SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB

Bitcoin (BTC) bulls are in no mood to give up their gains. They hit the $70,000 mark on March 11, indicating continued traders' interest. In a note to investors, Bitwise Chief Investment Officer Matt Hugan said professional investors are waiting to buy Bitcoin exchange-traded funds (ETFs).

However, that hasn't stopped demand for Bitcoin ETFs. According to data from Dune, the spot Bitcoin ETF has accumulated 4.06% of the current Bitcoin supply. If the buying continues at the same pace, it is estimated that Bitcoin holdings could reach 8.65% of the Bitcoin supply per year.

MicroStrategy founder and chairman Michael Saylor told XPost that the company used the proceeds from its recently completed $800 million convertible note offering to buy 12,000 bitcoins at an average price of $68,477. After the latest purchase, MicroStrategy's Bitcoin holdings increased by 205,000 Bitcoins for an average of $33,706 per Bitcoin.

Traders should keep a close eye on the flow of Bitcoin ETFs as continued volatility will affect sentiment and cause a correction. What are the important support levels to look out for in Bitcoin and altcoins? Let's examine the charts to find out.

S&P 500 Index Price Analysis

The S&P 500 index has been trending in an upward channel pattern for several days. The price broke below the channel resistance line on March 8, indicating that the bears are maintaining the level.

Although the upward moving averages point to the upside for buyers, the negative divergence in the Relative Strength Index (RSI) warns that it may correct or strengthen in the near term. If bears enter the price below the channel, selling may intensify, and the index may fall to its 50-day simple moving average (4,930).

On the other hand, if the price changes from the current level or the support line of the channel, it indicates that the sentiment remains positive and traders buy on each minor pot. The bulls need to touch the price above the channel to start a sharp rally towards 5,350.

Analysis of the price of the US dollar index

The USdollar Index (DXY) slipped below the 20-day EMA (103) on March 1, and the bears successfully held the level in an attempt by the bulls to push the price above it. Failure to rise above the 20-day EMA accelerated the sell-off on March 6.

Sellers pulled the price back below the 50-day SMA (103) and an inverse head and shoulders pattern on March 7. The moving averages are at a latent crossover, and the RSI is near the oversold zone. , indicates that the bears have an edge. The index may slide to 102 and eventually to 101.

Any retracement attempt could be met with selling at the 20-day EMA. A break above the 20-day EMA would be the first sign that the selling pressure may be easing. The index can be increased to 105.

Bitcoin price analysis

Bitcoin struggled to break above $70,000 over the weekend but broke above that level on March 11, indicating bullish interest.

The rising moving averages and the RSI in the overbought zone show that buyers are in control. The BTC/USDT pair may reach $76,000 and then $80,000. This zone can offer strong resistance to the bulls.

It is difficult to call the maximum when it is strongly supported in the property. The first sign of weakness is a break and close below the 20-day EMA ($62,443). That suggests bulls are taking profits and may initiate a deep pullback.

Ether price analysis

The bears tried to pull Ether (ETH) towards the $3,600 detection level, but the long tail on the March 11 candlestick indicates aggressive buying at lower levels.

Buyers raised the price above the psychological level of $4,000. That opens the doors to a rally to $4,372, which could act as a small barrier, but if this resistance is crossed, the ETH/USDT pair could jump to $4,868.

A sharp move over the past few days has pushed the RSI into deeply overbought territory, indicating caution. To break the bullish momentum, sellers need to drag the price below the 20-day EMA ($3,505). The couple may begin an adjustment phase.

BNB price analysis

BNB (BNB) has been trending strongly for several days. The momentum increased further after buyers pushed the price above $460.

The BNB/USDT pair may reach $560, which may serve as a strong resistance in the short term. If bulls don't give much ground above $560, the rally could continue. The pair can cost around $617.

Important support on the downside is $460, and then the 20-day EMA ($433). Sellers should push the price below the 20-day EMA to signal that the uptrend has ended in the short term.

XRP price analysis

The repeated failure of the bears to sustain XRP (XRP) below the 20-day EMA ($0.60) may have attracted buyers on March 11.

The bulls pushed the price above the immediate resistance at $0.67, indicating strong buying at lower levels. Buyers will try to maintain momentum and challenge the formidable resistance at $0.74. If this level is measured, it indicates the beginning of a new improvement. The XRP/USDT pair may rise to $0.85 and then to $0.95.

Alternatively, if the price drops below $0.74, it suggests that the bears remain highly active. The pair may slide towards the strong support at $0.67.

Solana price analysis

The bears are trying to start a correction in Solana, but the bulls are in no mood to repent. A shallow return indicates a lack of sellers.

Buyers will try to take advantage of the situation and push the price above $153 to further strengthen their position. If you do that, the SOL/USDT pair can continue to rise. Then the pair could go up to $184.

If the bears want to prevent the upside, they need to quickly reduce the price below $126. That could accelerate the selloff, opening the door to a drop to the 50-day SMA ($110).

Related: Why Is Bitcoin Price Rising Today?

Cardano price analysis

Cardano (ADA) fell to $0.68 on March 11, but the long tail on the candlestick indicates strong buying at lower levels.

The uptrending 20-day EMA ($0.68) and RSI suggest a path to the upside with minimal resistance in positive territory. Buyers will try to push the price to the March 4 high of $0.80. If this level improves, the ADA/USDT pair can extend its rally to $0.90 and later to $1.25.

If the price declines and breaks below $0.68, this bullish outlook will become invalid in the near term. That marks the return of the bear. The pair risks falling towards the 50-day SMA ($0.59).

Dogecoin price analysis

The bulls have been fighting against the bears to keep Dogecoin (DOGE) above the $0.16 breakout level.

The rising 20-day EMA ($0.14) and RSI suggest that the bulls have an edge in the overbought zone. If buyers keep the price above $0.000018, the DOGE/USDT pair may retest $0.21 and then consolidate to $0.26.

Conversely, if the price is below $0.16, it indicates that the bulls have given up. The pair may close to the 20-day EMA, which is an important level to watch out for. A break below this support could initiate a deep correction towards $0.12.

Shiba Inu price analysis

Shiba Inu (SHIB) was consolidating in a large range between $0.000029 and $0.000039 after a rally.

The range-bound action is correcting the overbought levels on the RSI, suggesting that the markets are cooling. The SHIB/USDT pair may trade in a range for some time.

If the price breaks below the range, the pair may slide towards the 20-day EMA ($0.000024), an important level to pay attention to. A break below this level will tilt the advantage to the bears.

Conversely, a break above $0.000039 would indicate that the bulls are back in command. The pair could then rise to $0.000046. If this level is crossed, the rally could reach $0.000065.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.