Price analysis 3/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

cointelegraph.com:

Bitcoin (BTC) soared on March 9 as the Dow futures recovered sharply and United States Treasury Secretary Janet Yellen’s statement on President Joe Biden’s executive order regarding digital assets, which was released a day earlier by error, contained positive statements about the crypto industry.

For the past few days, investors seem to have been accumulating cryptocurrencies at lower levels. CoinShares data for the week ending March 6 shows that cumulative inflows of $127 million into digital asset investment products were the highest since Dec. 12, 2021, and Bitcoin products saw an increase for the seventh consecutive week.

However, Bloomberg Intelligence senior commodity strategist Mike McGlone sounded cautious when he warned that the current geopolitical situation and surging crude oil prices caused a global recession, Bitcoin and Ether could face selling pressure initially. McGlone cautioned that if the U.S. equity markets plunge, Ether could drop to $1,700 because it is closely correlated to Nasdaq 100.

Could Bitcoin and altcoins sustain the higher levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

The failure of the bears to pull the price below the immediate support at $37,000 may have attracted strong buying by the bulls. Bitcoin has soared above the moving averages today.

The relative strength index (RSI) has jumped into the positive territory, indicating that the momentum may be turning bullish. If buyers sustain the price above the moving averages, the BTC/USDT pair could rise to the overhead zone between $45,000 and the resistance line of the ascending channel. The bears are expected to defend this zone with vigor.

If the price turns down from the overhead zone, the pair could extend its