Bitcoin (BTC) rally took a breather near the 200-day simple moving average (SMA) and this resulted in either minor pullbacks or a consolidation of BTC and individual altcoins.
Terraform Labs has been actively buying bitcoins in recent days. A wallet address believed to belong to Terra received $139 million worth of bitcoin on March 30, bringing the total to nearly $1.5 billion in BTC.
As Terra breathes her neck, MicroStrategy appears to have risen to the challenge. Business intelligence subsidiary MacroStrategy has received a $205 million loan from Silvergate that will be used to purchase bitcoin, cover general business expenses, and pay required fees and interest on the loan.
Daily indicators in the cryptocurrency market. Source: Coin360
Buying interest is not limited to two companies. Data from CoinShares showed that last week institutional investors invested $193 million in digital asset investment products, the largest influx since early December 2021.
With Institutional Investors Buying Big, Can Bitcoin and Big Cryptocurrency Break Through Its Upper Resistance Levels? Let’s check out the charts of the top 10 cryptocurrencies to find out.
Bitcoin / US Dollar
Bitcoin rose to the 200-day simple moving average ($48,288) on March 28, but the bulls were unable to push the price above it. Buyers tried again to break the barrier on March 29th, but were unsuccessful.
BTC/USDT daily chart. Source: Trading View
Now the bears will try to push the price towards the immediate support at $45,400. If the price pulls back from this support, the bulls will once again attempt to push the BTC/USDT pair above the 200-day simple moving average. If they are successful, the couple can start the journey for $52,000.
The 20-day exponential moving average (EMA) ($43,531) and the RSI near the overbought zone indicates that the bulls are in control.
This positive outlook will be nullified if the price declines and falls below the 20 day EMA. If this happens, the couple may extend their stay in the ascending channel for a few more days.
Ether / US Dollar
Ether (ETH) broke out to close above the upper resistance at $3,411 on March 29, but the bulls failed to clear the barrier at the 200-day SMA ($3,488). This indicates that the bears have not yet given up and are trying to halt the recovery at the 200-day SMA.
ETH/USDT daily chart. Source: Trading View
If the price stays below $3,411, the bears will attempt to pull the ETH/USDT pair towards the 20-day EMA ($3,042). A sharp drop from this level will indicate that sentiment has turned positive and that traders are buying to the downside.
Then the bulls will try again to push the price above the 200-day simple moving average. If they succeed, the pair could rise to $4,000.
Contrary to this assumption, if the price breaks below the 20-day moving average, this indicates that traders may be rushing towards the exit. This could pull the pair lower towards the 50-day simple moving average ($2853).
BNB / US Dollar
BNB, which is trading in a narrow range between $425 and $445, is up, indicating that the bulls have swallowed the supply and are trying to take the lead.
BNB/USDT daily chart. Source: Trading View
The high of the 20-day EMA ($409) and the overbought RSI indicate that the bulls are in control. If they keep the price above $445, BNB/USDT could rise to the 200-day simple moving average ($467) and then to $500.
Conversely, if the price drops below $425, the pair may drop to the 20-day moving average. This is an important level to watch as a breakout and a close below it would indicate a weak bullish momentum. The pair may then fluctuate between $350 and $445 for a few more days.
XRP / US Dollar
Ripple (XRP) broke the upper resistance at $0.91 on March 28, but the bears did not allow the price to hold higher. This indicates that the bears are aggressively defending the area between $0.91 and $1.
XRP/USDT daily chart. Source: Trading View
The bulls are trying to keep the price above $0.86. If it succeeds, the XRP/USDT pair could rise again to $0.91. Stopping and closing above this level could open the door for a possible rally to the psychological $1 level.
Conversely, if the price stays below $0.86, the bears will try to pull the pair below the moving average. If they manage to do so, then the bullish momentum has weakened. After that, the pair could drop to $0.70.