Bitcoin surpasses $70,000, S&P 500 faces resistance, and cryptocurrency prices analyzed. Key support and resistance levels discussed.

Bitcoin (BTC) bulls are maintaining their dominance and pushing beyond the $70,000 mark on March 11, underscoring sustained demand from traders. Bitwise Chief Investment Officer Matt Hougan, in a communication to investors, highlighted the anticipation among professional investors for the introduction of Bitcoin exchange-traded funds (ETFs).

Despite this, the appetite for Bitcoin ETFs remains robust. Dune's data reveals that spot Bitcoin ETFs now hold 4.06% of the current Bitcoin supply. If this purchasing trend persists, projections indicate that Bitcoin holdings within these ETFs could potentially reach 8.65% of the annual Bitcoin supply.

MicroStrategy's Founder and Chairman, Michael Saylor, shared in a recent post that the company acquired 12,000 Bitcoin at an average price of $68,477. This acquisition was funded through the proceeds of an $800 million convertible note offering. With this latest purchase, MicroStrategy's Bitcoin holdings now stand at 205,000, acquired at an average price of $33,706 per Bitcoin.

Market observers emphasize the importance of monitoring Bitcoin ETF inflows, as a sustained slowdown could negatively impact sentiment and potentially trigger a correction. Key support levels in Bitcoin and altcoins need careful scrutiny. Let's examine the charts for insights.

S&P 500 Index: Assessing Price Movement

The S&P 500 Index has been ascending within an upward channel pattern, encountering resistance on March 8. While upsloping moving averages favor buyers, a negative divergence on the relative strength index (RSI) suggests a potential correction or consolidation. A break below the channel may lead to intensified selling, targeting the 50-day simple moving average at 4,930.

Conversely, an upward bounce from current levels or the channel's support would signal sustained positive sentiment, with a successful breach above the channel initiating a rally toward 5,350.

U.S. Dollar Index: Analyzing Price Trends

The U.S. Dollar Index (DXY) slipped below the 20-day exponential moving average (EMA) on March 1, facing resistance despite attempts by bulls. Failure to surpass the 20-day EMA led to accelerated selling on March 6. The potential for a bearish crossover in moving averages and an oversold RSI indicate a bearish edge. The index may decline to 102 and possibly 101.

A recovery attempt could face selling at the 20-day EMA, with a breakthrough signaling a reduction in selling pressure and potential rise to 105.

Bitcoin Price Analysis: Bulls in Control

Bitcoin faced resistance below $70,000 over the weekend but surged past it on March 11, indicating strong demand from bulls. Rising moving averages and an overbought RSI signify buyer control, with the BTC/USDT pair eyeing $76,000 and $80,000. Caution is advised, with a close below the 20-day EMA signaling potential profit booking and a deeper pullback.

Ether Price Analysis: Overcoming Challenges

Efforts to pull Ether (ETH) toward the breakout level of $3,600 were countered by aggressive buying, propelling the price above $4,000. Further gains could lead to a rally to $4,372, though deep overbought territory on the RSI signals caution. A corrective phase may start if the price falls below the 20-day EMA ($3,505).

BNB Price Analysis: Uptrend Continues

BNB (BNB) remains in a strong uptrend, gaining momentum above $460. A potential resistance at $560 could be faced, but a resilient stance may lead to further uptrend with a target of $617. Critical support lies at $460, followed by the 20-day EMA ($433).

XRP Price Analysis: Bulls Reassert Control

Repeated attempts to sustain XRP (XRP) below the 20-day EMA ($0.60) were thwarted on March 11, with buyers pushing the price above $0.67. Further momentum could challenge resistance at $0.74, paving the way for an uptrend towards $0.85 and $0.95. A downturn from $0.74 may indicate bearish activity, with potential support at $0.67.

Solana Price Analysis: Bulls Defend Territory

Bears attempt a correction in Solana (SOL), but buyers resist, resulting in a shallow pullback. A move above $153 could resume the uptrend, targeting $184. Conversely, a break below $126 may accelerate selling towards the 50-day SMA ($110).

Cardano Price Analysis: Upholding Positive Momentum

Cardano (ADA) dipped to the breakout level of $0.68 on March 11, with strong buying evident. The upsloping 20-day EMA and positive RSI suggest an upside path. Buyers may propel the price to $0.80, with further targets at $0.90 and $1.25. A downturn below $0.68 may indicate bearish sentiment, risking a fall to the 50-day SMA ($0.59).

Dogecoin Price Analysis: Bulls Maintain Control

Bulls strive to keep Dogecoin (DOGE) above the breakout level of $0.16. An overbought RSI and a rising 20-day EMA indicate bullish dominance. A sustained price above $0.000018 could lead to retesting $0.21 and rallying to $0.26. A drop below $0.16 may signal a shift in control, with the 20-day EMA serving as a critical support level.

Shiba Inu Price Analysis: Consolidation Continues

Shiba Inu (SHIB) consolidates within a range of $0.000029 to $0.000039 after a sharp rally. The RSI correction suggests cooling markets, with potential further range-bound trading. A breakout below $0.000024 may favor bears, while an upward move beyond $0.000039 may signal bullish control, targeting $0.000046 and possibly $0.000065.

This article provides information and analysis without offering investment advice. Readers should conduct their own research before making any investment decisions.