Bitcoin’s recent price decline has not affected the demand for spot Bitcoin exchange-traded funds (ETFs), as there was a significant increase in net inflows on March 26 and 27, according to data from Farside Investors. BlackRock CEO Larry Fink expressed his surprise at the performance of the firm’s spot Bitcoin ETF, stating that it was the fastest-growing ETF in history. He also mentioned that he is optimistic about the long-term viability of Bitcoin.
On-chain analytics platform CryptoQuant reported a surge in Bitcoin demand from the start of 2024 to March 26, which could potentially lead to a sell-side liquidity crisis in the coming year.
The question now is whether Bitcoin will continue its recovery and reach a new all-time high before the Bitcoin halving event. This could potentially trigger buying in altcoins. Let’s analyze the charts of the top 10 cryptocurrencies to find out.
In terms of Bitcoin price analysis, there was some profit booking on March 26 and 27, but the bulls managed to maintain the price above the pennant pattern. The 20-day exponential moving average has started to turn up, indicating a possible upward movement. If the price breaks above a key resistance level, it could pick up momentum and rally further.
Next, looking at Ether price analysis, Ether is facing selling pressure near a certain level, but the bulls are attempting to defend a crucial support level. If the price breaks above the resistance level, it could rally higher. However, if the price turns down sharply, it could signify a deeper correction.
Moving on to BNB price analysis, the bears are defending a specific Fibonacci retracement level, but the price could reach a critical support level if it turns down from the current level. On the other hand, if the price rebounds, it could attempt to rise further.
In the case of Solana price analysis, the recovery is facing resistance at a specific level, suggesting selling pressure. The price could decline to a crucial support level if it breaks below a certain moving average. However, if it turns up, it could indicate strong demand and a potential breakout.
For XRP price analysis, XRP has been trading within a range, indicating indecision among buyers and sellers. The price could drop to a support level if it remains below a certain moving average, or it could rally higher if it breaks above a key resistance level.
Moving on to Cardano price analysis, the bears are attempting to keep the price below a certain level, suggesting a possible range-bound action. However, if the price breaks above a specific level, it could indicate a comeback by the bulls.
In the case of Dogecoin price analysis, the price has surged above a certain resistance zone, indicating aggressive buying by the bulls. The price could rally higher if it continues to rise, but a drop below a certain level could result in a deeper correction.
Next, looking at Avalanche price analysis, the price action has formed a pennant pattern, indicating indecision. The price could resume its uptrend if it breaks above the pennant, or it could decline if it breaks below it.
For Shiba Inu price analysis, the recovery has pushed above a resistance line, suggesting reduced selling pressure. The price could rise further if it breaks above a certain level, but a drop below a key moving average could invalidate this view.
Lastly, in Toncoin price analysis, the price is correcting within an uptrend and finding support at a Fibonacci retracement level. The moving averages suggest an advantage to the bulls, but a possible consolidation or correction could occur in the short term.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.