By Chris Hollingworth 
Bitcoin (BTC) experienced a 4.25% increase last week, closing above $86,000, with further gains pushing it above $88,700 on March 24. Markus Thielen, the founder of 10x Research, highlighted in a report on March 23 that Bitcoin’s reversal indicators had turned positive, suggesting a potential renewed uptrend. Market data from SoSoValue revealed that US Spot Bitcoin exchange-traded funds (ETFs) observed net inflows of $744.4 million last week after five consecutive weeks of outflows. However, Ether ETFs did not perform as well, witnessing a fourth successive week of net outflows.
Analysts hold differing views on Bitcoin’s short-term price trajectory. While some anticipate significant resistance near $90,000 leading to a pullback towards $80,000, others, like BitMEX co-founder and Maelstrom’s chief investment officer Arthur Hayes, predict a rally to $110,000 before a drop to $76,500. The question remains whether Bitcoin bulls can sustain the momentum to propel the price above $90,000, and if altcoins will follow Bitcoin’s upward trajectory.
### S&P 500 Index Price Analysis
The S&P 500 Index (SPX) has climbed to the 20-day exponential moving average (5,742), where bearish pressure is anticipated to emerge. A potential downturn from the 20-day EMA might see the index testing crucial support levels between 5,600 and 5,500. Conversely, a close above the 20-day EMA could signal the end of the correction, with the index targeting the 50-day simple moving average at 5,913.
### US Dollar Index Price Analysis
The US Dollar Index (DXY) bounced off the 103.37 level on March 19, indicating bullish attempts to establish a support base. A potential move towards the 20-day EMA at 104.59 is a key level to monitor. A sharp reversal from the 20-day EMA might prompt bears to push the index below 103.37, aiming for levels around 102 and potentially 101. Conversely, a breakthrough and sustained close above the 20-day EMA could signal weakening bearish momentum, potentially propelling the index towards the critical level of 105.42.
### Bitcoin Price Analysis
Bitcoin breached the 20-day EMA ($85,572) on March 23, initiating a robust recovery phase. With the 20-day EMA flattening and the RSI entering positive territory, a slight advantage is seen for the bulls. The upcoming resistance lies at the 50-day SMA ($90,290), with a positive move suggesting a push towards $95,000 and $100,000. Conversely, a reversal from the 50-day SMA, followed by a break below the 20-day EMA, may indicate continued bearish activity at higher levels, potentially leading to a drop below $83,000.
### Ether Price Analysis
Ether (ETH) bulls are striving to elevate the price above the 20-day EMA ($2,057) and the critical level of $2,111. A successful breach of these levels would indicate a rejection of the breakdown, potentially propelling the ETH/USDT pair towards the 50-day SMA ($2,356) and subsequently $2,550. Bears need to defend the $2,111 level to sustain their advantage, aiming to swiftly push the price below $1,750 to resume the downtrend towards the next support at $1,550.
This comprehensive analysis provides insights into the recent movements in Bitcoin, major market indices, and select cryptocurrencies, offering a nuanced perspective on the current financial landscape.
