Bitcoin is on a wild ride, bouncing back from $76,606 on March 11, but the bulls couldn’t keep it above $84,500 on March 12. Nansen’s research analyst, Aurelie Barthere, says Bitcoin is in a macro correction within a bull market. The next crucial level? A juicy $71,000-$72,000, the top of the pre-election trading range. Glassnode echoes this sentiment, pointing out that short-term holders who bought near January’s peak triggered the recent sell-off. If the selling continues, Bitcoin might bottom out near $70,000.
But it’s not just the crypto world feeling the heat; even the US stock market is under pressure. The silver lining? The US Dollar Index (DXY) has cooled off from its multi-year high above 110 to under 104. Bitcoin usually dances in the opposite direction of the dollar, hinting that a bottom might be near.
So, will Bitcoin test the $76,606 support again or shoot past $85,000? And what about altcoins? Let’s dive into the charts of the top 10 cryptocurrencies to find out.
### Bitcoin Price Analysis
Bitcoin dipped below $78,258 on March 10 and hit $76,606 on March 11, but the bears couldn’t maintain those lower levels. This indicates strong buying interest from the bulls. The relief rally is facing resistance near the 20-day EMA ($87,262), but there’s a glimmer of hope as the RSI shows a positive divergence. If buyers can push the price above the 20-day EMA, it could signal the end of the correction. The BTC/USDT pair might then climb to the 50-day SMA ($94,654). On the flip side, if the bulls can’t hold $73,777, we might see a drop to $67,000.
### Ether Price Analysis
Ether (ETH) slipped below $1,993 on March 9 and continued its descent to $1,754 on March 11. The bulls are attempting a recovery but will face stiff resistance at $2,111. A sharp decline from this level would suggest that bears have turned it into resistance, increasing the risk of a drop below $1,754. If that happens, ETH/USDT could slide to $1,500. Conversely, breaking above the 20-day EMA ($2,235) would indicate rejection of the breakdown below $2,111, potentially pushing the pair to $2,800.
### XRP Price Analysis
XRP fell below $2 on March 11 but quickly bounced back as bears failed to sustain lower levels. The recovery is stalling at the 20-day EMA ($2.35). If XRP turns down again, it could break below $2 and complete a bearish head-and-shoulders pattern. Minor support exists at $1.77, but if it fails, a decline to $1.28 is possible. However, breaking above the 20-day EMA could propel XRP to the 50-day SMA ($2.58) and later to $3.
### BNB Price Analysis
BNB found support at $507 on March 11 as bulls fiercely defended the $500-$460 zone. The relief rally might face selling at the 20-day EMA ($592). If BNB turns down sharply from there, bears will attempt to push it below $500 and possibly to $460. Conversely, if BNB rises above the 20-day EMA, it might stay in the $460-$745 range longer. Bulls could regain control with a break above the 50-day SMA ($628).
### Solana Price Analysis
Solana (SOL) rebounded from $112 on March 11 as bulls protected the $110 support. The RSI hints at weakening bearish momentum with early signs of positive divergence. A break above the 20-day EMA ($145) would be a bullish signal. However, if SOL turns down from current levels or the 20-day EMA, it could break below $110 and tumble to $98 or even $80.
### Cardano Price Analysis
Cardano (ADA) bounced off its uptrend line on March 11 as bulls tried to halt its decline. Bears are expected to sell at moving averages. If ADA turns down from there, it could drop below its uptrend line and fall to $0.60 or even $0.50. On the contrary, breaking above moving averages would signal bullish momentum and push ADA to $1.02.
### Dogecoin Price Analysis
Dogecoin (DOGE) slid to $0.14 on March 11 as bulls defended this support level. However, selling pressure might persist at higher levels like the 20-day EMA ($0.20). A break below $0.14 could send DOGE/USDT down to $0.10. On a more positive note, breaking above the 20-day EMA would suggest bears are losing grip and DOGE could rise to the 50-day SMA ($0.25).
### Pi Price Analysis
Pi (PI) is finding support at its 61.8% Fibonacci retracement level of $1.20. The relief rally may face resistance at both the 20-day EMA ($1.69) and $2. If PI turns down from these levels, it could range between $2 and $1.20 for some time. A break above $2 would suggest an end to its correction with potential gains up to $2.40.
### UNUS SED LEO Price Analysis
UNUS SED LEO (LEO) is consolidating just below $10 as bulls hold their ground for another upward move. An ascending triangle pattern suggests a breakout above $10 could resume its uptrend toward a target of $12.04. However, if LEO breaks below its uptrend line, it could drop to $8.84 or even $8.30.
### Hedera Price Analysis
Hedera (HBAR) bounced off its $0.17 support on March 11 as bulls defended this level aggressively. The recovery faces selling pressure at the 20-day EMA ($0.22). If HBAR breaks below $0.17, it could plunge to $0.12. Conversely, breaking above the 20-day EMA would reduce selling pressure and potentially push HBAR to its downtrend line and then to $0.29.
This article doesn’t offer investment advice or recommendations—do your own research before making any trading decisions!
