The S&P 500 Index set a new all-time high a few days ago, signaling a risk-on sentiment from investors. BTC also isn’t left behind. The largest coin by market cap is now less than $3,000, shy of its peak price ($69,025) reached in November 2021.
As of this writing, the momentum is favoring the bulls, and they stand a big chance of causing Bitcoin to rally to an all-time high and even set a new one over the coming days. However, the question remains: Will BTC bulls sustain the coin above $69,025, or will we see a sharp downturn that is likely to trap aggressive buyers?
During a strong, bullish phase, significant returns are made. However, such a phase increases the risk, and therefore, traders must be careful, given that massive rallies are usually followed by huge declines.
That said, is it the right time to start booking profits, or is there a possibility the bulls will push Bitcoin above $69,025 and sustain it? Let’s analyze the price charts to find the answers.
Bitcoin Price Analysis
BTC has had a solid run since last Wednesday. The sellers attempted to halt the rally at $64,083 over the weekend, but the buyers were too strong for them. Bitcoin is now changing hands for $66,347, with the bulls now targeting $69,025. A pennant has formed on Bitcoin’s price chart. If the coin reaches $69,025, it will signal a breakout from this pennant pattern, and the bulls may propel Bitcoin to $76,000.
Meanwhile, the bears need to pull BTC below $60,500 to tilt favor to their advantage. If they achieve this, Bitcoin could plummet to the 20-day Exponential Moving Average of $56,145.
Ethereum Price Analysis
ETH saw profit booking at $3,590 on February 29th, but the sellers couldn’t start a downturn, suggesting that the buyers were purchasing every dip. At the time of publishing this article, Ethereum had crossed above $3,590 to trade at $3,731. The bulls are aiming to push the second-largest token to the $4,050 resistance. If they sustain ETH above that level, the possibility of a rally to $4,160 increases.
Meanwhile, if the bears succeed in keeping Ethereum below $3,590, the digital currency may drop to find support at $3,332. If this level crumbles, a further fall to the 20-day Exponential Moving Average of $3,122 is likely.
BNB Price Analysis
The bulls have sustained BNB above the 20-day Exponential Moving Average of $389.50 since last week, indicating that investor sentiment around the coin remains positive. However, these bulls are struggling to push BNB above the $427.50 resistance level. But if they finally break the barrier, we could see a rally to $460.83, where another bull-bear battle is anticipated. On the negative side, if BNB goes below $389.50, it would signal profit booking by short-term traders, who may drag the token to the 50-day Simple Moving Average of $337.90.
Solana Price Analysis
SOL has remained above $125.18 since March 1st, but the buyers haven’t started any significant rally. The fifth-largest token by market cap is now changing hands for $131.26. If $125.18 is protected, the chances of a surge to $138.18 will escalate. A sustained rally above $138.18 will be halted at $158.49.
Conversely, if $125.18 isn’t safeguarded, Solana could be subject to a downtrend. The token will first retest the 20-day Exponential Moving Average of $115.38 before dropping to the 50-day Simple Moving Average of $103.78.
Dogecoin Price Analysis
DOGE has traded above $0.10 since February 28th. As of this writing, the bulls have pushed the meme coin to $0.1830463 after they defeated the bears at the $0.1690042 resistance level. If the buyers continue with the bullish momentum, Dogecoin may hit $0.2201293, a price it last saw in November 2021.
However, the Relative Strength Index (82.08) suggests that price correction might happen soon. If it does occur, DOGE could fall and find support at $0.1200048.
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