Bitcoin, Ethereum Boost Crypto Market, Triggering Surge in Core, ORDI

Bitcoin (BTC) rallied above $70,000 and Ethereum (ETH) regained $3,600, influencing gains in altcoins such as Core (CORE) and Ordi (ORDI). CORE surged an impressive 36.52% to $1.61, while ORDI rose 14.75% to $73.40. Technical analysis suggests potential upside for both BTC and ETH, with CORE and ORDI exhibiting bullish momentum. However, volatility remains a concern, especially with Bitcoin's halving approaching.

Bitcoin and Ethereum Spark Crypto Market Surge, Leading to Notable Gains for Core, ORDI

In the early hours of March 31, the cryptocurrency market witnessed a significant upswing, with Bitcoin (BTC) reclaiming the $70,000 mark after an earlier decline. Ethereum (ETH) also rebounded, rising above $3,600, following a dip below $3,500.

These market movements were not limited to the top two cryptocurrencies, as the resurgence of BTC and ETH sparked a ripple effect, influencing notable hikes in certain altcoins. One of the most striking performers was Core (CORE), the native token of a Layer-1 blockchain built on Ethereum. CORE's price surged by an impressive 36.52% in the last 24 hours, reaching $1.61 at the time of writing. The surge was accompanied by an 180% increase in trading volume, indicating genuine buyer interest.

Bitcoin's influence was also evident in the performance of ORDI (ORDI), a BRC-20 token. ORDI's value climbed to $73.40, thanks to a 14.75% increase over the same period.

Bitcoin's Technical Analysis: Bulls Eyeing $74,900

On the daily timeframe, Bitcoin's price hovered around $70,266, lacking clear directional bias. However, the presence of support at $63,965, established by bulls on March 25, provided a bullish backdrop.

Technical indicators further supported a bullish outlook. The 20 EMA (Exponential Moving Average) crossed over the 50 EMA, forming a "golden cross," signaling a potential upswing. Conversely, a correction could occur if BTC drops below the 20 EMA at $68,857, potentially driving the price down to $60,800.

Bulls aim to sustain the price above $69,000, which could lead to a 16.92% surge before the week's end, hitting a new all-time high of $74,900. However, traders should be mindful of potential volatility, especially in the lead-up to the highly anticipated halving event in April, which could trigger extreme price fluctuations.

Ethereum's Outlook: Aiming for $4,000

The ETH/USD daily chart revealed how bears nearly pushed the altcoin into oversold territory on March 19. However, bulls intervened, and the RSI (Relative Strength Index) indicated a rising buying momentum. If this momentum continues, ETH's price could extend above $4,000 within days.

The Supertrend indicator corroborated this forecast, but it also flashed a sell signal at $4,108. Therefore, while ETH's price may rise, resistance around the aforementioned region could prevent it from reaching a new all-time high this week.

Core's Uptrend Continues

CORE's uptrend has been consistent since March 23, with bullish candlesticks dominating the daily chart. Although a pullback occurred on March 28, bulls quickly pushed the price back above resistance.

Currently, CORE shows no signs of slowing down. The Bollinger Bands (BB) indicate high volatility and an overbought condition, as the upper band continues to set new highs. Despite this, the MACD (Moving Average Convergence Divergence) remains positive, signaling sustained bullish momentum.

From a bullish perspective, CORE's price could climb toward $1.75. However, profit-taking could also occur, leading to a potential decline to $1.01. In an extremely bearish scenario, the price could fall to $0.75.

ORDI's Price Targets

Bulls' defense of the $62.17 support level enabled ORDI to retest $71.15. Further gains could be hindered as the token approaches higher levels. If bulls drive the price higher, ORDI may encounter resistance at $80.54.

A close above this resistance could send ORDI toward $91.59 in the coming weeks. However, rejection at the resistance could trigger a retracement below $63.79.

The Money Flow Index (MFI) supports the bullish thesis, while the MACD remains indecisive, with the 12 and 26 EMAs below the zero midpoint. A rise in the EMAs into positive territory would confirm the bullish bias, while remaining in the red zone could drag ORDI back down.

Conclusion

The recent resurgence of Bitcoin and Ethereum has had a positive impact on the broader crypto market, with notable gains observed in altcoins like Core and ORDI. While bullish momentum and technical indicators suggest further potential for growth, it is crucial to remain vigilant and monitor market volatility, especially in the lead-up to key events like Bitcoin's halving.