Bitcoin (BTC) rose above $ 42,000 on March 19, but the bulls still faced significant challenges from the bears at the higher levels.

Although the bitcoin price fell from $ 37,578 on March 13, Cointelegraph market analyst Marcel Bichmann confirmed that the net buy-to-sell ratio of top traders on the three major exchanges shows that professional traders did not buy aggressively.

But while Bitcoin is struggling at higher levels, some show altcoins’ strength. The BTCFuel Twitter account indicates that altcoins may enter the “last phase of the hype phase” and may peak in the summer.

Daily display of market data for cryptocurrencies. Source: Coin360
Glassnode data show that since the beginning of the year, investors have withdrawn almost 550,000 Ether (ETH) from central exchanges. Due to the outflow, the net Ether balance on stock exchanges decreased from 31.68 million Ethers in June 2020 to 21.72 million Ethers.

Can Bitcoin stay above the psychological level of $ 40,000, and will it shift the focus to Altcoins? Let’s check the lists of the top five cryptocurrencies to find out.

Bitcoin / US dollars
Bitcoin faces resistance at around $ 42,594, indicating that traders are cautious at higher levels. Now the price may slide against the moving averages, which is an important support you should be aware of.

BTC / USDT daily chart. Source: Trading View
If the price bounces off the moving averages, this means that the bulls are not waiting for a deeper correction to buy. This can improve the chances of an outbreak and a near over resistance from above. If this happens, the BTC / USDT may rise to $ 45,400 and then to the rising correlation resistance line.

Contrary to this assumption, if the price reverses and falls below the moving averages, the pair may fall to $ 37,000. A reversal of this support suggests that the pair may stay in the $ 37,000- $ 42,594 range for several days.

Bears must pull the price and keep below the channel support line to signal a resumption of the downtrend.

BTC / USDT on the 4-hour chart. Source: Trading View
The 4-hour chart shows that the Bears are defending the upper resistance at $ 42,594. If the price bounces off 20 EMA, the bulls will try to push the pair above the upper resistance level. If they do, the pair could rise to $ 45,400.

Conversely, if the price falls below the 20-EMA, this means that short-term traders can sell close to the upper resistance level. This can open the door for a possible fall to 50 simple moving averages. If this support is broken, the decline could expand to $ 37,000.

Moon / USDT
The Terra LUNA token returned from the 20-day EMA ($ 86) on March 18, indicating strong purchases at lower levels. Both moving averages are sloping upwards and the Relative Strength Index (RSI) is in the positive territory, indicating that buyers are in the lead.

LUNA / USDT daily chart. Source: Trading View
If buyers keep the price above $ 96, LUNA / USDT can challenge the all-time high of $ 105. An eruption and a closure over this resistance may signal a resumption of the uptrend. The pair can rise first to $ 115 and then to $ 125.

Alternatively, if the price reverses from $ 96, the pair may fall back to the 20-day moving average. An eruption and an end to this support means that the bullish momentum is waning. After that, the pair may fall to a strong support range of $ 75 to $ 70.

LUNA / USDT 4-hour chart. Source: Trading View
The pair is consolidating between $ 85 and $ 96. Although the bears pushed the price below $ 85, they failed to stay at the lower levels. This indicates strong purchases on dips. Both moving averages intersect, indicating that the movement will be limited in range in the short term.

If the price rises above $ 96, the benefit will shift to the benefit of the buyers, and then the pair can go up to $ 105.

Conversely, if the price drops from $ 96, the pair may fall to the moving averages and then to $ 85. The bears must pull the price and keep it below the support range $ 85- $ 82 to signal the start of a deeper correction.

The avalanche (AVAX) erupted and closed over the downtrend line to the sinking channel on March 18, indicating a possible trend reversal. However, the bears have other plans and are currently trying to bring the price back below the outbreak level.

AVAX / USDT daily chart. Source: Trading View
If the price reverses down from the current level, but bounces off the channel’s downtrend line, this indicates that the outbreak is valid.

Source: CoinTelegraph