The last days of March brought a significant downturn in the crypto market, spurred by tariff hikes by President Trump and strong core PCE data. The cryptocurrency market's total value fell by 4.3% during the month.
Sharp Decline in the Crypto Market in March
Throughout March, the cryptocurrency market's total capitalization declined from $2.79 trillion to $2.67 trillion, marking a 4.3% drop. Bitcoin lost 4.4% of its value. Ethereum faced a 21% plunge despite the dismissal of the Ripple vs. SEC case. XRP couldn't leverage the momentum and ended the month on a downward path.
Bitcoin Price Prediction
Bitcoin recently fell below the EMA20 level, pushing its price down to around $81,644. Buyers are attempting to reclaim the ascending resistance channel. If the price stays below the key $83,000 level, Bitcoin could drop further to $81,000 and eventually $80,000. Recovery is possible if it closes above the $86,000 mark, potentially leading to a rise towards $90,000.
Ethereum and XRP Forecasts
Ethereum faced rejection at the EMA20 level and is testing the support line at $1,772. A defense of this level could result in a recovery to $2,109, with the potential to reach $2.5K in April. XRP trades near the EMA20 level. A strong defense of the $2 support could confine the price within a triangle, with a potential rise to $2.5.
The crypto market ends March on a bearish note, with traders eyeing whether the market recovers in April. Bitcoin, Ethereum, and XRP are at crucial support and resistance levels that will determine the market's next move.
