Bitcoin (BTC) saw positive movement in February despite a drop in the S&P 500 index. Starting March, Bitcoin began on a positive note while U.S. equities markets faced challenges, hinting at a possible decoupling from them.
Retail traders appear to have taken advantage of the crypto bear market by purchasing at lower levels instead of panicking. Data from Glassnode shows a consistent rise in wallets holding at least one Bitcoin, nearing the 1 million mark for the first time.
March has historically been a mediocre month for Bitcoin, with only two instances of double-digit gains in the last ten years. The likelihood of continued consolidation in March is high.
Let’s explore the critical levels impacting the recovery of Bitcoin and other top cryptocurrencies.
Bitcoin (BTC/USDT)
BTC has found solid support around $22,800, showcasing bullish sentiment. Bulls cleared the 20-day EMA obstacle and aim to break the crucial $25,250 resistance. A successful breach could lead to a surge to $31,000 with little resistance.
However, failure to overcome $25,250 may result in consolidation, indicating bullish sentiment if price stays near local highs. Bears need to push and sustain below $22,800 to instigate a correction towards $20,000.
Ethereum (ETH/USDT)
ETH has consistently bounced off the 50-day SMA, with bulls aiming to surpass resistance at $1,680-$1,743 for a potential rally towards $2,000. A break below the 50-day SMA could trigger profit-taking, pushing ETH to $1,500.
Binance Coin (BNB/USDT)
BNB is in a symmetrical triangle pattern, indicating buyer-seller indecision. Breaking below the triangle may lead to a drop to $280, while surpassing moving averages could lift BNB to $340 and potentially $371.
Ripple (XRP/USDT)
XRP is struggling to break below the $0.36 support, hinting at easing selling pressure. A move above the channel’s resistance at $0.43 could propel XRP to $0.52, but failure may result in a drop to $0.33.
Cardano (ADA/USDT)
ADA is attempting a bounce from $0.34 support, facing resistance at the 20-day EMA. A drop below $0.34 could lead to corrections to $0.32 and $0.30, while a bullish move might lead to a rally towards the neckline.
Dogecoin (DOGE/USDT)
DOGE defended $0.08 support but struggles to rally, forming a bearish pattern. Breaking below $0.08 could lead to a drop to $0.06, while a move above moving averages might push DOGE to $0.10.
Polygon (MATIC/USDT)
MATIC finds support at the 50-day SMA, with potential recovery to $1.57 if bulls break $1.30 resistance. However, failure could see it drop to $1.05. Bears need to push below $19.68 for an advantage.
Solana (SOL/USDT)
SOL tries to surpass the 20-day EMA after facing resistance, with a potential trend change if it breaks above it. A drop below $19.68 could favor bears.
Polkadot (DOT/USDT)
DOT hovers around the 20-day EMA, indicating buyers’ efforts to end the corrective phase. Breaking above it could trigger a rally towards the H&S pattern neckline, but failure could lead to a drop to $5.50.
Litecoin (LTC/USDT)
LTC finds strong support at the 50-day SMA, eyeing resistance at $106 and potentially $130. A breach below the support zone may lead to a drop to $75.
The views expressed here are the author’s and not necessarily of Cointelegraph. This article does not offer investment advice; readers should conduct their research.
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