Bitcoin is poised to continue this week in green as the price is in the recovery from a weekly low of around $61,000 to surpassing $70,000. This suggests that traders are optimistic about the long-term prospects and are seizing the opportunity to buy during price drops.
CryptoQuant’s CEO, Ki Young Ju, predicts a rise in investments into spot Bitcoin ETFs as the price approaches key support levels. Young Ju noted that recent large-scale investors in Bitcoin ETFs have a break-even point of $56,000 on the blockchain. He expects an uptick in purchasing activity if Bitcoin’s value drops to this level.
An encouraging development that may boost Bitcoin’s price is the decline in withdrawals from the Grayscale Bitcoin Trust (GBTC). Data from Fairside Investors indicates that on March 22, the outflows from GBTC diminished to merely $170 million, hinting at a potential decrease in selling pressure. Should Bitcoin conclude March above $61K, it would mark a robust seven-month streak of gains.
Could a recovery in Bitcoin’s value spark interest in certain altcoins? We will explore the top 5 cryptocurrencies that present a strong performance on the charts.
Bitcoin (BTC) Price Analysis
*BTC* has been hovering above its 20-day exponential moving average (EMA) of $65,741 recently, signifying a tug-of-war between buyers and sellers for control. However, buyers have the advantage as they broke above the previous bearish consolidation.
The 20-day EMA is showing signs of leveling off, while the relative strength index (RSI) has surged from the midline toward 58 level, suggesting a rise in bullish pressure. In the short term, the BTC/USDT trading pair might fluctuate within the range of $60,775 to $70,000.
BTC/USD 4-Hour Chart On TradingView
Should the price stay beneath the 20-day EMA, the support region stretching from the 50-day simple moving average (SMA) at $63K to $60.8K could face pressure. A breach below this area might lead to a deeper pullback towards the 61.8% Fibonacci retracement level at $57K.
Conversely, a surge above $70,000 could pave the way for a challenge of the $74K mark. Surpassing this barrier might set the stage for a climb towards $80,000.
The 4-hour chart reveals that sell-offs are limiting the price recoveries at the supertrend’s upper limit, marking it as a crucial level to monitor. A push above the level by the bulls could indicate declining selling momentum, potentially leading the pair to approach the significant resistance at $70,000.
Immediate supports to keep an eye on include $63K and then $60,775. A decline below these supports could intensify selling, potentially driving the pair down to $59,000 in the short term.
Book Of Meme (BOME) Price Analysis
The price of BOME fell beneath the EMA trend lines, reaching a low of $0.012, but buyers effectively defended this level, initiating a rise. However, bears continue to defend the resistance lines on the 5-min price chart.
BOME/USDT 5 Min Chart On TradingView
The price is now being sent toward the descending resistance line by buyers. If they succeed, BOME’s price may aim for the initial resistance at $0.02, although sellers will robustly resist any upward movement from this point. A decline below $0.008 would exert bearish pressure on BOME.
To prevent such a decline, bulls must work to push and maintain the price above $0.02. Achieving this could result in the pair stabilizing within a trading range of $0.2 to $0.27 over a longer duration.
Internet Computer (ICP) Price Analysis
ICP’s price has been on a strong uptrend recently as buyers broke above the resistance at $16, resulting in a strong buying demand. Currently, buyers are aiming to send the price even higher as selling pressure weakens.
ICP/USDT 4 Hour Chart On TradingView
The 20-day Exponential Moving Average (EMA), now at $14, is surging, while the Relative Strength Index (RSI) is within the overbought region, indicating a surge in buying demand. For buyers to dominate, they must send the price beyond $28. Upon achieving this, the ICP/USDT pair might pursue a rally towards the resistance area around $40.
On the other hand, if sellers succeed in pushing and maintaining the price below the EMA20 trend line, this could lead to a downturn towards the strong support level at $11, and might even reach $9. This level is likely to attract strong buying support.
1inch Network (1INCH) Price Analysis
1INCH price has been declining heavily in recent days as buyers lost confidence following a rejection near resistance lines. However, the $0.5 level is being strongly defended by bulls.
1INCH/USD 1 Hour Chart On TradingView
The 1INCH/USDT pair is aiming to drop below the 20-day EMA, signaling a shift to negative sentiment as traders opted to sell during price increases. Sellers are poised to challenge the support at the 50-day SMA once again. A breakthrough would potentially lead to a downturn to $0.45.
Conversely, a surge above $0.6 could indicate that the pair is likely to oscillate around the $0.7 resistance level. A surge past $0.7 could energize the bulls, possibly driving the pair towards the next significant resistance level at $0.85.
ONDO Price Analysis
ONDO price has been forming an arc under a range bound trading zone. Bears might soon retest the support level at $0.83 to validate a clear trend. As of writing, ONDO price trades at $0.81, surging over 12% in the last 24 hours.
ONDO/USD Chart On TradingView
The recent rejection near $0.97 indicates that sellers stepped in to trigger a decline. Bears are expected to make another attempt to push the price beneath the 20-day EMA, potentially leading to a decline towards the breakout point at $0.75. This point is anticipated to attract strong buying interest from the bulls.
Conversely, if the price breaches the $1.1 mark, it could send the ONDO/USDT pair towards a new high.
