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Bitcoin, on March 5th, soared above $69,200 to hit a new peak, but later succumbed to intense selling that pulled its price below $60,000. According to blockchain data analysis platform Coinglass, this capitulation resulted in a loss of $1.17 billion due to liquidations in the futures market. So, what can we expect from the Bitcoin and Ethereum fronts? Let’s take a look.
Bitcoin Chart Analysis
Bitcoin has been in a strong uptrend for the past few days. Investors are viewing any pullbacks during this rise as buying opportunities, as demonstrated by the events of March 5th. Bulls aggressively bought the dip to the 20-day exponential moving average at $58,131, indicating strong demand at lower levels. Buyers are trying to maintain the uptrend by pushing the price above $69,000. If successful, the BTC/USDT pair could initiate the next leg of the uptrend to $76,000 and then on to a journey towards $80,000.
For the bears, time is running out. If they want to initiate a correction in the near term, they need to defend the $69,000 level and pull the price below the 20-day EMA. In such a case, the pair may witness a long squeeze, and the Bitcoin price could drop to the 50-day simple moving average at $49,107.
Ethereum Chart Analysis
Ethereum, on March 4th, broke above the $3,600 resistance and attempted to extend its uptrend on March 5th, but the bears had other plans. Strong selling pushed the price down to the 20-day EMA average of $3,233, and buyers stepped in to halt the decline. This indicates a positive scenario where bulls are defending the 20-day EMA level.
Bulls continue to buy Ethereum, keeping the price above $3,822. If they succeed, the ETH/USDT pair is likely to rise to $4,000 and then to $4,150. If bears want to halt the upward movement, they need to push the price below the breakout level of $3,600. This could deepen a pullback to the 20-day EMA level and potentially cause Ethereum’s price to lose momentum.
The most significant news attracting investors’ attention for Ethereum is the optimistic process regarding spot Ethereum ETF applications. Many investment firms, including BlackRock, are eyeing a positive step from the SEC. If the applications are approved, Ethereum’s price could experience a significant surge.
