Bitcoin surged to a record high of $70,199 on Coinbase, yet struggles to maintain above $70,000, signaling a sell-off trend at higher levels.
The increase in Bitcoin’s spot trading volume hints at the return of retail traders to the market, with daily trading reaching $46.26 billion, the highest in a year. Amidst rising prices, some investors are opting to secure profits, evident in increased Bitcoin transfers to Coinbase.
While Bitcoin hovers near $69,000, major altcoins are showing upward momentum, suggesting a potential shift in trader focus. Though the altcoin season hasn’t officially begun, industry experts predict its imminent start.
Will Bitcoin’s failure to sustain above $69,000 trigger a near-term correction? Are altcoins vulnerable to selling pressure? Let’s delve into the top 10 cryptocurrencies’ charts to find out.
Bitcoin Analysis: Bitcoin hit a new all-time high on March 8 but faced profit booking, evidenced by a long wick on the candlestick. However, the bulls maintain ground, anticipating further upward movement. Sustaining above $70,000 could propel Bitcoin to $76,000 and beyond, while a sharp downturn below $62,500 could indicate short-term profit booking.
Ether Analysis: Ether resumed its uptrend after a correction on March 5, breaking key resistance levels. The potential targets lie at $4,150 and $4,375, but the RSI’s overbought status suggests a possible correction or consolidation.
BNB Analysis: BNB bounced off the 20-day EMA and surged above resistance levels, aiming for $500 and $572. However, failure to maintain above $460 may lead to profit booking, potentially pushing the price to the 50-day SMA.
Solana Analysis: Solana’s price remains above breakout levels, with potential targets at $158. A drop below $126 could signal a reversal, potentially pulling the price to the 50-day SMA.
XRP Analysis: XRP struggles between resistance at $0.67 and support at the 50-day SMA. Overcoming $0.67 could lead to a rally to $0.74, while a drop below the 20-day EMA may push the price to the 50-day SMA.
Cardano Analysis: Cardano aims to hold above $0.68, with targets at $0.80 and $0.90. A breakdown below $0.68 could lead to profit booking and a potential drop to the 50-day SMA.
Dogecoin Analysis: Dogecoin faces resistance near $0.16 but maintains support. Overcoming $0.16 could lead to climbs towards $0.18 and $0.20, while a drop below support may push the price to the 20-day EMA.
Shiba Inu Analysis: Shiba Inu retraces near the 38.2% Fibonacci level, with potential range-bound movement. A break above resistance at $0.000046 could signal an uptrend, while a drop below $0.000027 may indicate bearish momentum.
Avalanche Analysis: Avalanche shows buying interest above the 20-day EMA and resistance at $45.20. Targets lie at $50 and $57, but a downturn below the 20-day EMA may suggest weaker buying momentum.
Polkadot Analysis: Polkadot clears overhead resistance but struggles to sustain, facing selling pressure. Support at $9.59 may prompt a rebound towards $11 and $13.18, but a drop below the 20-day EMA could signal a deeper correction.
