Over the last seven weeks, Bitcoin has maintained a downtrend, following its $109,000 peak in late January. The article provides an analysis of remarkable price data and key levels in the cryptocurrency market.
Bitcoin: Price Analysis
BTC price closed below the 200-day MA on March 9, indicating higher seller strength. This pushed the price down further to $76,600 on March 11. However, bulls defended the lower descending channel trendline, reversing price to $82,500. Buyers may try to push through towards the 20-day MA ($87,735) in the coming days, if the $76,000 support zone is well-defended.
Ripple XRP: Price Analysis
The XRP/USDT chart has formed a descending triangle, with price continuing to slump below the 20-day MA, indicating a bear advantage. If the $2 support level fails, price could drop to $1.62. However, a bullish reversal looks possible toward $2.35, where stiff resistance may occur.
Pi Network Token: Price Analysis
The PI/USDT pair continues to show strength following the recent token launch. A symmetric triangle has formed, with buyers pushing price off its March 9 lows of $1.23 to break the upper trendline, indicating bullish momentum. If buyers persist, price could reach $2 and eventually record highs.
While Bitcoin’s short-term direction remains uncertain, the long-term prospects remain promising for investors. The cryptocurrency market continues to exhibit volatility, but key support and resistance levels can provide guidance for traders.
