By Chris Hollingworth 
Bitcoin (BTC) has been hovering around the 200-day simple moving average ($84,359), a sign that bulls are maintaining pressure and potentially hinting at an upcoming upside breakout, indicating a possible end to the corrective phase. Nick Forster, the founder of Derive, highlighted that the current pullback is a typical correction within Bitcoin’s long-term rally cycle, expressing optimism that the peak of Bitcoin’s cycle is still ahead.
On the bullish side, US spot Bitcoin exchange-traded funds (ETFs) have recently seen inflows, with spot Bitcoin ETFs receiving $525 million in inflows since March 14, according to Farside Investors data. However, not all market participants share the same optimism. Ki Young Ju, the founder and CEO of CryptoQuant, cautioned in a post on X that Bitcoin could remain in a bearish or sideways trend for the next 6-12 months as the recent bull cycle concludes.
Turning to the top 10 cryptocurrencies, could a breakout in Bitcoin above the 200-day SMA trigger a rally in altcoins? Let’s delve into the charts to find out.
### Bitcoin Price Analysis
Bitcoin is encountering selling pressure near the 200-day SMA, but the bulls are holding their ground, indicating potential anticipation of a breakout in the near future. A break and close above the 20-day exponential moving average ($85,441) could pave the way for further upside towards the 50-day SMA ($91,904). Conversely, a sharp downturn from the 20-day EMA with a break below $80,000 might signal a downside move towards $76,606, a crucial support zone.
### Ether Price Analysis
Ether (ETH) recently broke out of a narrow range to the upside on March 19, indicating bullish strength. Sellers may attempt to halt the relief rally at the $2,111 level, while a successful break above could propel the ETH/USDT pair towards the 50-day SMA ($2,468) and potentially $2,850. Conversely, a sharp reversal from $2,111 could signal bearish pressure, with a key support level at $1,800.
### XRP Price Analysis
XRP (XRP) saw a surge above moving averages on March 19, setting the stage for a potential rally. A bounce off the 20-day EMA ($2.36) could lead to a break above the resistance line and a move towards $3. Conversely, a rejection at the resistance line followed by a drop below moving averages may increase the risk of a decline towards $2, with sellers gaining control below $2.
### BNB Price Analysis
BNB (BNB) closed above the 50-day SMA ($618) but faces resistance in sustaining higher levels. A pullback to the 20-day EMA ($602) followed by a strong rebound could signal a shift in sentiment towards buying on dips, potentially leading to a breakout above $644 and a rally towards $686. However, a close below the 20-day EMA may indicate profit booking by bulls and a potential drop towards $550.
### Solana Price Analysis
Solana (SOL) bounced off the $120 to $110 support zone on March 18, indicating strong support from bulls. A move above the 20-day EMA ($137) could mark the beginning of a sustained recovery for SOL/USDT. On the other hand, a failure to break above the 20-day EMA may suggest continued consolidation or downside pressure.
These analyses provide insights into the current dynamics of the cryptocurrency market, highlighting key levels and potential scenarios for Bitcoin and other top cryptocurrencies.
