By Chris Hollingworth 
Bitcoin (BTC) faced resistance from bears as it attempted to surpass $85,000, while larger investors were seen accumulating at lower price levels, according to research firm Santiment. Wallets holding 10 BTC or more have purchased around 5,000 Bitcoin since March 3, with researchers suggesting a potentially brighter second half of March if this trend continues.
Despite this positive accumulation data, not all market participants share a bullish outlook for Bitcoin in the near term. BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes warned of a potential retest of $78,000 and even a drop below $75,000. Hayes highlighted the possibility of increased price volatility if Bitcoin falls within the $70,000 to $75,000 range due to a significant amount of open interest in that zone.
Short-term sentiment among investors remains bearish, as evidenced by outflows of $876 million from cryptocurrency exchange-traded products (ETPs) in the past week. Bitcoin ETPs saw the majority of outflows at $756 million, contributing to a total of $4.75 billion in outflows over the past four weeks.
The market now faces the question of whether Bitcoin can initiate a recovery from current levels and potentially lift other altcoins along with it. To gain further insights, let’s examine the latest charts.
### S&P 500 Index Price Analysis
The S&P 500 Index (SPX) encountered resistance at the 20-day exponential moving average (5,900) on March 3 and breached the support level at 5,773 on March 6, forming a double-top pattern. Following a bounce from the 5,670 level on March 7, the index failed to sustain gains and broke below the 5,670 support on March 10, suggesting a possible decline towards 5,400.
To signal robust demand at lower levels, buyers will need to push and maintain the price above 5,773. Subsequently, a move towards the 20-day EMA may act as a significant resistance level.
### US Dollar Index Price Analysis
The US Dollar Index (DXY) experienced a sharp downturn on March 3, breaking below the 105.42 support on March 5. The drop below 105.42 indicates a potential bull trap following the earlier breakout above 108. While buyers are defending the 103.73 level, any relief rally is likely to face selling pressure at the 20-day EMA (106.03).
A failure to sustain above the current level or the 20-day EMA could signal negative sentiment, raising the risk of a further decline towards 101. Buyers will face a challenging task of maintaining prices above the 20-day EMA to pave the way for a rally towards 108.
### Bitcoin Price Analysis
Bitcoin’s price broke below the support line of a symmetrical triangle pattern on March 9, indicating a shift in favor of sellers over buyers. Although bulls attempted to defend the $81,500 to $78,258 support zone, the recovery was met with selling pressure at the breakdown level on March 10, potentially turning the support line into resistance. A break below $78,258 could lead to a further drop towards $73,777.
Buyers will likely aim to defend the support zone and push the price above the 20-day EMA ($88,605) to initiate a potential rally towards resistance levels.
### Ether Price Analysis
Ether (ETH) breached the crucial $2,111 support on March 9, signaling a new downtrend phase. Despite buyers’ efforts to push the price above $2,111 on March 10, a strong selling presence from bears was evident. Minor support lies at $1,993, but a breakdown could push the ETH/USDT pair towards $1,750 and potentially to $1,550.
As market dynamics continue to evolve, investors and traders will closely monitor these key levels and developments across various assets to make informed decisions regarding their portfolios.
