SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

Bitcoin (BTC) rose 4.25% last week to close above $86,000, and the bulls extended the recovery above $88,700 on March 24. 10x Research founder Markus Thielen said in a March 23 report that Bitcoin’s reversal indicators had turned positive, suggesting a “renewed uptrend.”

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

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.

Could Bitcoin bulls maintain the momentum and push the price above $90,000? Will the altcoins follow Bitcoin higher? Let’s analyze the charts to find out.

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. 

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.

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.

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 (ETH) bulls are again attempting to drive the price above the 20-day EMA ($2,057) and the breakdown level of $2,111.

If they manage to do that, it will signal that the markets have rejected the breakdown below $2,111. The ETH/USDT pair could rally to the 50-day SMA ($2,356) and subsequently to $2,550.

Time is running out of the bears. If they want to retain the advantage, they will have to defend the $2,111 level and swiftly pull the price below $1,750. That may resume the downtrend toward the next support at $1,550.

XRP price analysis

XRP (XRP) turned up from the 20-day EMA ($2.38) on March 23, signaling that the bulls are using the dips to buy.

The bulls will try to push the price above $2.59. If they manage to do that, the XRP/USDT pair could climb to the resistance line, where sellers are expected to mount a strong defense. 

If the price turns down from the resistance line but rebounds off the 20-day EMA, it will indicate a positive sentiment. That improves the prospects of a break above the resistance line. The pair may then rally to $3.

Sellers will have to tug the price below $2.20 to seize control. That could clear the path for a retest of the vital support at $2.

BNB price analysis

BNB (BNB) has bounced off the moving averages, indicating a change in sentiment from selling on rallies to buying on dips.

If the price rises and breaks above $644, it will indicate the resumption of the recovery. The BNB/USDT pair could ascend to $686 and above it to the crucial resistance at $745. 

The 20-day EMA ($613) is the strong support to watch out for…