Urgent Crypto Market Analysis: Bitcoin Price Surges Towards $90K as Altcoins Show Strength

Is the crypto winter finally thawing? Bitcoin bulls are pushing prices higher, breaking through key resistance levels, and sparking renewed optimism across the market. Investor sentiment is shifting, and green shoots are emerging. Let’s dive into a detailed price analysis of Bitcoin and other major cryptocurrencies to see if this rally has staying power.

Bitcoin Price Analysis: Bulls Aim for $90,000

Last week was a strong one for Bitcoin (BTC), with a 4.25% surge that closed above $86,000. This momentum continued into March 24th, briefly pushing BTC above $88,700. Market analysts are taking notice. 10x Research founder Markus Thielen points to positive reversal indicators suggesting a “renewed uptrend” for Bitcoin.

Data from SoSoValue supports this bullish narrative, revealing significant net inflows of $744.4 million into US Spot Bitcoin ETFs last week, reversing a five-week outflow trend. However, not all crypto sectors are enjoying the same tailwinds. Ether ETFs continue to experience net outflows for the fourth consecutive week.

The near-term outlook for Bitcoin price remains a point of debate among analysts. Some anticipate strong resistance around $90,000, potentially triggering a pullback towards $80,000. Conversely, BitMEX co-founder Arthur Hayes is boldly predicting a rally to $110,000 before a correction to $76,500.

Can the bulls conquer the $90,000 resistance? Will altcoins ride Bitcoin’s coattails? Let’s analyze the charts of Bitcoin, Ethereum, XRP, and other key assets to gain clarity.

S&P 500 (SPX) Price Analysis

The S&P 500 Index (SPX) is testing the 20-day exponential moving average (EMA) at 5,742. Bears are likely to defend this level. A rejection here could push the SPX back down to the 5,670 support, potentially retesting the 5,600-5,500 critical support zone. However, a daily close above the 20-day EMA would signal a possible end to the correction and pave the way for a move towards the 50-day simple moving average (SMA) at 5,913.

US Dollar Index (DXY) Price Analysis

The US Dollar Index (DXY) bounced off the 103.37 level on March 19th, suggesting bulls are attempting to establish a bottom. The DXY may now target the 20-day EMA at 104.59, a crucial level to monitor. A sharp reversal from this EMA could see bears push the price below 103.37, potentially leading to a deeper decline towards 102 and even 101. Conversely, a break and close above the 20-day EMA would indicate weakening bear control and could propel the DXY towards the 105.42 breakdown level, expected to act as significant resistance.

Bitcoin (BTC/USDT) Price Analysis

Bitcoin’s price analysis shows a break above the 20-day EMA ($85,572) on March 23rd, signaling a strong recovery attempt. The flattening 20-day EMA and rising RSI into positive territory suggest bulls are gaining a slight edge. The immediate hurdle is the 50-day SMA ($90,290). If BTC retraces from this SMA but finds support at the 20-day EMA, it would confirm positive sentiment and increase the likelihood of rallies to $95,000 and then $100,000. However, a rejection at the 50-day SMA followed by a break below the 20-day EMA would indicate persistent bearish pressure at higher levels, potentially driving BTC/USDT down to $80,000, especially if $83,000 support fails.

Ethereum (ETH/USDT) Price Analysis

Ethereum (ETH) bulls are once again challenging the 20-day EMA ($2,057) and the $2,111 breakdown level. A successful break above these levels would signal rejection of the recent breakdown and could trigger a rally towards the 50-day SMA ($2,356), potentially extending to $2,550. The bears are running out of time. To maintain control, they must defend the $2,111 level and swiftly push the price below $1,750 to resume the downtrend towards the $1,550 support.

XRP (XRP/USDT) Price Analysis

XRP’s price analysis indicates a bounce from the 20-day EMA ($2.38) on March 23rd, suggesting bulls are buying on dips. The immediate target is pushing above $2.59. Success here could lead to a climb towards the resistance line, where sellers are likely to mount defense. If a pullback from the resistance line finds support at the 20-day EMA, it would reinforce positive sentiment and increase the chances of breaking above the resistance line, potentially leading to a rally towards $3. Conversely, bears need to drive the price below $2.20 to regain control and potentially retest the $2 vital support level.

BNB (BNB/USDT) Price Analysis

BNB’s price analysis shows a bounce off the moving averages, indicating a shift from selling rallies to buying dips. A break above $644 would signal a resumption of the recovery, potentially leading BNB/USDT towards $686 and then the critical $745 resistance. The 20-day EMA ($613) is now a crucial support level. A break and close below this EMA could weaken bullish momentum, potentially leading to a slide towards the 38.2% Fibonacci retracement level at $591 and then the 50% retracement level at $575.

Solana (SOL/USDT) Price Analysis

Solana’s price analysis reveals a break above the 20-day EMA ($135) on March 24th, suggesting a bullish comeback attempt. Sustaining above the 20-day EMA could propel SOL/USDT towards the 50-day SMA ($158). Sellers are expected to resist at this SMA, but if bulls overcome it, a surge towards $180, potentially bringing the larger $110-$260 range into play, becomes possible. Conversely, a rejection at the current level or the 50-day SMA would indicate persistent selling pressure on rallies. Bears would then aim to break below the $120-$110 support zone to initiate the next leg down.

Dogecoin (DOGE/USDT) Price Analysis

Dogecoin’s price analysis shows a rise above the 20-day EMA ($0.18), indicating sustained bullish pressure. A close above this EMA could propel DOGE/USDT towards the 50-day SMA ($0.21) and then $0.24. Sellers are expected to defend this level, but if bulls prevail, a surge towards $0.29 is possible. Conversely, a rejection at the 20-day EMA followed by a break below $0.16 would signal renewed bearish activity at higher levels, potentially leading to a slump towards the critical $0.14 support.

Cardano (ADA/USDT) Price Analysis

Cardano’s price analysis shows ADA trading between moving averages and an uptrend line. The inability of bears to push ADA to the uptrend line suggests limited selling at lower levels. Bulls will attempt to push above the moving averages. Success here could lead to a rally towards $0.84 and then $1.02. This bullish scenario would be invalidated if ADA reverses from the moving averages and breaks below the uptrend line, potentially triggering a decline towards $0.58 and eventually $0.50.

Chainlink (LINK/USDT) Price Analysis

Chainlink’s price analysis indicates a breakout from the 20-day EMA ($14.60) on March 24th, suggesting a potential end to the downtrend. LINK/USDT may now target the 50-day SMA ($16.34), expected to act as resistance. A rejection at this SMA could see LINK find support at the 20-day EMA. A bounce from the 20-day EMA would increase the likelihood of a rally towards $19.25. To regain control, bears need to swiftly push the price below $13.82, potentially leading to a decline towards the channel’s support line near $12.

Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Trading and investing in cryptocurrencies involve significant risk. Conduct thorough research and consult with a financial advisor before making any investment decisions.