Bitcoin (BTC) bounced from $76,606 on March 10, but the bears could not sustain the price above $84,500 on March 12.

Nansen principal research analyst Aurelie Barthere told Cointelegraph that Bitcoin is in a macro correction in a bull market, with the next crucial level being “$70,000-$72000, top of the pre-election trading range.”

Bitcoin (BTC) price bounced from the crucial support of $76,606 on March 11, but the bulls could not sustain the price above the 20-day exponential moving average (EMA) of $84,500 on March 12.

According to principal research analyst at Nansen Aurelie Barthere, Bitcoin is in a macro correction in a bull market, with the next crucial level being “$71,000-$72,000, top of the pre-election trading range.”

Bitcoin could bottom out near $70,000 if selling persists

Onchain analytics firm Glassnode also projected a similar target in its March 11 market report. The firm said the recent sell-off had been triggered by the short-term holders who may have purchased near the peak in January.

Crypto market data daily view. Source: Coin360

If selling persists, Bitcoin could bottom out near $70,000, while a return to the all-time highs of around $80,000 would be contingent upon a substantial shift in market sentiment.

"This aligns with the price action observed in the past, where significant support levels were established at round numbers, such as $10,000 and $60,000, acting as strong defense points against bearish pressure."

The onchain analysis further revealed that the majority of the recent price decline was absorbed by a large institutional wallet, which is incrementally accumulating Bitcoin in anticipation of a potential price rebound.

"This activity is noteworthy as it showcases the potential for a rapid price recovery if institutional demand outpaces selling pressure from short-term holders."

The report also noted that the Bitcoin network has been processing a relatively high volume of transactions despite the market downturn. This surge in activity is being driven by DeFi protocols and Layer-2 scaling solutions, which are facilitating new use cases and applications for Bitcoin.

"This influx of transactional demand is a positive sign for the long-term health of the Bitcoin ecosystem, as it indicates a growing interest and participation in the network."

The crypto market has been largely friendless in the past few days. Even the US stock market has come under pressure, with the Dow Jones Industrial Average (DJI) slipping below the 33,000 point support.

However, there are a few silver linings for the bulls. The US Dollar Index (DXY) has corrected from its multi-year high of 110 to 104.

Bitcoin generally moves in inverse correlation with the dollar, suggesting that a bottom may be around the corner.

Could Bitcoin retest the support at $76,606 or rise above $85,000? What are the important support and resistance levels to watch out for in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin broke below the crucial support at $78,258 on March 10 and fell to $76,606 on March 11, but the bears could not sustain the lower levels. This suggests solid buying by the bulls.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is facing selling pressure at the 20-day exponential moving average (EMA) of $87,262, but a minor positive in favor of the bulls is that the relative strength index (RSI) is showing a positive divergence.

Buyers will have to drive the price above the 20-day EMA to suggest that the correction could be ending. The BTC/USDT pair may then ascend to the 50-day simple moving average (SMA) of $94,654.

On the downside, the bulls are expected to defend the $73,777 level with all their might because a break below it may sink the pair to $67,000.

Ether price analysis

Ether (ETH) fell below the crucial support at $1,993 on March 9 and extended the decline to reach $1,754 on March 11. The bulls are trying to start a recovery, which is expected to face significant resistance at the breakdown level of $2,111.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price turns down sharply from $2,111, it will signal that the bears have flipped the level into resistance. That heightens the risk of a break below $1,754. The ETH/USDT pair may then slump to $1,500.

Conversely, a break above the 20-day EMA of $2,235 suggests that the markets have rejected the break below $2,111. The pair may then climb to $2