Bitcoin (BTC) price analysis: Buyers return to the markets, targeting $90,00 resistance

S&P 500 Index has risen to the 20-day exponential moving average (5,742), where the bears are expected to step in.

Bitcoin buyers appear to be returning to the markets. According to SoSoValue data, US Spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $744.4 million last week. This comes after five consecutive weeks of outflows. However, Ether ETFs could not replicate a similar performance as they saw a fourth successive week of net outflows.

Crypto market performance over the past 24 hours.

After a brief foray into the $70,000s, Bitcoin encountered resistance near $90,000, sparking a pullback. As the price hovers around $83,000, it remains to be seen whether bulls can maintain momentum and push Bitcoin above the $90,000 mark.

Alternatively, if the bears manage to drag the price below the $80,000 support, it could open the door for further declines.

Analysts are divided about the near-term price action for Bitcoin. Select analysts believe Bitcoin could run into significant resistance near $90,000, starting a pullback toward $80,000.

In contrast, BitMEX co-founder and chief investment officer of Maelstrom, Arthur Hayes, said in a post on X that Bitcoin will rally to $110,000 before it drops to $76,500.

Top 70 crypto tokens by market cap as of March 24, 2024, at 08:00 ET.

The cryptocurrency market has seen a shift in momentum, with Bitcoin aiming for a breakout and altcoins showing signs of a potential recovery. However, persistent inflation and a looming recession could pose challenges for the market's sustained rally.

S&P 500 Index price analysis

The S&P 500 Index (SPX) has risen to the 20-day exponential moving average (5,742), where the bears are expected to step in.

SPX daily chart. Source: Cointelegraph/TradingView

If the price turns down from the 20-day EMA, the bears will attempt to drag the index below 5,670. If they succeed, the index may retest the critical support zone between 5,600 and 5,500.

On the other hand, a close above the 20-day EMA will be the first indication that the correction may be ending. The index will then try to rise toward the 50-day simple moving average (5,913).

US Dollar Index price analysis

The US Dollar Index (DXY) rebounded off the 103.37 level on March 19, indicating that the bulls are trying to form a floor.

DXY daily chart. Source: Cointelegraph/TradingView

The index could reach the 20-day EMA (104.59), which is an important level to watch out for. If the index turns down sharply from the 20-day EMA, the bears will again try to sink the price below 103.37. If they can pull it off, the index may collapse to 102 and eventually to 101.

Contrarily, a break and close above the 20-day EMA suggests the bears are losing their grip. The index could climb to the breakdown level of 105.42, which is likely to act as a formidable barrier.

Bitcoin price analysis

Bitcoin broke above the 20-day EMA ($85,572) on March 23, suggesting the start of a strong recovery.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA is flattening out, and the RSI has risen into positive territory, signaling a minor advantage to the bulls. The relief rally is expected to face stiff resistance at the 50-day SMA ($90,290). If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it will indicate a positive sentiment. That increases the possibility of a rally to $95,000 and then to $100,000.

Conversely, if the price turns down from the 50-day SMA and breaks below the 20-day EMA, it will suggest that the bears remain active at higher levels. A drop below $83,000 could sink the BTC/USDT pair to $80,000.

Ether price analysis

Ether has bounced off the support at $1,750 as the bulls attempt to regain control.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If they manage to do that, it will signal that the