By Frank Martin (MoneyAmped.com)
The bulls’ attempts to push BTC above the $85k key resistance level since the start of the week haven’t succeeded, suggesting that the bears continue to hold their ground. The good news is the whales have been accumulating massively at prices below $80,000, thus limiting the downtrend.
According to a report from research company Santiment, wallets holding at least 10 BTC have collectively purchased over 5,000 coins in the past ten days. The firm says if the whales keep buying in the next two weeks, Bitcoin will perform better than it has in the last few weeks.
But not everyone is optimistic about BTC in the short term. On Tuesday, BitMEX co-founder Arthur Hayes tweeted that the chances of the coin plummeting below $75,000 before any major rally have improved significantly recently.
Similarly, ETF investors have turned bearish in the past seven days, withdrawing over $870 million from crypto-based investment products. CoinShares’ data shows that Bitcoin-based products processed the highest outflows ($756 million).
That said, can increased buying by the whales spur a recovery rally in the coming days? If so, what resistance areas must we monitor closely? We identify them by analyzing the charts.
Bitcoin Price Analysis
BTC plummeted below the psychological support of $80,000 on March 9th, signaling that the buyers had been overpowered. However, the bulls defended the $78,750 vital support level on Tuesday, pushing Bitcoin to $82,261 at press time. Intense buying activity could cause the recovery rally to extend toward the 20-day Exponential Moving Average of $88,580. Moreover, Bitcoin could rise to the 50-day Simple Moving Average of $95,521 if the bears fail to guard $88,580.
On the contrary, the bulls’ failure to protect $78,750 could result in a dip to the previous all-time high ($73,774), where we anticipate increased buying.
Ethereum Price Analysis
ETH is trading at a price ($1,892) it hit last in November 2023. It fell below $2,000 on Sunday after the bears caused the $2,112.37 crucial support to collapse. If the second-largest coin by market cap continues to trade below $2k, the chances of a drop to $1,760 and then to $1,500 will improve massively.
Meanwhile, the buyers need to thrust Ethereum above $2,112.37 to limit the downtrend. Achieving this could allow them to push the asset’s price toward the 20-day Exponential Moving Average of $2,321.84 and later to the 50-day Simple Moving Average of $2,710.
XRP Price Analysis
XRP is one of the top losers this week after shedding 11.1% of its value. However, it has posted minimal gains (2.1%) in the past 24 hours and now trades at $2.22. If XRP’s price keeps rising and the bears show no interest in protecting the $2.30 resistance, then we may see a rally to the 20-day Exponential Moving Average of $2.39. Even better, the token could climb to the 50-day Simple Moving Average of $2.61 if $2.39 collapses.
Conversely, a drop below the $2.05 support will complete a bearish setup. As such, we anticipate a solid move to $1.78. If this level isn’t protected, XRP might plummet to the $1.29 major support.
BNB Price Analysis
Solid selling at the 20-day Exponential Moving Average of $602.15 has caused BNB to plunge to $559 at press time. If it reaches $545 and the bulls fail to apply pressure, we could see the Binance Coin touch $500 for the first time since August 2024.
From a bullish point of view, BNB will likely grow to the 50-day Simple Moving Average of $631 if it crosses and closes above $602.15.
Solana Price Analysis
SOL dropped below $120 earlier this week after the bears dragged it below the $130.50 support on March 9th. While it has recovered to $126, the Relative Strength Index (38.48) suggests the bears still have the upper hand, which, when capitalized, could lead to a drop to the $110.42 vital support. Meanwhile, Solana could head toward the 20-day Exponential Moving Average of $149.80 if it closes above $130.50.
