Bitcoin set a new all-time high on March 11th, 2024, after crossing above $71,000. The current price ($71,638) means that everyone who has ever bought Bitcoin is now in profit. The surge in BTC’s price has boosted spot trading volume massively, indicating that retail traders have entered the market.
Data from CoinGecko shows that daily trading volume in the Bitcoin market rose to $46.25 billion across all centralized exchanges on Sunday. Meanwhile, Glassnode reports that some investors are preparing to take profits. The on-chain analytics platform says Bitcoin transfers to centralized exchanges have been on the rise over the past two weeks.
Elsewhere, two crypto companies, K33 Research and Blockchain Center, released contradicting reports last week, with the former saying that the altseason had already started while the latter arguing that the season will begin after the Bitcoin halving.
Now, let’s study the price charts to determine whether a price correction is imminent or the uptrend will continue this week.
Bitcoin Price Analysis
Bitcoin reached $69,000 on Friday. However, the massive selling pressure prevented the bulls from maintaining the coin above that price. But the buyers have now defeated the sellers, thrusting BTC above $70,000. Their main target at the moment is to propel the coin to $76,100 and even $80,000.
This bullish view will be invalidated in case Bitcoin trends down and falls below $63,000. The move will suggest intense selling activity, which could lead to a deeper correction to the 20-day Exponential Moving Average of $58,289.
Ethereum Price Analysis
After correcting to $3,362 on March 5th, Ethereum rose above the strong resistance of $3,811 the following day, signalling that the uptrend had resumed. The buyers have now pushed ETH to $4,034 for the first time since December 2021. Over the coming days, the token may rally to $4,200 and later to $4,355. However, a break below $3,811 could prompt a downturn to the $3,692 support. If the level is not guarded, Ethereum is likely to plunge to the 20-day Exponential Moving Average of $3,351.
BNB Price Analysis
BNB has been rallying since bouncing off the 20-day Exponential Moving Average of $403.68. Last Wednesday, the digital asset broke above the $426.68 key resistance to rally to $532 as of this writing. The buyers are looking to push BNB to $573. On the negative side, $403.68 is a level that we should watch keenly. If it crumbles, a move to the 50-day Simple Moving Average of $349 seems likely.
Solana Price Analysis
The buyers continue to protect the $126.34 breakout level. This indicates that investor sentiment around Solana is still positive and that every dip is being purchased. Solana is currently changing hands for $168 after crossing the resistance at $142.90. If the bulls maintain the token above $142, we may witness a rise to the $158.39 resistance. Bears, on the other hand, will have to sink SOL below $126.34 to shift the advantage to their side. If this occurs, some bulls are likely to sell their SOL positions, thus dragging the token to the 50-day Simple Moving Average of $106.25.
Shiba Inu Price Analysis
The resistance at $0.0000321 has been flipped to strong support, suggesting a high possibility of a further uptrend move. Shiba Inu is trading at $0.0000349. The buyers aim to break above the $0.0000463 barrier and then cause a rally to $0.0000653. However, this may not happen if the bears manage to drag SHIB below $0.0000272. Such a move will suggest profit booking and could fuel a downtrend to $0.0000229, where the buyers are likely to buy the dip.
Polkadot Price Analysis
The hurdle at $9.50 is now cleared. As of this writing, Polkadot is trading at $10.92. A Sustained rally above $11.05 makes a move to $13.12 likely. On the contrary, If DOT falls below $9.50 and the bulls fail to protect the 20-day Exponential Moving Average of $8.93, the token could dip further to the $8.02 support level.
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