge to $1.28.
On the flip side, should the price rise above the 20-day EMA, XRP could surge towards the 50-day SMA at $2.58, possibly aiming for the $3 mark thereafter.
### BNB Price Analysis
BNB demonstrated resilience, rallying from a low of $507 on March 11. This suggests that buyers are ardently defending the support zone between $500 and $460. Yet, the relief rally is likely to contend with selling pressure at the 20-day EMA around $592. A significant decline from this level may push BNB below $500 and down to $460.
Alternatively, if BNB manages to surpass the 20-day EMA, it may indicate that buyers are taking control, allowing the price to remain within the $460 to $745 range for an extended period. A decisive break and close above the 50-day SMA at approximately $628 would further bolster the bullish case.
### Solana Price Analysis
Solana has also shown strength, rebounding from $112 on March 11, indicative of strong buyer defense at the $110 support. The RSI hints at early positive divergence, suggesting that bearish momentum may be waning. A break and close above the 20-day EMA at $145 would be the first definitive sign of strength from the bulls.
However, if the price retraces from its current level or encounters selling at the 20-day EMA, it suggests that bullish attempts are being met with resistance, increasing the risk of breaking below $110 and potentially cascading to $98 and $80.
### Cardano Price Analysis
Cardano’s price action shows a rebound off an uptrend line on March 11, signaling an effort from bulls to halt further declines. The bears, however, will likely continue to sell at the moving averages. A turn down from these levels may indicate persistent selling pressure, pushing the ADA below the uptrend line and potentially down to $0.60 or even $0.50.
Conversely, if Cardano breaks and closes above the moving averages, it could suggest a return of bullish sentiment, with potential for a rally towards $1.02.
### Dogecoin Price Analysis
Dogecoin encountered its own challenges, sliding down to the support level at $0.14 on March 11. While bulls are making an effort to defend this support, they are likely to face selling pressure at higher ranges. If Dogecoin retracts from the 20-day EMA, currently at $0.20, it could suggest that negative sentiments persist, posing risks of a further drop below $0.14, with potential targets down to $0.10.
Alternatively, a breakthrough and close above the 20-day EMA would indicate a weakening of bearish control, possibly paving the way for the price to ascend towards the 50-day SMA at $0.25.
### Pi Price Analysis
Pi has been attempting to stabilize at the 61.8% Fibonacci retracement level of $1.20, indicating that buyers are making moves at lower price points. The anticipated relief rally is expected to face resistance at the 20-day EMA set at $1.69, followed closely by the $2 mark. If the price retracts from the overhead resistance, the Pi/USDT pair could oscillate between the $2 and $1.20 range for the foreseeable future.
A definitive break and closing above $2 suggest the correction may have concluded, propelling the price towards $2.40.