Price analysis 3/30: BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE
Bitcoin’s (BTC) rally is taking a breather near the 200-day simple moving average (SMA) and that has resulted in what is either a minor pullback or consolidation in BTC and select altcoins.
In the last few days, Terraform Labs has been on a Bitcoin buying spree. The wallet address, which has been speculated to be that of Terra, received $139 million worth of Bitcoin on March 30, taking its total to about $1.5 billion in BTC.
With Terra breathing down its neck, MicroStrategy seems to have taken up the challenge. The business intelligence firm’s subsidiary MacroStrategy has secured a $205 million loan from Silvergate, which will be used to purchase Bitcoin, cover general corporate expenses and pay the necessary fees and interest on the loan.
The buying interest is not limited to the two companies. CoinShares data showed that institutional investors pumped in $193 million into digital asset investment products last week, the largest inflow since early December 2021.
With institutional investors buying in large quantities, could Bitcoin and the major altcoins break above their overhead resistance levels? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin rose to the 200-day SMA ($48,288) on March 28 but the bulls could not push the price above it. The buyers again tried to clear the overhead hurdle on March 29 but failed.
The bears will now try to pull the price to the immediate support at $45,400. If the price rebounds off this support, the bulls will again attempt to thrust the BTC/USDT pair above the 200-day SMA. If they succeed, the pair could start its journey to $52,000.
The rising 20-day exponential moving average (EMA) ($43,531) and the relative strength index (RSI) near the overbought zone
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