Price analysis 3/11: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

cointelegraph.com:

Bitcoin (BTC) has been volatile in the past few days but the long-term investors seem to be using the current weakness to buy. 

According to Whale Alert and CryptoQuant, about 30,000 BTC left Coinbase and was deposited in an unknown wallet. It is speculated to be a genuine purchase and not an in-house transaction.

Although investors may be bullish for the long term, the short-term picture remains questionable. Stack Funds said in their recent weekly research report that they “expect sideways trading and possibly a potential dip” in the short term due to the increase in inflation and the lack of clarity regarding the conflict in Ukraine.

While Bitcoin has been volatile, gold-backed crypto assets have made a strong showing in 2022 as investors shunned risky assets and sought the protection of safe havens. This has boosted the market capitalization of gold-baked crypto tokens to more than $1 billion.

Could Bitcoin and altcoins sustain the recovery or will bears reign supreme? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

Bitcoin soared above the moving averages on March 9 but quickly retraced the rally on March 10. The bulls are again attempting to push the price back above the moving averages today. This indicates that bulls are buying on dips while bears are selling on rallies.

Both moving averages are flattening out and the relative strength index (RSI) is just below the midpoint, suggesting a balance between supply and demand.

This equilibrium could tilt in favor of the buyers if they push and sustain the price above $42,594. The BTC/USDT pair could then rise to the overhead zone between $45,000 and the resistance line of the ascending channel.

Alternatively, if the price once again turns down from the