Bitcoin (BTC) and most of the major digital currencies are trying to start the new week with a positive tone, bouncing up their support levels.

Goldman Sachs was one of the first major US banks to complete a “cash-settled cryptocurrency transaction” with Michael Novogratz’s Galaxy Digital trading arm. This may lead other large banks to consider offering OTC cryptocurrency transactions.

Not only a few selected countries show an increase in crypto-adoption. A report from the cryptocurrency exchange KuCoin showed that crypto transactions in Africa grew by 2670% in 2022. Nuru, founder of Bitcoin Senegal, believes that Africa can maintain its growth of over one thousand percent in the coming years.

Daily indicators for the cryptocurrency market. Source: Coin360
Analyst Willy Woo suggested that a four-year Bitcoin price cycle based on the blockchain halving may not work as a predictive tool in the future, as price action is likely to be driven by supply and demand.

Can Bitcoin and Altcoins accumulate above upper resistance levels? Let’s analyze the charts of the 10 best cryptocurrencies to find out.

Bitcoin / US dollars
Bitcoin faces strong resistance at $ 42,594, indicating that the bears continue to sell at higher levels. Bears try to take the price below the moving average while bulls try to keep the price above it.

BTC / USDT daily chart. Source: Trading View
Both moving averages have stabilized and the Relative Strength Index (RSI) is close to the midpoint, indicating a balance between supply and demand. If the price falls below the moving averages, the BTC / USDT may fall to $ 37,000. This move suggests that the pair may spend some time in the $ 42594- $ 37,000 range.

Conversely, if the price recovered sharply from the moving averages, this means that sentiment has become positive and traders are buying on the small falls. This can improve the odds of a breakout above $ 42,594. If the price continues above this resistance, the pair may rise to the upper zone between $ 45,400 and the rising channel resistance line.

Ether (ETH) turned lower from the upper resistance at $ 3,000 on March 19, but the Bears failed to push the price below the moving averages on March 20. This indicates that the bulls buy on smaller falls.

ETH / USDT daily chart. Source: Trading View
The bulls will try to push the price above $ 3000 and challenge the symmetrical triangular resistance line. This is an important level to look at because an eruption and a closure above it would indicate a possible trend change. The ETH / USDT pair can then rise to $ 3500.

Alternatively, if the price reverses down from $ 3000 or the triangle’s resistance line and breaks below the moving averages, this means that the pair can extend their stay in the triangle for a few more days.

The Binance coin (BNB) broke out to close above the 50-day simple moving average ($ 390) on March 17, but the bulls failed to capitalize. The long week in the March 19 candle indicates sales at higher levels.

BNB / USDT daily chart. Source: Trading View
The BNB / USDT pair fell to the 20-day exponential moving average ($ 386) on March 20th. The small plus is that the bulls did not let the price fall below this level. This indicates that the bulls are buying dips.

If the price rises above $ 407, the upward movement may continue and the pair may rise to $ 425. This level may act as a barrier, but if it is broken, the next stop may be $ 445.

Conversely, if the price falls and breaks through the 20-day moving average, this means that there is no demand at the higher levels. The pair can then go down to $ 350.

XRP recovered from the 20-day moving average ($ 0.77) on March 18 and reached the downtrend on March 19. The Bears defended this level again, but failed to pull the price below the 20-day moving average. This indicates strong purchases on dips.

XRP / USDT daily chart. Source: Trading View
Both moving averages began to rise, and the RSI was in the positive territory, indicating that the path of least resistance is on the upside.

If the bulls push the price above the downtrend line and continue to do so, the buy may intensify and the XRP / USDT pair may rise to $ 0.91. If this level is also exceeded, the next stop may be the psychological $ 1 barrier.

The Bears have to pull the price and keep it below the 50-day simple moving average ($ 0.75) to get the upper hand.

Source: CoinTelegraph