Bitcoin's recovery continues to face selling pressure at higher levels, indicating that bears have not given up.
Although the upward space is currently limited, the downward potential is equally constrained. Bitcoin may have bottomed at $77,000, especially since the Federal Reserve announced it would slow down quantitative tightening starting from April.
VX: TZ7971
Another positive factor for Bitcoin could be an economic recession. Instead of worrying about current economic headwinds, view market adjustments as buying opportunities.
Can Bitcoin form a short-term high point and break through $87,500? Will it stimulate Altcoin purchases?
BTC Technical Analysis
On March 19, Bitcoin broke through the 20-day Exponential Moving Average (EMA) of $85,332, but bears hindered the recovery at the resistance line.
If the price breaks below the upward trend line, the BTC/USDT pair could fall to $80,000, and then to $76,606. The region between $76,606 and $73,777 is expected to attract strong buying from bulls.
Conversely, if the price rebounds from the upward trend line and breaks through $87,500, the currency pair might regain bullish momentum. The 50-day Simple Moving Average (SMA) at $91,136 could act as a barrier but is likely to be breached. The price might subsequently rise to $95,000 and then reach the important $100,000 level.
ETH Technical Analysis
Ethereum's recovery stalled at the 20-day moving average ($2,067), indicating bear activity at higher levels.
If the price breaks below $1,927, the ETH/USDT pair could fall to $1,800. Buyers are expected to defend the $1,750 to $1,800 region, as a breakthrough could lead to further decline to $1,550.
If the price reverses upward and breaks through the $2,111 level, this bearish view will be invalidated. The price might have a chance to recover to the 50-day SMA ($2,420) and further rise to $2,850.
XRP Technical Analysis
XRP broke through the moving average on March 19, but bulls failed to maintain the momentum.
Bears are attempting to pull the price below the 20-day EMA ($2.36). If successful, the XRP/USDT pair could fall to $2.22 and then to the critical $2 support level. Buyers are expected to strongly defend the $2 level, otherwise the bearish head and shoulders pattern will be completed.
Conversely, if the price rebounds from the 20-day EMA, it indicates buying pressure at lower levels. The currency pair might then move towards the resistance line.
