Over the last 48 hours, Bitcoin’s massive rally has seen a short-term price correction. This explains the slowdown in inflows into Bitcoin spot ETFs during that period. Cointelegraph reports that investors have poured only $332 million into ETFs from Thursday.
Meanwhile, popular crypto trader Bags said on X yesterday that Bitcoin could drop by over 40% before halving, just like the previous halving cycle, before rallying again. If that happens, the coin is likely to find support at $45,000.
Another crypto trader, Skew, argued that this year’s halving will be different, claiming there won’t be a sharp dip, given the growing interest in Bitcoin from traditional investors, thanks to the spot ETFs.
Let’s now explore the price charts to find out whether there will be a price rebound or if the crypto markets will dip further over the next few days.
Bitcoin Price Analysis
There was a massive profit taking at $73,572 on March 14th, but the buyers bought the dip near the $67,067 support level the following day, pushing Bitcoin to $69,182 as of this writing. The bulls will have to propel the coin above $73,572 to signal that they have taken full control of the market.
The bears, on the other hand, need to drag Bitcoin below $67,067 to increase their chances of pulling the digital asset to the 20-day Exponential Moving Average of $64,978. If this happens, it will suggest that BTC has entered a corrective phase, and we may see the coin plummeting to the 50-day Simple Moving Average of $53,891.
Ethereum Price Analysis
ETH’s recent rally met resistance at $4,052 on March 13th, prompting traders to book profit. The token is now valued at $3,728.12. If ETH continues falling, then we should watch what happens at the $3,602 support. In case the level crumbles, it would indicate that the bears are looking to defeat the bulls and take control of the market.
A break below $3,602 could lead to Ethereum sliding to $3,205 and then to the 50-day Simple Moving Average of $2,989. On the positive side, the token might grow toward $4,200 if the bulls overcome resistance at $4,052.
BNB Price Analysis
After witnessing profit booking on March 14th, BNB has resumed its uptrend, rallying to $616.50 as of this writing. If it breaks above $632, a surge to $692 seems possible. However, this positive assumption won’t be valid if the BNB bears pull the token below the $572.93 support level. That’s because a plunge to $527 and even to the 20-day Exponential Moving Average of $484.87 could happen.
Solana Price Analysis
SOL is on a strong uptrend, which suggests solid demand for the token at higher prices. It is priced at $193.89. If the $204 resistance level crumbles, a move to $250 is likely. However, the latest rally has pushed the Relative Strength Index into the overbought zone, indicating that a price correction will happen soon before Solana continues trending upwards. If a correction happens, SOL may fall and then rebound from the 20-day Exponential Moving Average of $143. A break below this level could encourage the bears to drag Solana to the $125.98 breakout level.
Cardano Price Analysis
ADA’s price has been rising since crossing above the $0.5708934 resistance level a few days ago. The bulls need to push Cardano above $0.8051009 to make a rally to $1 a reality. However, suppose the bears cause a downturn and pull ADA below the $0.6873118 breakout level. In that case, a fall to the 50-day Simple Moving Average of $0.6192007, where we anticipate intense buying activity, is possible.
Shiba Inu Price Analysis
SHIB bulls have established supremacy after defending the bears at the $0.0000271 support level. The meme coin is priced at $0.0000296 as of this writing. More demand for Shiba Inu will cause a rally to $0.0000395. On the other hand, SHIB might touch $0.0000237 if the bears defeat the bulls at $0.0000271.
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