Bitcoin Consolidates Amid Bullish Sentiment, Alts Poised for Gains

Bitcoin (BTC) is poised to end the week in the red, but its recovery from an intra-week low of $61,000 to over $65,000 signals long-term bullish sentiment. CryptoQuant CEO Ki Young Ju anticipates increased inflows into Bitcoin ETFs if the price approaches support levels. Slowing outflows from the Grayscale Bitcoin Trust (GBTC) also indicate reduced selling pressure. BTC/USDT's 20-day EMA battle and the RSI's neutral position suggest a balance between supply and demand. The price may oscillate between $60,775 and $69,000 in the short term.

Bitcoin Consolidates Amid Bullish Sentiment, Alts Eye Upswing

Bitcoin (BTC) Eyes Weekly Decline, but Bulls Find Support

Bitcoin (BTC) is poised to end the week in the red, but a positive sign for bulls is that the price has rebounded from an intra-week low of around $61,000 to over $65,000. This indicates that traders remain long-term bullish and are buying the dips.

Spot Bitcoin ETF Inflows Expected to Surge

Ki Young Ju, CEO of CryptoQuant, anticipates an increase in inflows into spot Bitcoin exchange-traded funds (ETFs) as Bitcoin approaches support levels. Young Ju notes that new Bitcoin whales who have purchased Bitcoin ETFs have an on-chain cost basis of $56,000, suggesting that buying activity may pick up if Bitcoin's price reaches that level.

Grayscale Bitcoin Trust Outflows Slow Down

Another positive factor that could support Bitcoin's price is the slowing down of outflows from the Grayscale Bitcoin Trust (GBTC). According to Fairside Investors data, GBTC outflows dropped to just $170 million on March 22, indicating that selling pressure may be easing.

Seven-Month Winning Streak in Sight

If Bitcoin closes March above $61,130, it will mark the first-ever seven-month winning streak for the cryptocurrency.

Altcoins Poised for Gains

A recovery in Bitcoin could trigger buying interest in select altcoins. Here are the top 5 cryptocurrencies that exhibit technical strength:

Bitcoin Technical Analysis

Bitcoin has been trading near the 20-day exponential moving average ($65,364) for the past few days, indicating a battle between bulls and bears for supremacy. The 20-day EMA is flattening out, and the relative strength index (RSI) is near the midpoint, suggesting a balance between supply and demand. The BTC/USDT pair could range between $60,775 and $69,000 in the near term.

If the price remains below the 20-day EMA, the support zone between the 50-day simple moving average ($58,438) and $60,775 may face pressure. A break below this zone could deepen the correction to the 61.8% Fibonacci retracement level of $54,298.

On the upside, a breakout and close above $69,000 could open the doors for a retest of $73,777. If this resistance is breached, the pair may ascend to $80,000.

The 4-hour chart shows that bears are capping relief rallies at the 50-SMA, making it a crucial level to watch. If bulls push the price above the 50-SMA, it will suggest a reduction in bearish pressure. The pair may then rise to $69,000, which could act as a significant hurdle.

Immediate support on the downside is $62,260 and then $60,775. If bears push the price below this support zone, selling could intensify, leading to a potential slide to $59,000.

Dogecoin Technical Analysis

Dogecoin (DOGE) has been range-bound between $0.12 and $0.19 for the past few days. Bulls cleared the $0.16 hurdle on March 24, paving the way for a rise to $0.19.

The 20-day EMA ($0.15) has turned up, and the RSI is in positive territory, indicating a resurgence of bullish sentiment. A break and close above $0.19 could initiate a rally towards $0.23 and eventually $0.30.

Conversely, a sharp decline from $0.19 would suggest that bears remain active at higher levels. The DOGE/USDT pair could then retreat towards the solid support at $0.12. Bears would need to push the price below the 50-day SMA ($0.12) to signal a potential end to the uptrend.

The 4-hour chart indicates that bulls are buying dips to the 20-EMA, reflecting positive sentiment. Buyers will attempt to push the price to the overhead resistance of $0.19, where bears may mount a strong defense. If bulls hold their ground above $0.19, the likelihood of a rally beyond $0.20 increases.

The first sign of weakness would be a break and close below the 20-EMA, potentially leading to a drop to $0.14.

Toncoin Technical Analysis

Toncoin (TON) surged above the $4.60 resistance on March 23, signaling the start of a new leg of the uptrend.

Upsloping moving averages and an RSI in the overbought zone indicate buyer dominance. The long wick on the March 23 and 24 candlesticks suggests profit-taking above $5, but if bulls maintain their position from the current level, the TON/USDT pair could extend its rally to $5.64.

Bears aiming to prevent further upside will need to drag and sustain the price below $4.60. This could entice short-term traders to book profits, pulling the pair to the 20-day EMA ($3.79).

The 4-hour chart shows that bears are aggressively defending the $5 resistance but have failed to push the pair below the 20-EMA. This is a positive sign, as it suggests that traders are holding their positions in anticipation of another upward move.

The first support on the downside is the 20-EMA. A slide below this support would indicate potential profit-taking by short-term traders, leading to a potential decline to the 50-SMA and subsequently to $3.50.

Stacks Technical Analysis

Bulls propelled Stacks (STX) above the $3.40 overhead resistance on March 20, indicating the continuation of the uptrend.

Both moving averages are sloping up, and the RSI is near the overbought zone, suggesting bullish dominance. If buyers maintain the price above $3.40, the uptrend is likely to gain momentum, and the STX/USDT pair could rally to $4.29.

Contrarily, if the price turns down and falls below $3.40, it would signal market rejection of higher levels. The pair may slump to the 20-day EMA ($3.07). A bounce off this level would suggest the continuation of the uptrend, but a break below the 20-day EMA could sink the pair to the 50-day SMA ($2.65).

The 4-hour chart shows that bulls are buying dips to the 20-EMA, signaling positive sentiment. There is a minor resistance at $3.75, but if this level is crossed, the pair may reach $4.

The crucial support to watch on the downside is the 20-EMA. If this level gives way, it would suggest a rush to the exit by bulls, potentially leading to a drop to $3.22. A break below this support could accelerate selling and push the pair below the 50-SMA.

Fantom Technical Analysis

Fantom's (FTM) long wick on the March 22 candlestick indicates profit-taking near $1.23. Selling accelerated on March 23, and bears are attempting to push the price below $1.02.

If successful, the FTM/USDT pair could fall to the 20-day EMA ($0.89). This remains the key short-term level to watch. A strong rebound off the 20-day EMA would signal continued buying interest at lower levels. The pair may then retest the $1.23 level, and a break above it could clear the path for a rally to $1.50 and eventually $2.

This bullish outlook will be invalidated in the near term if the price turns down sharply and falls below the 20-day EMA, potentially leading to a drop to the next significant support at $0.72.

The 4-hour chart shows that bears have pulled the price below the 20-EMA, but a positive sign is that bulls have prevented a challenge to the 50-SMA. Buyers are attempting to push the price back above the 20-EMA. If they succeed, the pair could rise to $1.12 and then to $1.16.

Alternatively, if the price turns down from the overhead resistance and breaks below the 50-SMA, it would suggest aggressive selling by bears at higher levels. The pair may then embark on a downward move towards $0.80.