Bitcoin started this week on a high note, rising above $70,000 on Monday night. Crypto analysts are optimistic that BTC will rally this week as outflows in Grayscale Bitcoin Trust ETF continue to reduce. According to various reports, Grayscale saw its ETF’s Bitcoin holding plunge by over 5,000 BTC last week.
ETF analysts at Bloomberg believe that investors of Grayscale Bitcoin Trust are exiting their positions for cheaper options.
Meanwhile, Goldman Sachs reported on Monday that its customers were now showing increased interest in the company’s options and futures offerings. Goldman Asia Pacific’s head of digital assets, Max Minton, claimed that the rising interest from clients is greatly driven by Bitcoin ETFs.
The growing demand for Bitcoin ETFs has continued to prevent Bitcoin from plummeting massively, as every price correction is now considered an opportunity to buy the dip.
With investor sentiment around crypto being positive, what are the major resistance levels we need to keep an eye on if Bitcoin and other digital currencies continue to rise? We study the price charts to get answers.
Bitcoin Price Analysis
BTC had been trading inside a pennant formation since breaking below $68,000 last week. However, when the coin crossed above that level on March 25th, it signaled that the bulls had become stronger than the bears. Bitcoin is now priced at $70,046, according to data from CoinGecko. If it crosses above $73,776.30, the buyers might target $80,000. This assumption will be invalidated if the bears drag Bitcoin to $65,302 and the bulls fail to protect the level. In such a scenario, BTC could plunge to the 50-day Simple Moving Average of $59,209.
Ethereum Price Analysis
ETH has now crossed above the 20-day Exponential Moving Average of $3,529 to trade at $3,598.90. If buyers keep the token above $3,529, it will signal the end of the corrective phase, and we may witness a rally to $3,678.49. Breaking above this price could make a surge to $4,057 possible. On the contrary, if Ethereum breaks below $3,529, it could depreciate to the 50-day Simple Moving Average of $3,233. Buyers’ failure to guard this level could lead to another price fall to the $2,867.92 support.
BNB Price Analysis
The bulls have failed to keep BNB above the $589.28 resistance level. The crypto asset is currently changing hands for $578.31. The Relative Strength Index (73.12) indicates that there is room for an upward move. Therefore, if the bulls maintain BNB above $598.28 and cause a rally, the token could head toward $644.42. We anticipate a massive resistance at this level. However, if the bulls emerge victors, BNB could rally to $691.
Solana Price Analysis
SOL found strong support at $167.50 over the weekend. After rebounding, the token rallied to $198 before dropping to $192 at press time. If the buyers thrust and sustain Solana above $204.80, a move to $244 and then to $265 seems likely. On the other hand, SOL may hit the 50-day Simple Moving Average of $135.27 if the bulls let it slide below the 20-day Exponential Moving Average of $168.21.
XRP Price Analysis
After a tough battle near the 20-day Exponential Moving Average of $0.6200533, the bulls have emerged winners and managed to push XRP to $0.638923 as of this writing. This suggests that investor sentiment around the token remains positive despite the United States Securities and Exchange Commission announcing yesterday that it will seek over $2 billion in fines from XRP issuer Ripple Labs.
If XRP continues to rise in value, it could cross above the $0.6729503 minor resistance to rally to a major barrier at $0.7433921.
Cardano Price Analysis
Cardano is still struggling to go above the $0.6681195 resistance. But if it does break above this barrier, it may rise to retest another resistance at $0.8000492. Overcoming this hurdle could fuel a move to $0.9500010. On the negative side, if ADA reverses now and crosses below $0.60, it could plummet to the $0.4618238 support.
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