Over the last seven weeks, Bitcoin has maintained a downtrend following its $109,000 peak in late January. In this article, we will assess the current market situation and analyze key support and resistance levels for Bitcoin, along with other popular cryptocurrencies like XRP, PI, and SOL.
Bitcoin BTC - Price Analysis
BTC price closed below the 200-day Moving Average (MA) on March 9, indicating strong seller presence. This pushed the price down to its recent lows of $76,600 on March 11. However, buyers are defending the lower descending channel, attempting to reverse the price to $82,500. If the $76,000 support zone holds, buyers might push toward the 20-day MA ($87,735) in the coming days.
Ripple XRP - Price Analysis
Since November 2024, the XRP/USDT chart has formed a descending triangle. The price remains below the 20-day MA, suggesting bears have the upper hand. If the $2 support level fails, the price could drop to $1.62. However, if the price surpasses $2.35 (20-day MA), it could break through the upper triangle trendline.
Pi Network PI and Solana SOL - Price Analysis
The PI/USDT pair has shown strength following the token's recent launch. The chart displays a symmetrical triangle and a breakout above the upper trendline, indicating bullish momentum. The price could reach $2 and beyond if market sentiment improves.
Solana's price is on a downtrend since January, testing the $110-120 support zone. If this zone fails, the SOL/USDT pair could fall to $80.
Despite the short-term uncertainty in the direction of most cryptocurrencies, their long-term prospects remain promising. Investors continue to seek opportunities amid market fluctuations.
