Bitcoin (BTC) recovery continues to face selling at higher levels

Bitcoin's (BTC) recovery continues to face selling at higher levels, indicating that the bears have not given up. Trading resource Material Indicators said in a post

Bitcoin’s (BTC) recovery continues to face selling at higher levels, indicating that the bears have not given up. Trading resource Material Indicators said in a post on X that “Spoofy the Whale” has been suppressing Bitcoin’s price below $87,500.

Although the upside is currently restricted, select analysts believe that the downside is limited. BitMEX co-founder Arthur Hayes said in a post on X that Bitcoin may have bottomed out at $77,000, considering that the Federal Reserve announced a slowdown in its quantitative tightening from April.

Crypto market data daily view. Source: Coin360

Another bullish catalyst for Bitcoin could be the recession, according to BlackRock head of digital assets, Robbie Mitchnick. In an interview with Yahoo Finance, Mitchnick said that the firm’s “sophisticated long-term Bitcoin accumulator” clients are not concerned by the current economic headwinds and consider the market dip to be a buying opportunity.

Could Bitcoin form a higher low in the near term and break above the $87,500 barrier in the near term? Will that boost buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin surged above the 20-day exponential moving average ($85,332) on March 19, but the bears halted the relief rally at the resistance line.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

If the price breaks below the uptrend line, the BTC/USDT pair could descend to $80,000 and later to $76,606. The $76,606 to $73,777 zone is expected to attract strong buying by the bulls, but if the bears prevail, the pair may descend to $67,000.

Conversely, if the price rebounds off the uptrend line and breaks above $87,500, the pair is likely to pick up momentum. The 50-day simple moving average ($91,136) may act as a hurdle, but it is expected to be crossed. The pair may rise to $95,000 and then to the critical $100,000 level.

Ether price analysis

Ether’s (ETH) recovery stalled at the 20-day EMA ($2,067), indicating that the bears are active at higher levels.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price breaks below $1,927, the ETH/USDT pair could slip to $1,800. Buyers are expected to defend the $1,750 to $1,800 zone because a break below it could open the doors for a drop to $1,550.

This negative view will be invalidated if the price turns up and rises above the breakdown level of $2,111. That clears the path for a potential rally to the 50-day SMA ($2,420) and, after that, to $2,850.

XRP price analysis

XRP (XRP) surged above the moving averages on March 19, but the bulls could not maintain the momentum.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The bears are trying to pull the price below the 20-day EMA ($2.36). If they can pull it off, the XRP/USDT pair may fall to $2.22 and then to the critical support at $2. Buyers are expected to vigorously defend the $2 level because if they fail in their endeavor, the pair will complete a bearish head-and-shoulders pattern.

Contrary to this assumption, if the price rebounds off the 20-day EMA, it will indicate buying on dips. The pair may then reach the resistance line.

BNB price analysis

BNB’s (BNB) pullback took support at the 20-day EMA ($608) on March 19, indicating buying on dips.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA has started to turn up, and the RSI is in the positive zone, signaling that buyers have a slight edge. A break and close above $644 could clear the path for a rally to $686. Sellers will try to defend the $686 level with all their might because a break above it could catapult the price to $745.

Sellers will have to pull the price below the 20-day EMA to prevent the upside. The BNB/USDT pair may then decline to $550.

Solana price analysis

Solana (SOL) turned down from