Bitcoin’s Existential Crisis: Will It Rise or Fall? 🤔💸

Ah, Bitcoin (BTC), that capricious creature of the digital realm, has once again ascended above the 200-day simple moving average ($83,754). The bulls, those optimistic souls, are attempting a comeback, while the bears, those pessimistic specters, seem to have faltered in their pursuit of profit. It appears that the selling pressure dissipates like a fleeting thought at lower levels, leaving us to ponder the nature of this volatile existence.

Yet, dear reader, do not be deceived! Bitcoin is not yet free from the clutches of uncertainty. The astute crypto analyst, Matthew Hyland, has proclaimed in a video on X that a weekly close above $89,000 is essential to confirm a bottom. A mere number, yet it holds the weight of the world! Should Bitcoin breach this threshold, it could liquidate approximately $1.60 billion in short positions, a sum that would make even the most stoic investor shudder. If not, alas, we may witness a descent into the abyss of $74,000 to $69,000.

Buyers, those brave souls, face a daunting task. The inflows of $13.3 million into US spot Bitcoin exchange-traded funds (ETFs) on March 12 were but a fleeting moment of hope, quickly overshadowed by outflows of $135.2 million on March 13, as reported by Farside Investors. The investors, it seems, are gripped by anxiety, pressing the sell button with the fervor of a man fleeing from a bear.

Could Bitcoin, in a fit of audacity, surge to $100,000, dragging select altcoins along for the ride? Let us delve into the charts of the top 10 cryptocurrencies and uncover the truth.

Bitcoin price analysis

The bulls, ever hopeful, are attempting to initiate a recovery, yet they are met with formidable resistance in the zone between the 200-day SMA and the 20-day exponential moving average ($86,717). A battle of wills, if you will.

If the buyers manage to elevate the price above the 20-day EMA, it may signal that the break below the 200-day SMA was merely a bear trap, a cruel jest of fate. The BTC/USDT pair could then ascend to the 50-day SMA ($93,876) and, perhaps, even to the psychological barrier of $100,000. But beware! Should the price turn down with ferocity from the overhead resistance, it would indicate that the bears are indeed in command, increasing the likelihood of a drop to the vital support at $73,777. A level that buyers are expected to defend with the ferocity of a mother bear protecting her cubs.

Ether price analysis

Ether (ETH), that enigmatic sibling of Bitcoin, has been trapped in a tight range between $1,963 and $1,754, a veritable battleground for bulls and bears alike. The relative strength index (RSI) hints at a potential positive divergence, a glimmer of hope in this dark narrative.

Should the price rise above $1,963, the ETH/USDT pair could climb to the breakdown level of $2,111. But beware, for this level may attract aggressive selling from the bears. If the bulls persist, however, a rally to the 50-day SMA ($2,597) could be on the horizon. Yet, should the price falter and break below $1,754, we may witness a nosedive to $1,500, a tragic turn of events.

XRP price analysis

XRP (XRP) has rebounded from the $2 support on March 11, reaching the 20-day EMA ($2.35) on March 13. The bears, ever watchful, attempt to halt this recovery, but the bulls press on, increasing the possibility of a break above the 20-day EMA. Should this occur, the XRP/USDT pair may rise to $2.64

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2025-03-14 19:26