Bitcoin (BTC) is facing challenges in exceeding the 200-day simple moving average ($84,000). However, a noteworthy aspect is that bulls have maintained their position against the bears. Ryan Lee, the chief analyst at Bitget Research, told Cointelegraph that Bitcoin must secure a weekly closing above $81,000 to indicate strength. If the price falls below $76,000, selling pressure could increase.
Markus Thielen, head crypto researcher at 10x Research, expressed a more cautious view. He mentioned to Cointelegraph that Bitcoin’s chart indicates “market indecision rather than a clear bullish consolidation.” Thielen remains uncertain about any substantial price recovery for Bitcoin at this time.
Crypto market data daily view. Source: Coin360
On the other hand, Bitcoin network economist Timothy Peterson has a different perspective. In a post on X, Peterson highlighted that April and October are generally significant months for Bitcoin’s annual performance, suggesting the potential for Bitcoin to reach a “new all-time high before June.”
Will buyers push Bitcoin above the short-term resistance levels? If they succeed, which other major cryptocurrencies may experience a rally soon?
Bitcoin price analysis
The downsloping 20-day exponential moving average ($86,188) indicates that bears are currently in control, yet the positive divergence on the relative strength index (RSI) suggests that selling pressure is diminishing.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
If the price declines from its current position, the BTC/USDT pair could fall to $80,000 and subsequently to $76,606.
Conversely, if the price increases and surpasses the 20-day EMA, it would signify that the breakdown below the 200-day SMA has been rejected. The pair could then rise to the 50-day SMA ($93,033) and possibly to $100,000. However, crossing the psychological barrier at $100,000 may prove challenging for buyers.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 20-EMA in the 4-hour chart is flattening, and the RSI is slightly above the midpoint, indicating equilibrium between supply and demand. Buyers will need to push the pair above the resistance line to gain dominance. This could lead to a rise toward $92,810 and then to $95,000.
The downside support lies at $80,000, followed by $78,000. If these supports break, the likelihood of a drop below $76,606 increases.
BNB price analysis
BNB (BNB) began its recovery from $507 on March 11, currently encountering selling pressure at the 50-day SMA ($621).
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The crucial near-term support to monitor is the 20-day EMA ($595). A rebound from the 20-day EMA would imply that bulls are buying on minor dips, improving the chances for a breakout above the 50-day SMA. The BNB/USDT pair could then ascend toward $686.
Alternatively, if the price declines and breaks below the 20-day EMA, it will indicate that bears are strongly defending the 50-day SMA. The pair could decline to $550.
BNB/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 20-EMA in the 4-hour chart is trending upward, with the RSI in the positive territory, suggesting bullish sentiment. There is resistance at $632; however, if buyers push through, the pair could rise to $680.
This optimistic outlook will be refuted in the near term if the price dips and breaks below the 20-EMA. The pair may then decline to the 50-SMA, which is likely to attract buyers again. A break beneath the 50-SMA will tilt the advantage toward bears.
Toncoin price analysis
Toncoin (TON) experienced a sharp rise from $2.35 on March 11, hitting the 50-day SMA ($3.64) on March 16.
TON/USDT daily chart. Source: Cointelegraph/TradingView
The correction from the 50-day SMA is expected to find support at the 20-day EMA ($3.15). A bounce from this level would indicate a shift in sentiment from selling on rallies to buying on dips, increasing the potential for a rise above the 50-day SMA. The TON/USDT pair may reach $4 and later $5.
Conversely, if the price breaks and closes below the 20-day EMA, it would suggest ongoing selling pressure at higher levels, potentially sending the pair down to $2.50.
TON/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 4-hour chart indicates that the upward movement is facing selling pressure around $3.60, but buyers are anticipated to defend the 20-EMA during declines. A sharp increase from the 20-EMA would prompt bulls to attempt to push the price above $4.15. If successful, the pair could advance toward $4.67.
On the flip side, if the price declines and breaks below the 20-EMA, it would signify persistent selling pressure at higher levels. The pair might retreat to the 50-SMA and subsequently to $2.50.
Related: Toncoin in ‘great entry zone’ as Pavel Durov’s France exit fuels TON price rally
Gate Token price analysis
Gate Token (GT) has formed a symmetrical triangle pattern, reflecting indecision among bulls and bears.
GT/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($21.06) is flattening, while the RSI has reached the midpoint, indicating a reduction in selling pressure. Should buyers push the price above the triangle, it will likely indicate the resumption of the uptrend, with the GT/USDT pair potentially climbing to $24 and eventually reaching $26.
If the price declines further and closes below the 20-day EMA, it will suggest that the pair may remain within the triangle for some time. Bears will regain the upper hand with a break below the triangle.
GT/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 4-hour chart indicates that bears are struggling to keep the price below the 20-EMA, suggesting demand at lower levels. Buyers will seek to solidify their position by pushing the price above the resistance line. If they succeed, the pair could rally toward $24.
However, if the price turns down and falls below the 50-SMA, it would indicate a weakening bullish momentum. The pair might drop to $19 and eventually test the support line.
Cosmos price analysis
Cosmos (ATOM) broke through the 20-day EMA ($4.31) on March 15, indicating a reduction in selling pressure.
ATOM/USDT daily chart. Source: Cointelegraph/TradingView
The RSI shows a positive divergence, indicating a waning bearish momentum. The 50-day SMA ($4.73) may act as resistance but could likely be surpassed. A close above $5.15 could lead to a rally up to $6.50.
The 20-day EMA serves as critical support on the downside. A break below this level would suggest ongoing selling by bears and could result in the ATOM/USDT pair falling to $3.50.
ATOM/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair is currently experiencing a pullback, potentially reaching the 20-EMA. A bounce from this support would indicate a positive sentiment, with bulls entering during dips. This increases the likelihood for a break above $5.15, potentially causing the pair to surge to $5.50 and subsequently to $6.50.
This optimistic scenario will be invalidated if the price falls below the 20-EMA, which could send the pair down to the 50-SMA and later to $3.80.
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.
