On March 14, Bitcoin reached a new historical peak of $73,809. This upward trajectory has been significantly driven by the robust demand for spot Bitcoin exchange-traded funds (ETFs), with a record-breaking inflow exceeding $1 billion into Bitcoin ETFs recorded on March 12.
The overwhelming interest in Bitcoin ETFs is outstripping the supply of Bitcoin mined in 2024, with over 330,000 Bitcoin acquired by the two largest Bitcoin ETFs compared to approximately 65,500 Bitcoin mined during the year. This strong demand is expected to provide a floor to Bitcoin’s price in the short term.
Analysts at Bernstein project that Bitcoin could climb to $150,000 by mid-2025, although they caution that the path upward may not be without its downturns, as is typical in every bull market. Rapid shifts in sentiment can lead to corrections, especially when data from IntoTheBlock reveals that all Bitcoin investors are currently in profit, which could trigger a sell-off should Bitcoin’s price fall below key support levels in the near term.
Given the current market trends, is Bitcoin poised for a correction that could also lead to a downturn in certain altcoins? To determine this, we’ll dive into the charts of the top 5 cryptocurrencies.
Bitcoin (BTC) Price Analysis
Attempts by the bears to initiate a pullback at $72,500 were countered by strong buying interest, as indicated by the long tail on the candlestick for [ccpw id=60415], signaling robust purchases during intraday lows. However, sellers continue to defend a surge above $74K. As of writing, BTC price trades at $72,850, declining over 0.3% from yesterday’s rate.Â
For several days, the BTC/USDT pair has been climbing within the upper region of an ascending channel pattern, yet resistance has consistently capped price gains. Nevertheless, should the bulls manage to send the price beyond the channel’s confines, we could witness an increase in bullish momentum, potentially catapulting the pair towards the $80,000 mark.
On the flip side, a downturn with the price slipping below $70,000 could see the pair retreat to the channel’s support boundary. Should the bears further depress the price beneath the channel, a more robust decline could occur, potentially dragging the pair down to $63,000, and then possibly to the 50-day simple moving average at $53,000.
dogwifhat (WIF) Price Analysis
Bearish traders pushed the price of WIF toward the significant threshold of $3. However, the pronounced lower shadow on the candlestick of the day indicates that traders are seizing every price drop as an opportunity to buy. Currently, WIF price trades at $3.3, surging over 25% from yesterday’s rate.
Currently, buyers are attempting to push the price beyond the immediate barrier at $3.5. Achieving this could signal the beginning of a new upward trend for the WIF/USDT pair, potentially sending it to a new ATH.
However, there’s a slight concern that the rally might face interruptions. The Relative Strength Index (RSI) has been in the overbought territory for a few days, hinting that the market might be too hot and could either correct slightly or stabilize. The crucial support level to keep an eye on if there’s a downturn is $2.6.
Solana (SOL) Price Analysis
Recently, [ccpw id=60497] has shown an upward trend. The significant wicks on the March 13 and 14 candlesticks indicate strong buying interest during intraday price drops. The price has surged above immediate Fib levels from $150 and is now aiming for $200. Currently, SOL price trades at $172, surging over 12.5% from yesterday’s rate.
Should the price remain above $155, the SOL/USDT pairing is poised to gain momentum and potentially advance towards $184. With the 20-day EMA at $157 and the RSI indicating overbought conditions, it appears the market sentiment is still heavily skewed in favor of the bulls. However, a surge toward $200 is expected in the short term.
Key levels to monitor on the downside include the critical support at the breakout point of $149, followed by the 50-day SMA at $123. A descent below these support levels would suggest that the bears have regained control.
AEVO Price Analysis
AEVO price experienced a significant decline, reaching the key support level of $2.9, but failed to break through. Despite attempts by sellers to push the price below $2.9, buyers successfully defended this level, suggesting an effort to establish $2.9 as a strong support base. Currently, AEVO price trades at $2.9, declining over 10% from yesterday’s rate.
If AEVO price holds above its current range and surges toward the uptrend line, we might see a surge in buying pressure. Achieving this could send the AEVO/USDT trading pair past the $3.1 mark, potentially initiating a rally toward $3.3 and eventually $3.8.
Conversely, a downward movement breaking the $2.9 support could signal a loss of momentum from the buyers, possibly leading to a fall towards $2.6.
BONK Price Analysis
Bulls have been unable to secure BONK above the $0.00007 resistance level recently, yet they’ve consistently applied pressure. However, bears aim for an immediate decline below the Fib channels. Currently, Bonk price trades at $0.000035, surging over 19% from yesterday’s rate.
The ascending 20-day EMA at $0.000032 and a positive RSI indicate a higher likelihood of an upward trajectory. Holding BONK price above $0.00003 could propel the BONK/USDT pair to reach $0.000041, a potential hurdle. Surpassing this could pave the way to $0.000045 and eventually $0.00005.
Conversely, if bears pull the price under $0.00003, they regain control, potentially driving the pair down to $0.000025 and possibly reaching the 50-day SMA at $0.000014.
