Price analysis 3/14: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Bitcoin (BTC) has largely been directionless since the start of the year as the bulls have been buying on dips while bears are selling the rallies. This suggests that the price is consolidating in a large range with both the bulls and the bears waiting for the next trigger to establish their supremacy.
The short-term volatility may pick up after the United States Federal Reserve announces its policy decision on March 16 but unless the Fed springs a surprise, the likelihood of a new trending move could be low. Bitcoin could spend some more time in a bottoming formation before breaking out of it.
A positive sign in the range-bound action this year has been evidence of accumulation by both the small investors and select whales. This has coincided with a sustained drop in Bitcoin balances on exchanges. The combined Bitcoin balances on the 21 exchanges it covers have dropped to 2.32 million Bitcoin, the lowest since August 2018, according to CryptoQuant.
Could Bitcoin break above the immediate resistance level and pull the altcoins higher? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin has bounced from the immediate support at $37,000 indicating that bulls are attempting to defend this level. The buyers will now try to push the price above the moving averages. If they succeed, it will suggest strong demand at lower levels.
The bulls will then try to extend the up-move by clearing the overhead hurdle at $42,594. If they manage to do that, it will be the first indication that the bears may be losing their grip. The BTC/USDT pair could then rise to the overhead zone between $45,400 and the resistance line of the ascending channel.
Conversely, if the price turns down from the moving averages, it will
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