The demand for Bitcoin (BTC) continues to drive its price to new heights, with a recent all-time high of $73,650 on March 11. One of the main factors behind this sustained rally is the increasing popularity of spot Bitcoin exchange-traded funds (ETFs). In fact, data shows that on March 12, over $1 billion was invested into Bitcoin ETFs, setting a new record.
This insatiable appetite for Bitcoin ETFs far surpasses the anticipated supply of newly mined Bitcoin in 2024. In comparison to the expected 65,500 Bitcoin mined in 2024, the two largest Bitcoin ETFs have already acquired more than 330,000 Bitcoin. This strong demand is likely to prevent any significant decline in the near future. According to analysts at Bernstein, Bitcoin is expected to reach $150,000 by mid-2025.
However, as with any bull market, there is always the potential for corrections. Sentiment can quickly shift if a pullback occurs. Data from IntoTheBlock reveals that 100% of Bitcoin holders are currently in profit, which could lead to a sell-off if Bitcoin breaks below crucial near-term support levels.
Is it possible that Bitcoin will experience a correction from its current levels, causing a pullback in other popular cryptocurrencies? Let’s examine the charts of the top 10 cryptocurrencies to determine the likelihood.
Bitcoin price analysis
The bears attempted to initiate a correction at $73,000, but the significant buying activity on intraday dips, as reflected by the long tail on Bitcoin’s March 12 candlestick, proved to be a strong defense.
The BTC/USDT pair has been steadily climbing within the upper range of an ascending channel pattern for several days, but the bears have successfully prevented the price from breaking above the resistance line. However, if the bulls manage to push the price beyond the channel, the bullish momentum could intensify, potentially launching the pair to $80,000.
On the other hand, if the price turns downwards and dips below $70,000, the pair may descend towards the channel’s support line. A break below the channel could accelerate selling pressure, potentially driving the pair towards $59,000 and eventually the 50-day simple moving average ($53,099).
Ether price analysis
Today, the bears have pushed Ether (ETH) below the crucial mark of $4,000 on March 12. However, the long tail on the day’s candlestick indicates that every dip is being viewed as a buying opportunity by investors.
The buyers are determined to push the price above the immediate resistance level of $4,100. If they succeed, the ETH/USDT pair could initiate the next phase of its uptrend, potentially reaching $4,372 and eventually $4,868.
One minor concern for the continuation of the rally is that the RSI has been trading in the overbought zone for several days now. This suggests that the market may be overheated, and a slight correction or consolidation could occur. It is crucial to monitor the critical support level of $3,600 on the downside.
BNB price analysis
The price of BNB (BNB) has gained momentum after surpassing $460 and has continued to rise steadily. This indicates a strong demand for the cryptocurrency at higher levels.
Although there is a slight resistance at $617, the lack of selling pressure suggests that traders are confident in the ongoing uptrend. As a result, the BNB/USDT pair could potentially reach $670 in the near future.
However, it is important to note that vertical rallies are often short-lived and can be followed by sharp declines. The first sign of weakness would be a drop below the key psychological level of $500. This could trigger further selling and push the pair down to $460.
Solana crypto price analysis
Solana (SOL) has been steadily climbing in recent days. The significant lower wick on the March 11 and 12 candlesticks indicates that buyers are taking advantage of intraday dips.
If the price remains above $153, the SOL/USDT pair is expected to gain momentum and surge towards $184. The rising 20-day EMA ($133) and overbought RSI indicate that buyers are still in control.
On the downside, the key support levels to watch are the breakout point of $126 and the 50-day SMA ($113). A break below these levels would signal a shift in control to the bears.
XRP price analysis
The price of XRP (XRP) experienced a significant surge on March 11, reaching the resistance level of $0.74. However, the bulls were unable to break through this barrier.
Despite attempts by the bears to push the price below $0.67, the bulls remained resilient. This is a positive sign, indicating that buyers are actively working to turn the $0.67 level into a support level. If successful, the XRP/USDT pair could see a sharp increase above $0.74, potentially leading to an uptrend towards $0.85 and eventually $1.02.
Alternatively, if the price continues to decline and breaks below $0.67, it would suggest that the bulls have surrendered. In this scenario, the pair could drop to the 20-day EMA ($0.62).
Cardano price analysis
After a strong rebound from the $0.68 support on March 11, Cardano (ADA) faced resistance at $0.80 and was unable to maintain its bullish momentum.
The long tail on the March 12 candlestick indicates that buyers are actively purchasing dips towards the 20-day EMA ($0.70), raising the possibility of a breakthrough above $0.80. If this occurs, the ADA/USDT pair could reach $0.90.
This optimistic outlook will be nullified in the short term if the price sharply reverses and falls below $0.68, suggesting that bulls have abandoned their positions and are exiting. In this scenario, the pair could plummet to the 50-day SMA ($0.60).
A Closer Look at Dogecoin’s Price
In recent days, the bulls have been unable to sustain Dogecoin (DOGE) above the $0.18 resistance, but they continue to apply pressure.
The upward trend of the 20-day EMA ($0.15) and the positive RSI suggest that the path of least resistance is towards higher prices. If the buyers can maintain the price above $0.18, the DOGE/USDT pair could see a surge to $0.21. This level may serve as a hurdle, but if surpassed, the pair could make its way towards $0.24 and eventually $0.30.
On the other hand, the bears would need to push the price below $0.14 to regain control. This could lead to a drop towards $0.12 and potentially the 50-day SMA ($0.10).
Shiba Inu price forecast
Shiba Inu (SHIB) has been consolidating within an upward trend, with its price range between $0.000029 and $0.000039.
After a significant rally, a consolidation phase is a positive indication as it suggests that the bulls are not rushing to take profits. The bulls will likely attempt to break through the resistance level at $0.000039. If successful, the SHIB/USDT pair could potentially reach $0.46, although this level may prove to be a tough obstacle for the bulls.
The advantage will shift in favor of the bears if the price turns downwards and breaks below $0.000029. In this scenario, the pair could drop to the 20-day EMA ($0.000026) and possibly even reach the 61.8% Fibonacci retracement level at $0.000023.
Avalanche price analysis
The recent surge in Avalanche (AVAX) above the resistance level of $45.18 on March 11 signaled a strong comeback for the bulls in the market.
The bullish momentum continued on March 12, propelling the AVAX/USDT pair above the $50 resistance. Typically, after breaking through a major resistance level, the price tends to retest it before continuing its upward movement. As such, a potential drop to $50 is not out of the question.
If the bulls manage to turn the $50 level into a support level, it will greatly increase the likelihood of the uptrend continuing. This could potentially push the pair to reach $67 in the near future.
However, a break and sustained hold below $50 would indicate strong selling pressure at higher levels. This could lead to a drop to the 20-day EMA ($44) for the pair.
Toncoin Market Analysis
The value of Toncoin (TON) has been on the rise since breaking through the tough resistance level of $2.90 on March 11.
This rapid ascent has caused the RSI to enter the overbought territory, indicating that the market has experienced a quick surge. This increases the potential for a correction or consolidation in the near future. Key support levels to watch are $4 and $3.60.
If the bulls are able to maintain their position, the price may encounter selling pressure around $4.50. However, if they can hold their ground, the uptrend could continue and potentially reach $5. The $5 mark may be met with resistance from the bears once again.
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