Bitcoin (BTC) made a new all-time high at $73,650 on March 11. One of the main reasons for Bitcoin’s sustained rally is the solid demand for the spot Bitcoin exchange-traded funds. Data shows a new record of more than $1 billion in inflows into Bitcoin ETFs on March 12.
The insatiable appetite for Bitcoin ETFs far exceeds the newly mined Bitcoin supply in 2024. Compared to about 65,500 Bitcoin mined in 2024, the two largest Bitcoin ETFs have gobbled up more than 330,000 Bitcoin. A strong demand is likely to limit the downside in the near term. Bernstein analysts anticipate Bitcoin to reach $150,000 by mid-2025.
However, nothing goes up in a straight line. Every bull market has its share of corrections. Sentiment can change quickly if a pullback starts. Data from IntoTheBlock shows that 100% of Bitcoin holders are in profit. That may cause a sell-off if Bitcoin breaks below crucial near-term support.
Could Bitcoin start a correction from the current levels, resulting in a pullback in select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bears tried to start a pullback at $73,000, but the long tail on Bitcoin’s March 12 candlestick shows solid buying on intraday dips.
The BTC/USDT pair has been rising in the upper half of an ascending channel pattern for several days, but the bears have not allowed the price to rise above the resistance line. However, if bulls shove the price above the channel, the bullish momentum could pick up, and the pair may pole vault to $80,000.
Contrary to this assumption, if the price turns down and breaks below $70,000, the pair may drop to the channel’s support line. The selling could accelerate if the bears sink the price below the channel. The pair may fall to $59,000 and subsequently to the 50-day simple moving average ($53,099).
Ether price analysis
The bears pulled Ether (ETH) below the psychological level of $4,000 on March 12, but the long tail on the day’s candlestick shows that every dip is being viewed as a buying opportunity.
The buyers are trying to drive the price above the immediate resistance of $4,100. If they can pull it off, the ETH/USDT pair could start the next leg of the uptrend. The pair could ascend to $4,372 and eventually to $4,868.
A minor risk to the continuation of the rally is that the RSI has been trading in the overbought zone for the past several days. That suggests the rally is overheated, and a minor correction or consolidation is possible. The critical support to watch on the downside is $3,600.
BNB price analysis
BNB (BNB) picked up momentum after breaking above $460 and has been cruising higher since then. This suggests a strong demand at higher levels.
There is a minor resistance at $617, but if the buyers do not cede ground to the bears, it will suggest that traders are holding on to their positions as they anticipate the uptrend to continue. The BNB/USDT pair could then rally to $670.
Vertical rallies are rarely sustainable and are generally followed by sharp falls. The first sign of weakness will be a drop below the psychological level of $500. That may accelerate selling, pulling the pair down to $460.
Solana price analysis
Solana (SOL) has been grinding higher in the past few days. The long tail on the March 11 and 12 candlestick shows that the bulls are buying on intraday dips.
If the price sustains above $153, the SOL/USDT pair is likely to pick up momentum and rally toward $184. The rising 20-day EMA ($133) and the RSI in the overbought zone suggest that buyers remain in control.
The important support to watch out for on the downside is the breakout level of $126 and then the 50-day SMA ($113). A break below this support zone will signal the bears are back in the driver’s seat.
XRP price analysis
XRP (XRP) rallied sharply on March 11 and reached the overhead resistance of $0.74, but the bulls could not overcome the obstacle.
The bears tried to pull the price back below $0.67, but the bulls held their ground. This is a positive sign as it shows the buyers are trying to flip the $0.67 level into support. If they do that, the XRP/USDT pair could skyrocket above $0.74. The pair may then start an uptrend toward $0.85 and later $1.02.
On the contrary, if the price continues lower and breaks below $0.67, it will indicate that the bulls have given up. The pair may decline to the 20-day EMA ($0.62).
Cardano price analysis
Cardano (ADA) rebounded sharply off the $0.68 support on March 11, but the bulls could not maintain the momentum and overcome the roadblock at $0.80.
The long tail on the March 12 candlestick shows that the bulls are aggressively buying the dips to the 20-day EMA ($0.70). This increases the possibility of a break above $0.80. If that happens, the ADA/USDT pair could rise to $0.90.
This positive view will be invalidated in the near term if the price turns down sharply and plummets below $0.68. That will suggest the bulls have given up and are rushing to the exit. The pair may then tumble to the 50-day SMA ($0.60).
Dogecoin price analysis
The bulls have failed to push and maintain Dogecoin (DOGE) above the $0.18 resistance in the past few days, but a positive sign is that they have kept up the pressure.
The rising 20-day EMA ($0.15) and the RSI in the positive territory suggest the path of least resistance is to the upside. If buyers sustain the price above $0.18, the DOGE/USDT pair could rally to $0.21. This level may act as a barrier again, but if cleared, the pair could start its journey to $0.24 and then $0.30.
The bears will have to yank the price below $0.14 to get back into the game. The pair could then drop to $0.12 and subsequently to the 50-day SMA ($0.10).
Related: Will the Bitcoin halving bring more institutional investors into crypto?
Shiba Inu price analysis
Shiba Inu (SHIB) has been consolidating in an uptrend as the price is stuck between $0.000029 and $0.000039.
A consolidation after a sharp rally is a positive sign as it shows the bulls are in no hurry to book profits. The bulls will try to push the price to the overhead resistance of $0.000039. If this level is cleared, the SHIB/USDT pair could reach $0.46. This level may again pose a solid challenge to the bulls.
The advantage will tilt in favor of the bears if the price turns down and breaks below $0.000029. The pair could then slide to the 20-day EMA ($0.000026) and later to the 61.8% Fibonacci retracement level of $0.000023.
Avalanche price analysis
Avalanche (AVAX) surged above the overhead resistance of $45.18 on March 11, indicating that the bulls reasserted their supremacy.
The buying continued on March 12, propelling the AVAX/USDT pair above the $50 resistance. Generally, after a breakout from a significant resistance, the price returns to retest the breakout level. Therefore, a drop to $50 is possible.
If bulls flip the $50 level into support, it will enhance the prospects of the continuation of the uptrend. The pair may then jump to $67.
Instead, if the price breaks and sustains below $50, it will indicate aggressive selling at higher levels. The pair may then slump to the 20-day EMA ($44).
Toncoin price analysis
Toncoin (TON) picked up momentum after breaking above the stiff overhead resistance of $2.90 on March 11.
The vertical rally has pushed the RSI deep into the overbought zone, signaling that the markets have run up quickly within a short time. That increases the risk of a correction or consolidation in the near term. The downside support is at $4 and $3.60.
On the upside, the rally may face selling near $4.50, but the uptrend may resume if the bulls do not give up much ground. The TON/USDT pair could rise to $5, where the bears are again expected to mount a strong defense.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
