By Chris Hollingworth 
Bitcoin (BTC) saw a rise from $81,500 on March 4, with bulls aiming to push the recovery above $90,000 on March 5. Despite this, some analysts are cautious about Bitcoin’s immediate future. Bitfinex analysts mentioned in a March 3 report that Bitcoin might encounter “significant resistance” at $94,000. Adding to the note of caution, CryptoQuant contributor XBTManager suggested in a Quicktake post that Bitcoin could continue consolidating for a while, advising against risky trades in the coming months. The analyst indicated that the ideal time to buy would be when short-term holders (holding for less than 155 days) start selling and long-term holders start buying.
While short-term price movements are uncertain, investors remain optimistic about Bitcoin’s long-term potential. Mexican billionaire Ricardo Salinas recently revealed in a Bloomberg interview that 70% of his investment portfolio consists of Bitcoin-related assets, with the remaining 30% allocated to gold and gold miners.
Let’s delve into the critical support and resistance levels in Bitcoin and other cryptocurrencies by analyzing the charts of the top 10 digital assets.
### Bitcoin Price Analysis
Bitcoin appears to be forming a symmetrical triangle pattern, indicating a stalemate between buyers and sellers. The BTC/USDT pair has reached the 20-day exponential moving average ($91,174), a crucial resistance level to monitor. A break above this average suggests a reduction in selling pressure, potentially paving the way for a push above the triangle’s resistance line towards the 50-day simple moving average ($97,259). Conversely, a sharp downturn from the 20-day EMA and a breach below the triangle could lead to a retest of the Feb. 28 low at $78,258.
### Ether Price Analysis
Ether (ETH) experienced a drop below $2,000 on March 4 but saw strong buying interest at lower levels, as indicated by the long tail on the candlestick. The ETH/USDT pair faces significant resistance at the 20-day EMA ($2,467) and the downtrend line. A failure to overcome these obstacles may result in a retest of support at $2,111 and potentially a decline to $1,750. However, a close above the downtrend line could signal weakening bearish momentum, potentially propelling the pair towards $3,400.
### XRP Price Analysis
XRP (XRP) has been following a descending channel pattern, suggesting buying near support levels and selling near resistance levels. Both moving averages have flattened, and the RSI is near equilibrium, indicating a balance between supply and demand. A hold above the 20-day EMA ($2.47) could prompt bulls to target the resistance line, with a breakout potentially leading to a rally towards $3.40. Conversely, a downturn from the 20-day EMA and a breach below $2.53 may strengthen bearish sentiment, with a possible drop to $1.27.
### BNB Price Analysis
BNB (BNB) broke below the $557 support level on March 4 but failed to sustain lower levels. The current recovery attempt is likely to face resistance at the 20-day EMA ($619), with a sharp reversal from this level indicating ongoing negative sentiment among traders. A break below $546 could escalate selling pressure, potentially pushing BNB/USD lower.
These analyses provide insights into the current dynamics of Bitcoin and select altcoins, highlighting potential price levels to watch and key resistance and support areas to monitor in the cryptocurrency market.
