Price analysis 3/23: BTC, ETH, BNB, XRP, LUNA, ADA, SOL, AVAX, DOT, DOGE
Bitcoin (BTC) and select altcoins broke above their immediate resistance levels but are struggling to sustain the higher levels, indicating that bears are not ready to give up.
It is speculated that the spike in Bitcoin’s price on March 22 may have been caused by reports that Terra had sent 125 million USDT to Binance on March 21.
This could be the beginning of the proposed $3 billion worth of Bitcoin which the firm plans to purchase. Terra has undertaken another identical transaction on March 23, which could boost sentiment in the near term.
While this news could provide a short-term spike, it is unlikely to alter the main trend. Bitcoin remains strongly correlated with the S&P 500, which rallied sharply between March 15 to 22. Crypto traders are likely to take cues from the performance of the S&P 500 in the next few days.
Could bulls clear the overhead hurdle and start an up-move in Bitcoin and select altcoins? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke above the immediate resistance at $42,594 on March 22 but the bulls could not sustain the higher levels. This suggests that bears continue to defend this level aggressively.
A minor positive is that the bulls did not give up much ground from the overhead resistance today. This suggests that traders are not closing their position near the resistance as they anticipate the up-move to continue.
If buyers push and sustain the price above $42,594, the BTC/USDT pair could pick up momentum and rally to $45,400 where the bears may again mount a strong defense.
This positive view will invalidate if the price turns down and breaks below the moving averages. If that happens, the pair could extend its stay inside the $37,000 to $42,594 range for a
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