Despite a looming implementation of US trade tariffs scheduled for April 2, Bitcoin bulls remain resilient, pushing BTC prices firmly above $87,000 and attempting to surpass significant resistance near the $88,000 mark. While short-term volatility appears likely, market analysts maintain an optimistic long-term outlook for the leading cryptocurrency.
Fidelity analyst Zack Wainwright recently noted that Bitcoin is currently in an acceleration phase, historically associated with dramatic price surges. Should this pattern continue to hold true, Wainwright stated that Bitcoin could rapidly climb above the $110,000 threshold as it embarks on the next phase of its upward trajectory.
Further fueling optimism, Arthur Hayes, BitMEX co-founder and Chief Investment Officer at Maelstrom, predicted that a potential pivot towards quantitative easing by the Federal Reserve could catapult Bitcoin prices to around $250,000 by the close of the year.
Apart from Bitcoin, investor attention is turning towards major altcoins, as traders consider whether these assets will follow Bitcoin’s lead if BTC manages to clear the resistance at $89,000.
From a technical perspective, Bitcoin is trading close to its resistance line, and sellers are expected to pose significant opposition at these elevated levels. However, the flattening 20-day exponential moving average (EMA) near $85,152, alongside an RSI positioned slightly above the midpoint, suggests waning bearish momentum. Should Bitcoin manage a clear breakout above this resistance, analysts anticipate a potential upward move towards initial targets of $95,000, subsequently followed by the psychologically significant $100,000 mark. On the downside, failure at resistance could trigger a sharp decline, with a breach below $81,000 opening doors to further losses towards $76,606.
Examining Ethereum’s performance, ETH has shown signs of recovery after bouncing off critical support at $1,754 on March 31, potentially creating a double-bottom formation. Bears may attempt to disrupt this recovery at the 20-day EMA, currently around $1,965. Should bears successfully suppress price action, Ethereum faces heightened risk of breaching lower support levels, possibly sliding towards $1,550. Conversely, a confident move above the $2,111 resistance could initiate a clear double-bottom breakout, targeting the upside objective near $2,468.
XRP remains in a precarious position after displaying only modest strength in rebounding off substantial support near $2. Weak buying activity at current prices indicates vulnerability, raising the likelihood of breaking support. Breaching the $2 support level would confirm a bearish head-and-shoulders set-up, potentially descending as low as $1.27. For a bullish reversal scenario, XRP buyers must reclaim the crucial 50-day simple moving average (SMA) around $2.39.
Binance Coin (BNB) encountered selling pressure around its key moving averages, near-term evidence of bears attempting to seize market control. Failing to sustain support at $587 could see BNB declining further towards the Fibonacci retracement levels at $575 and subsequently $559. Bullish momentum hinges upon successful reclaiming of moving average resistance, which would pave the way to possibly retesting price targets of $644 and $686 above.
Solana (SOL) has entered a narrow trading range between its 20-day EMA ($132) and primary support at $120, signaling the likelihood of imminent expansion. A decisive break and close above the EMA resistance could see price recovery extend towards the 50-day SMA at approximately $145, with additional upside potential towards $180. However, a breakdown below the $120 support risks a decline towards $110.
Dogecoin (DOGE) remains pressured below its 20-day EMA ($0.17) as bears actively sell rallies. A decisive move above the resistance could lead to a DOGE rally to the next obstacle at $0.21. Further upside would then target $0.24 and possibly $0.29, with downside risk centered around key support at $0.14, and beyond that, a significant psychological floor at $0.10.
Cardano (ADA) bulls are currently struggling to reclaim the asset’s prior uptrend line, but bearish market structure at the declining 20-day EMA ($0.71) limits upside potential. Price declines below $0.63 could drive ADA lower towards targets at $0.58 and $0.50. Sustained upward momentum requires bulls to push through and hold above the 50-day SMA ($0.75).
Toncoin (TON) briefly breached resistance at $4.14 but failed to firmly secure the breakout. Bulls have managed to maintain the price above this level recently, however, which improves the odds for another breakout attempt towards $5 and potentially higher at $5.50. Declines back below the support at $3.71 (20-day EMA) would indicate weakening bullish control, potentially targeting the 50-day SMA ($3.48) and deeper losses to $2.81.
Chainlink’s (LINK) recent rally stalled at the 20-day EMA resistance ($14.32), where bears were firmly positioned. Sellers may attempt to drive price downward to channel support, approximately $10, constituting a key short-term test. For bullish sentiment to emerge, buyers must regain the 50-day SMA ($15.47), potentially lifting LINK towards resistances near $17.50.
UNUS SED LEO (LEO) recently retreated sharply from the $9.90 resistance, breaking its uptrend line temporarily. Buyers quickly stepped in to reverse this breakdown, returning the price above the ascending support. Near-term resistance lies at the 20-day EMA ($9.60), and consistent accumulation above this could trigger a bullish breakout above the $9.90 range top, targeting an extended upside move to approximately $12.04. If price again fails at resistance and falls below the underlying trendline, an extended decline towards $8 becomes plausible.
Investors must understand that crypto markets inherently contain significant volatility and that trading activities carry substantial risks. Caution and thorough due diligence remain essential when navigating market volatility.
