By Chris Hollingworth 
Bitcoin (BTC) has maintained levels above $80,000 since March 11, suggesting that bullish investors are eager to buy without waiting for a significant correction. However, the failure to push the price above $86,000 indicates that bearish sentiment persists, with sellers continuing to take advantage of price rallies.
In its latest weekly report, CoinShares revealed that cryptocurrency exchange-traded products (ETPs) experienced outflows of $1.7 billion last week, bringing the total outflows over the past five weeks to $6.4 billion. This marked the longest negative streak of outflows in 17 days since CoinShares began recording data in 2015.
Despite the outflows, there is optimism for long-term investors as observed by CryptoQuant contributor ShayanBTC, who noted an accumulation pattern among investors who purchased Bitcoin between three and six months ago. Such behavior historically has played a significant role in forming market bottoms and triggering new uptrends.
Moving forward, the key question remains whether buyers will be able to push Bitcoin above key resistance levels. Additionally, it is essential to analyze the positioning of altcoins to gauge the overall market sentiment.
S&P 500 Index Analysis:
The S&P 500 Index (SPX) is currently undergoing a corrective phase, with a recent drop to 5,504 triggering an oversold signal on the relative strength index (RSI). A potential relief rally could be in store in the near term if the index manages to hold above the 5,400 support level.
On the upside, a breakout above the 20-day exponential moving average at 5,780 could pave the way for a move towards the 50-day simple moving average at 5,938. Conversely, a failure to surpass the resistance zone between 5,670 and 5,773 might lead to further downside towards 5,400 and possibly 5,100.
US Dollar Index Analysis:
The US Dollar Index (DXY) has shown weakness with a modest rebound from the 103.37 support level, suggesting ongoing bearish pressure. A break below 103.37 could open the door for further declines towards 102 and 101, while a move above 104 may indicate a potential reversal with targets at the 20-day EMA (105) and the 50-day SMA (107).
Bitcoin Price Analysis:
Bitcoin is currently attempting to establish a higher low to break above the key resistance level at the 200-day SMA ($84,112). A positive divergence on the RSI indicates weakening bearish momentum, with a potential rally towards the 50-day SMA ($92,621) if buyers can push the price above the 20-day EMA ($85,808). Conversely, a sharp downturn from the 200-day SMA could lead to a retest of support levels at $80,000 and $76,606.
Ether Price Analysis:
Ether (ETH) is trading within a range of $1,963 and $1,821, signaling a lack of strong buying interest at current levels. A breakdown below the $1,821 to $1,754 support zone could indicate a resumption of the downtrend, targeting the next support level at $1,550. However, a breakout above the 20-day EMA ($2,107) may lead to a rally towards the 50-day SMA ($2,514) where selling pressure is likely.
Ripple (XRP) Price Analysis:
XRP encountered resistance at the 50-day SMA, prompting a downturn in its price action. Further price movements will depend on whether XRP can sustain above key support levels or face additional downside pressure.
This comprehensive analysis provides insights into the current market conditions of various assets, highlighting key levels and potential scenarios for investors to consider in their decision-making process.
