Price analysis 3/10: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB
Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment.
In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about the future of crypto sector regulation.
The selling momentum continued on March 10 and pulled Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their important support levels.
But a minor positive in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose 311,000 for the month, above estimates of an increase of 225,000, the average earnings rose less than anticipated. That reduced expectations of a 50 basis point rate hike in the Federal Reserve’s March meeting from 68% on March 9 to 42% on March 10.
What are the important levels on the upside that will signal a sustained recovery in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin sliced through the $21,480 support on March 9 with ease. The selling continued on March 10 and the price broke below the crucial support at $20,000.
The fall of the past few days has sent the relative strength index (RSI) into the oversold zone. This suggests that the selling may have been overdone in the near term and a recovery may be possible.
During a sharp fall, markets usually tend to overshoot on the downside. The same may have happened here. The bulls will try to start a rebound off the current levels but may face strong resistance at higher levels.
The bears will try to flip the $21,480 level
Read more on cointelegraph.com
