Bitcoin (BTC) reached a new all-time high of $73,650 on March 11, driven by the strong demand for spot Bitcoin exchange-traded funds (ETFs). In fact, more than $1 billion flowed into Bitcoin ETFs on March 12, setting a new record. The demand for Bitcoin ETFs is surpassing the newly mined Bitcoin supply in 2024, with the two largest Bitcoin ETFs acquiring over 330,000 Bitcoin compared to the 65,500 Bitcoin mined in 2024. This strong demand is expected to limit downside risks in the near term, and analysts at Bernstein predict that Bitcoin could reach $150,000 by mid-2025.
However, it’s important to note that every bull market experiences corrections, and sentiment can quickly change if a pullback occurs. Data from IntoTheBlock shows that 100% of Bitcoin holders are currently in profit, which could lead to selling pressure if Bitcoin breaks below crucial support levels.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin’s potential correction could result in a pullback in select altcoins.
Bitcoin Price Analysis:
Bitcoin experienced a pullback attempt at $73,000, but strong buying was observed on intraday dips, as indicated by the long tail on the March 12 candlestick. The BTC/USDT pair has been trading within an ascending channel pattern, with resistance preventing further upside movement. However, if bulls manage to push the price above the channel, it could lead to a bullish momentum and a potential surge to $80,000. On the other hand, a downside break below $70,000 may result in a drop to the channel’s support line, and further selling pressure could push the price to $59,000 and the 50-day simple moving average at $53,099.
Ether Price Analysis:
Ether (ETH) briefly dipped below the psychological level of $4,000 on March 12 but saw strong buying interest, as shown by the long tail on the candlestick. Buyers are now attempting to push the price above the immediate resistance at $4,100, which could trigger the next leg of the uptrend. If successful, the ETH/USDT pair could rise to $4,372 and potentially even $4,868. However, the overbought condition of the RSI suggests a possibility of a minor correction or consolidation. Key support to watch is at $3,600.
BNB Price Analysis:
BNB has gained momentum after breaking above $460 and is continuing to rise. This indicates strong demand at higher levels. Although there is minor resistance at $617, if buyers maintain their ground, it suggests that traders are holding onto their positions in anticipation of the uptrend continuing. In that case, the BNB/USDT pair could rally to $670. However, vertical rallies are usually followed by sharp falls, so a drop below the psychological level of $500 could accelerate selling and push the pair down to $460.
Solana Price Analysis:
Solana (SOL) has been steadily climbing higher, with bulls showing interest in buying on intraday dips, as indicated by the long tails on the March 11 and 12 candlesticks. Sustaining above $153 could give the SOL/USDT pair the necessary momentum to rally towards $184. The rising 20-day EMA and the overbought RSI suggest that buyers are in control. However, the breakout level of $126 and the 50-day SMA at $113 should be closely monitored as a break below these support levels could signal a shift in favor of the bears.
XRP Price Analysis:
XRP rallied strongly on March 11 but faced resistance at $0.74. The bulls managed to defend the $0.67 level, which is a positive sign as they attempt to turn it into support. If successful, the XRP/USDT pair could surge above $0.74 and potentially reach $0.85 and $1.02. However, a downward move below $0.67 would indicate bearish pressure, and the pair may decline to the 20-day EMA at $0.62.
Cardano Price Analysis:
Cardano rebounded off the $0.68 support level but struggled to overcome the resistance at $0.80. The long tail on the March 12 candlestick suggests aggressive buying at the 20-day EMA at $0.70, increasing the likelihood of a breakout above $0.80. If that happens, the ADA/USDT pair could rise to $0.90. However, a sharp downturn below $0.68 would invalidate this positive view and potentially push the pair down to the 50-day SMA at $0.60.
Dogecoin Price Analysis:
Although Dogecoin has failed to sustainably break above the $0.18 resistance, the rising 20-day EMA and positive RSI indicate that the path of least resistance is to the upside. If buyers can keep the price above $0.18, the DOGE/USDT pair could rally to $0.21, $0.24, and potentially even $0.30. On the other hand, a drop below $0.14 would favor the bears, potentially pushing the pair down to $0.12 and the 50-day SMA at $0.10.
Shiba Inu Price Analysis:
Shiba Inu has been consolidating between $0.000029 and $0.000039 after a sharp rally. This consolidation indicates that the bulls are not rushing to book profits. If the price manages to clear the overhead resistance at $0.000039, the SHIB/USDT pair could reach $0.46, although this level may pose a challenge. On the downside, a break below $0.000029 would favor the bears, with potential targets at the 20-day EMA at $0.000026 and the 61.8% Fibonacci retracement level at $0.000023.
Avalanche Price Analysis:
Avalanche surged above the resistance level at $45.18, confirming the dominance of the bulls. The buying pressure continued, pushing the AVAX/USDT pair above $50. However, a retest of the breakout level could see the price drop to $50. If the $50 level holds as support, it would strengthen the continuation of the uptrend, with a potential rally to $67. Conversely, a sustained break below $50 would indicate aggressive selling, potentially pushing the price down to the 20-day EMA at $44.
Toncoin Price Analysis:
Toncoin gained momentum after breaking above the resistance at $2.90. However, the overbought RSI suggests that a correction or consolidation may be imminent. Support levels can be found at $4 and $3.60. On the upside, the rally may face selling pressure near $4.50, but if the bulls remain strong, the TON/USDT pair could rise to $5, where strong resistance is expected.
Disclaimer: This article does not provide investment advice or recommendations. Readers should conduct their own research and make their own decisions.