Over the past seven weeks, Bitcoin has been in a downtrend, following its peak at $109,000 in late January. This has significantly impacted the overall cryptocurrency market.
Bitcoin Price Analysis
The BTC price closed below the 200-day moving average (MA) on March 9, indicating strengthened seller presence. The price dropped to a recent low of $76,600 on March 11. However, the bulls managed to defend the lower descending channel trendline, bouncing the price back to the current level of $82,500. If the $76,000 support zone holds, buyers could target the 20-day MA of $87,735 in the coming days.
Ripple XRP Price Analysis
Since November 2024, the XRP/USDT chart has formed a descending triangle, with the price continuing below the 20-day MA. If the strong support level at $2 is breached, the price may fall to $1.62. However, a bullish reversal toward $2.35 is also possible, where resistance is expected. If the price breaks and holds above this level, it could break through the upper triangle trendline.
Pi Network PI Price Analysis
The PI/USDT pair shows strength after the token's recent launch. A symmetric triangle has formed on the chart, with the price breaking through the upper trendline, indicating bullish momentum. To reach $2, buyers need to act swiftly, especially if global market sentiment improves.
The current situation in the cryptocurrency market remains volatile, but many analysts remain optimistic about the long-term prospects of Bitcoin and other cryptocurrencies.
