By Chris Hollingworth 
Bitcoin’s recovery is encountering resistance from sellers, with Material Indicators highlighting that “Spoofy the Whale” has been suppressing the price below $87,500. While the upside movement is currently limited, some analysts suggest that the downside potential is constrained. BitMEX co-founder Arthur Hayes believes that Bitcoin may have found a bottom at $77,000, especially considering the Federal Reserve’s decision to slow down its quantitative tightening starting in April.
Another positive factor for Bitcoin could be a potential recession, according to Robbie Mitchnick, the head of digital assets at BlackRock. Mitchnick mentioned in an interview with Yahoo Finance that the firm’s long-term Bitcoin accumulator clients view the current market dip as a buying opportunity, unaffected by economic headwinds.
The question now arises: Can Bitcoin establish a higher low in the short term and break above the $87,500 level? If so, will this trigger increased buying activity in altcoins? Let’s delve into the charts of the top 10 cryptocurrencies to gain more insights.
### Bitcoin Price Analysis
Bitcoin recently surpassed the 20-day exponential moving average ($85,332) but faced resistance at the upper boundary. If the price drops below the uptrend line, the BTC/USDT pair could target $80,000 and potentially $76,606. On the flip side, a bounce off the uptrend line and a move above $87,500 could propel the pair towards $95,000 and eventually $100,000.
### Ether Price Analysis
Ether’s recovery hit a roadblock at the 20-day EMA ($2,067), indicating bearish activity at higher levels. A break below $1,927 could lead ETH/USDT towards $1,800, with crucial support at $1,750 to $1,800. However, a breakout above $2,111 may pave the way for a rally towards the 50-day SMA and potentially $2,850.
### XRP Price Analysis
XRP witnessed a surge above moving averages on March 19 but struggled to sustain momentum. The XRP/USDT pair faces potential downside pressure if the price dips below the 20-day EMA, targeting $2.22 and $2. Buyers are likely to defend the $2 level to avoid a bearish head-and-shoulders pattern.
### BNB Price Analysis
Binance Coin (BNB) found support at the 20-day EMA ($608) on March 19, indicating buying interest at lower levels. A break above $644 could set the stage for a rally towards $686 and potentially $745. However, a drop below the 20-day EMA might lead BNB/USDT towards $550.
### Solana Price Analysis
Solana (SOL) faced resistance at the 20-day EMA ($135) on March 20, suggesting selling pressure during relief rallies. The SOL/USDT pair could see further downside if sellers manage to push the price below the 20-day EMA.
These analyses provide a snapshot of the current market dynamics and potential scenarios for the top cryptocurrencies. Each coin’s price movement will be crucial in determining the broader market sentiment and investment strategies moving forward.
