By Chris Hollingworth 
Bitcoin (BTC) saw a rebound on March 7, aiming to surpass the $90,000 resistance level after experiencing a dip earlier in the day. The drop was attributed to the US Strategic Bitcoin Reserve executive order signed by President Donald Trump, which did not meet some investors’ expectations. However, there is optimism among analysts who view the establishment of the reserve as a bullish move that could encourage other countries to follow suit. This development also helps allay concerns held by institutional investors regarding Bitcoin.
Cory Klippsten, CEO of Swan Bitcoin, noted that Bitcoin is currently in a consolidation phase but suggested that this is unlikely to halt the ongoing bull market. Predictions indicate that Bitcoin could surge to a new all-time high surpassing $109,000 before the end of June this year.
On the other hand, Bitfinex analysts mentioned that Bitcoin might remain range-bound as the US is not expected to make additional purchases. Despite this, they view the establishment of the Bitcoin reserve as a positive step forward. They believe that Trump’s approach is softer and could pave the way for further exploration of Bitcoin as a reserve asset.
The question remains: Can Bitcoin maintain its position above $90,000 and potentially drive up the value of other cryptocurrencies? To gain insight, let’s delve into the charts of the top 10 cryptocurrencies.
### Bitcoin Price Analysis
Bitcoin bounced back from the $85,000 level on March 7, indicating a potential formation of a higher low. A key indicator for the bulls would be a break and close above the 20-day exponential moving average at $90,977. If successful, the BTC/USDT pair could target the 50-day simple moving average at $96,861. However, a significant resistance zone lies between the 50-day SMA and $100,000. Overcoming this hurdle could propel the pair towards $109,588. Conversely, a sustained drop below $85,000 could lead to further declines to $78,258 and potentially $73,777.
### Ether Price Analysis
Ether (ETH) retreated to the $2,111 support level on March 7, suggesting ongoing pressure from bears. Despite this, bulls have shown resilience in defending this level. To regain control, buyers need to push the price above the 20-day EMA at $2,423. A breakthrough here would indicate weakening bearish momentum. On the flip side, a failure to breach overhead resistance or sustain above $2,111 could signal a downtrend continuation, potentially driving the ETH/USDT pair towards $1,750.
### XRP Price Analysis
XRP (XRP) managed to close above the 20-day EMA at $2.49 on March 6 but struggled to surpass the 50-day SMA at $2.68. With the 20-day EMA flat and RSI neutral, a sideways trend is anticipated in the short term. A breach below the 20-day EMA might lead XRP/USDT to $2.20, where buyers are likely to defend the zone. Conversely, a breakout above $3 could trigger a rally towards $3.40. Failure to hold this level could propel the pair towards $5.
### BNB Price Analysis
BNB (BNB) faced a rejection at the 20-day EMA at $616 on March 6, but bulls managed to limit bearish downside. This sets the stage for a potential break above the 20-day EMA in the near term. Further analysis is required to gauge whether BNB/USDT can sustain this upward momentum.
In summary, the cryptocurrency market is witnessing various movements and signals across major assets. Traders and investors are advised to closely monitor these developments to make informed decisions.
