By Chris Hollingworth 
Bitcoin experienced a 4.29% decline last week, but the bulls initiated a recovery by pushing the price back above $83,500 on March 31. However, traders are anticipating the impact of new US trade tariffs scheduled to come into effect on April 2, which could lead to significant market volatility.
Traders are exercising caution in the near term, although lower price levels are attracting buyers. According to CoinShares, cryptocurrency exchange-traded products (ETPs) saw inflows of $226 million last week.
Strategy recently took advantage of the Bitcoin pullback by acquiring 22,048 Bitcoin for $1.92 billion at an average price of $86,969. Following this purchase, the company now holds 528,185 Bitcoin with a total value of approximately $35.63 billion.
The question remains whether Bitcoin could surpass the strong resistance level and potentially drive select altcoins higher. A closer examination of the charts may provide some insights.
### S&P 500 Index Price Analysis
The S&P 500 Index (SPX) breached the 20-day exponential moving average (5,706) on March 24, but this turned out to be a bull trap. The index experienced a sharp downturn on March 26, breaking below the 5,600 support level. Both moving averages are trending downwards, with the relative strength index (RSI) in negative territory, indicating a seller’s advantage. While there is substantial support at 5,500, a breakdown could lead to a further decline to 5,400 and potentially 5,100. A reversal scenario would involve a price breakout above 5,800, suggesting a potential near-term bottom.
### US Dollar Index Price Analysis
The US Dollar Index (DXY) has been trading below the 20-day EMA (104.46), reflecting prevailing negative sentiment. Sellers may target a drop to 103.37, a crucial level to monitor. A failure to defend this level could result in a sharp decline towards 101. Conversely, a break above the 20-day EMA indicates a potential bullish resurgence, with targets at 105.42 and the 50-day simple moving average (106.09).
### Bitcoin Price Analysis
Bitcoin is facing downward pressure as bears aim to test the critical support at $80,000. Bulls are attempting to hold the line at $81,100, with a potential rally towards the resistance line. Failure at this level could lead to a drop below $80,000, targeting $76,606 and $73,777. However, a breakout above the resistance line would indicate weakening bearish momentum, potentially driving the price towards $89,000 and $95,000.
### Ether Price Analysis
Ether (ETH) has approached crucial support at $1,754, prompting bullish attempts at a relief rally. A key resistance level lies at the 20-day EMA ($1,980), with a failure to break above signaling a potential drop below $1,754 towards $1,550. A breakout and close above $2,111 could confirm a bullish double-bottom pattern, with a target objective of $2,468.
### XRP Price Analysis
XRP has reached a critical support level at $2, likely to attract significant buying interest. Any rebound may face resistance at the moving averages, with a failure indicating a heightened risk of a breakdown. Further analysis is needed to assess the potential price movements for XRP.
This analysis provides a snapshot of the current market trends and potential scenarios for Bitcoin, major indices, and select altcoins based on technical indicators and price action.
