Price analysis 3/7: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
The geopolitical tension between Russia and Ukraine has resulted in investors seeking safe-haven assets. Contrary to expectations by crypto investors, Bitcoin (BTC) has failed to rise along with gold and it remains closely correlated with the U.S. stock markets.
Lloyd Blankfein, former CEO of Goldman Sachs, said that the actions of governments freezing accounts, blocking payments and the inflating U.S. dollar should all be positive for crypto but the price action suggests a lack of large inflows.
On-chain data suggests that investors may be accumulating Bitcoin for the long term. Data from Santiment shows that 21 out of the past 26 weeks have seen Bitcoin move off the exchanges.
Could Bitcoin climb back above $40,000 and pull altcoins higher? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin has been attempting to form a base for the past few weeks. The price has been stuck inside an ascending channel with bulls buying on dips to the support line and bears selling on rallies to the resistance line.
The crisscrossing moving averages and the relative strength index (RSI) near 45, indicate a minor advantage to bears. If the immediate support at $37,000 fails to hold, the BTC/USDT pair could decline to the support line of the channel.
A strong rebound off this level will suggest that bulls are accumulating at lower levels. The bulls will then attempt to push the price above the moving averages. If they do that, the pair could rise to the resistance line of the channel.
The traders should keep a close watch on a break above or below the channel as that could start a strong trending move.
Ether (ETH) broke and closed below the support line of the symmetrical triangle pattern on March 6, indicating that the
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