Over the last seven weeks, Bitcoin has been in a downtrend following its $109,000 peak in late January. The cryptocurrency market has witnessed a decline since key stakeholders started taking profits on February 19.
Bitcoin (BTC) Analysis
Bitcoin's price fell below the 200-day moving average on March 9, indicating strong selling pressure. This led to a drop to recent lows of $76,600 on March 11. However, bulls defended the lower descending channel line, returning the price to $82,500. Buyers may attempt to push towards the 20-day moving average at $87,735 in the coming days.
Ripple (XRP) Analysis
Since November 2024, XRP has shown a downward trend with a descending triangle pattern forming on the chart. Maintaining support at $2, which also serves as the lower triangle line, and a successful breakthrough resistance at $2.35 could lead to a break through the upper triangle line.
Pi Network (PI) and Solana (SOL) Analysis
The PI/USDT pair shows strength following the recent token launch. The chart has formed a symmetrical triangle, and the price has broken through the upper trendline, indicating bullish momentum. Meanwhile, Solana, following a peak at $296, faces support at the $110-120 zone. If support holds, growth to $144 and potentially $184 is expected.
The current analysis indicates that cryptocurrency markets are in a state of flux, requiring investor caution. Key levels in Bitcoin and other assets like XRP and Solana are critical for market participants to watch.
