Market Mayhem: Will Bitcoin Break Free or Stay in the Bear’s Grasp? 🐻💰

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Ah, Bitcoin (BTC), that elusive creature, has managed to linger above the $80,000 mark since the 11th of March, as if taunting the bears to come out and play. Yet, the inability to breach the $86,000 barrier reveals that the bears are not yet ready to throw in the towel, continuing their relentless selling on any hint of a rally. 🐂💔

According to the latest report from CoinShares, cryptocurrency exchange-traded products (ETPs) have seen a staggering $1.7 billion in outflows last week alone. This brings the total outflows over the past five weeks to a jaw-dropping $6.4 billion. And let’s not forget, this marks a 17-day streak of outflows—the longest since CoinShares began keeping track in 2015. Talk about a party no one wants to attend! 🎉🚪

But fear not, dear long-term investors! ShayanBTC from CryptoQuant has noted that those who bought Bitcoin three to six months ago are showing signs of accumulation. Historically, such behavior has been pivotal in forming market bottoms and igniting new uptrends. So, perhaps there’s a glimmer of hope amidst the chaos! 🌈📈

Will the buyers manage to catapult Bitcoin above the overhead resistance levels? And what of the altcoins? Let us delve into the charts and uncover the mysteries that lie within.

S&P 500 Index price analysis

The S&P 500 Index (SPX) finds itself in a rather dramatic corrective phase. The plunge to 5,504 on March 13 sent the relative strength index (RSI) spiraling into oversold territory, hinting at a potential relief rally on the horizon. Can we get a round of applause for the RSI? 👏📉

The bears are poised to thwart any recovery attempts in the 5,670 to 5,773 resistance zone. Should they succeed, it would signal that the sentiment remains as gloomy as a rainy day, with traders selling at every opportunity. This increases the risk of a drop to 5,400, a level the bulls are expected to defend with all their might. After all, a drop below it could send the index plummeting to 5,100. Yikes! 😱

On the brighter side, a break and close above the 20-day exponential moving average (5,780) would indicate strength, potentially allowing the index to climb to the 50-day simple moving average (5,938). Fingers crossed! 🤞

US Dollar Index price analysis

The weak rebound off the 103.37 support in the US Dollar Index (DXY) suggests that the bears are still holding the reins tightly. 🐻💪

Sellers are attempting to drag the index below 103.37. If they succeed, we could see a decline extending to 102 and then to 101. A real nail-biter, isn’t it?

Conversely, if the price turns up from the current level and breaks above 104, it would signal that buyers are attempting a comeback. The index could then rise to the 20-day EMA (105), which is likely to attract sellers like moths to a flame. If buyers hold their ground, the prospects of a break above the 20-day EMA increase, potentially leading to a rally to the 50-day SMA (107). 🦋🔥

Bitcoin price analysis

Bitcoin is making a valiant effort to form a higher low in the near term, gathering strength to cross above the 200-day SMA ($84,112). Will it succeed, or will it be another tale of woe? 🤔

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2025-03-17 21:14