On March 14, Bitcoin reached a new all-time high of $73,809. This upward trajectory has been significantly driven by strong demand for spot Bitcoin exchange-traded funds (ETFs), with a record inflow of over $1 billion into Bitcoin ETFs recorded on March 12.
The overwhelming interest in Bitcoin ETFs is outpacing the supply of Bitcoin mined in 2024, with more than 330,000 Bitcoin acquired by the two largest Bitcoin ETFs compared to approximately 65,500 Bitcoin mined during the year. This strong demand is expected to provide a floor to the price of Bitcoin in the short term.
Bernstein analysts project that Bitcoin could rise to $150,000 by mid-2025, although they caution that the path up may not be without dips, as is typical in any bull market. Rapid changes in sentiment can lead to corrections, especially when data from IntoTheBlock reveals that all Bitcoin investors are currently making profits, which could trigger a sell-off if Bitcoin price falls below key support levels in the short term.
Given current market trends, is Bitcoin primed for a correction that could also cause a slowdown in certain altcoins? To determine this, we will dive into the charts of the top 5 cryptocurrencies.
Bitcoin (BTC) Price Analysis
The bears' attempts to initiate a pullback at $72,500 were countered by strong buying interest, as indicated by the long tail of the
, indicating strong buying during the intraday lows. However, sellers continue to argue for an increase above $74,000. At the time of writing, BTC price it is trading at $72,850, a drop of more than 0.3% from yesterday's rate.
For several days, the BTC/USDT pair has been rising within the upper region of an ascending channel pattern, but resistance has consistently limited price gains. However, if the bulls manage to send the price beyond the channel boundaries, we could witness an increase in bullish momentum, potentially catapulting the pair towards the $80,000 mark.
On the other hand, a slowdown with the price falling below $70,000 could see the pair retreat towards the channel's support boundary. If the bears further depress the price below the channel, a stronger decline could ensue, potentially dragging the pair to $63,000, and then possibly to the 50-day simple moving average at $53,000.
dogwifhat (WIF) Price Analysis
Bearish traders pushed the WIF price towards the important $3 threshold. However, the pronounced lower shadow on the day's candle indicates that traders are taking every price drop as an opportunity to buy. Currently, the price of WIF is trading at $3.3, rising more than 25% from yesterday's rate.
Currently, buyers are trying to push the price beyond the immediate barrier of $3.5. Achieving this could signal the beginning of a new uptrend for the WIF/USDT pair, potentially sending it to a new ATH.
However, there is slight concern that the rally could be disrupted. The Relative Strength Index (RSI) has been in overbought territory for a few days now, suggesting that the market might be too hot and could correct slightly or stabilize. The crucial support level to watch if a recession occurs is $2.6.
Solana (SOL) Price Analysis
Recently,
has shown an upward trend. The significant candle wicks on March 13 and 14 indicate strong buying interest during intraday price declines. The price has risen above the immediate Fibonacci levels from $150 and is now targeting $200. Currently, SOL price is trading at $172, rising more than 12.5% โโfrom yesterday's rate.
If the price remains above $155, the SOL/USDT pair is set to gain momentum and potentially advance towards $184. With the 20-day EMA at $157 and the RSI indicating overbought conditions, it appears that market sentiment is still heavily skewed in favor of the bulls. However, an increase towards $200 is expected in the short term.
Key levels to monitor on the downside include critical support at the breakout point of $149, followed by the 50-day SMA at $123. A decline below these support levels would suggest that the bears have regained control.
AEVO Price Analysis
AEVO price saw a significant drop, reaching the key support level of $2.9, but failed to break it. Despite sellers' attempts to push the price below $2.9, buyers successfully defended this level, suggesting an effort to establish $2.9 as a solid support base. Currently, AEVO price is trading at $2.9, a drop of more than 10% from yesterday's rate.
If AEVO price stays above its current range and rises towards the uptrend line, we could see an increase in buying pressure. Achieving this could send the AEVO/USDT trading pair past the $3.1 mark, potentially initiating a rally towards $3.3 and eventually $3.8.
Conversely, a downside move that breaks the $2.9 support could signal a loss of momentum on the part of buyers, possibly leading to a drop towards $2.6.
BONK Price Analysis
The bulls have been unable to secure BONK above the $0.00007 resistance level recently but have consistently applied pressure. However, the bears are targeting an immediate drop below the Fibonacci channels. Currently, Bonk price is trading at $0.000035, rising more than 19% from yesterday's rate.
The ascending 20-day EMA at $0.000032 and a positive RSI indicate a higher probability of an upward trajectory. Maintaining BONK price above $0.00003 could push the BONK/USDT pair towards $0.000041, a potential hurdle. Overcoming this could pave the way towards $0.000045 and eventually $0.00005.
On the contrary, if the bears push the price below $0.00003, they regain control, which could send the pair down to $0.000025 and possibly reach the 50-day SMA at $0.000014.
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