By Chris Hollingworth 
Bitcoin experienced a bounce from $76,606 on March 11, but failed to maintain its price above $84,500 on March 12. According to Nansen principal research analyst Aurelie Barthere, Bitcoin is currently undergoing a macro correction within a bull market, with the next critical level identified as “$71,000-$72,000, top of the pre-election trading range.” Glassnode, an onchain analytics firm, also echoed a similar target in its market report released on March 11. Glassnode highlighted that the recent sell-off was triggered by short-term holders who may have bought near the peak in January, suggesting that Bitcoin could find support near $70,000 if selling pressure persists.
The broader financial markets, including the US stock market, have been facing downward pressure in recent days. However, a positive development for Bitcoin bulls is the correction of the US Dollar Index (DXY) from its multi-year high above 110 to under 104. Since Bitcoin typically exhibits an inverse correlation with the dollar, this trend shift may indicate a potential bottom forming in the near term.
Questions arise on whether Bitcoin will retest the support at $76,606 or surpass $85,000, as well as the key support and resistance levels to monitor in altcoins. To gain insights into these potential scenarios, let’s delve into the analysis of the top 10 cryptocurrencies.
### Bitcoin Price Analysis
Bitcoin breached the $78,258 level on March 10, dropping to $76,606 on March 11, but the subsequent inability of bears to sustain lower levels suggests robust buying by the bulls.
The BTC/USDT daily chart reveals a relief rally encountering selling pressure near the 20-day exponential moving average ($87,262). An encouraging sign for the bulls is a positive divergence in the relative strength index (RSI). To indicate a potential end to the correction, buyers need to drive the price above the 20-day EMA, possibly leading to a rise towards the 50-day simple moving average ($94,654). On the downside, the $73,777 level is crucial for bulls to defend, as a breach could drive the pair towards $67,000.
### Ether Price Analysis
Ether (ETH) dipped below the $1,993 support on March 9, extending the decline to $1,754 on March 11. The ongoing recovery faces significant resistance at the breakdown level of $2,111, with a sharp downturn from this level signaling bearish control.
The ETH/USDT daily chart indicates that failure to break above $2,111 could increase the risk of a drop below $1,754, potentially leading to a slide towards $1,500. Conversely, a breakout above the 20-day EMA ($2,235) could propel the pair towards $2,800, where bearish pressure might emerge.
### XRP Price Analysis
XRP (XRP) slipped below the $2 support on March 11 but bounced back, as reflected in the long tail on the candlestick chart. The current challenge for bulls lies at the 20-day EMA ($2.35).
A further decline might increase the likelihood of breaking below $2, completing a bearish head-and-shoulders pattern, with potential support levels at $1.77 and $1.28. Conversely, a breach above the 20-day EMA could pave the way for a rise towards the 50-day SMA ($2.58) and potentially $3.
### BNB Price Analysis
BNB (BNB) saw a turnaround from $507 on March 11, indicating strong defense by bulls within the $500 to $460 support zone.
On the BNB/USDT daily chart, the relief rally could face resistance at the 20-day EMA ($592). A sharp reversal from this level might prompt bears to push the pair below $500, targeting $460. However, a breakout above the 20-day EMA could signal a range-bound movement between $460 and $745.
In conclusion, the cryptocurrency market remains dynamic, with key levels and indicators providing insights into potential price movements across various cryptocurrencies. Traders and investors are advised to closely monitor these levels and developments for informed decision-making.
