It was a wild week for Bitcoin (BTC), which rose to a new all-time high of $73,777 but then quickly gave back all its gains and dropped near $64,500. As of publication time, Bitcoin is on track to end the week down marginally by about 1% over the previous week’s close.
Analysts anticipate a shallow correction as they believe lower levels will attract solid buying from the spot Bitcoin exchange-traded fund investors. Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, said on X that the fall is a “Bear Trap.”
Crypto market data daily view. Source: Coin360
The strength in the rebound will give a better idea of whether the correction is over or not. A weak recovery indicates continued selling pressure from the bears. That increases the possibility of a deeper pullback. On the other hand, a strong bounce will indicate aggressive buying at lower levels and enhance the prospects of the resumption of the uptrend.
Will Bitcoin’s correction stall, starting a recovery in select altcoins? Let’s look at the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin corrected sharply from $73,777 on March 14 and broke below the support line of the ascending channel pattern on March 16.
BTC/USDT daily chart. Source: TradingView
The bulls are trying to stall the decline at the 20-day exponential moving average ($65,564), but they are likely to face resistance at the breakdown level from the channel. If the price turns down sharply from the current level, the risk of a fall increases.
If the 20-day EMA gives way, the BTC/USDT pair could drop to $59,000 and then to the 50-day simple moving average ($55,303).
If bulls want to prevent the downside, they will have to push the price back inside the channel. That will indicate solid buying at lower levels. A break and close above $73,777 will indicate the resumption of the uptrend. The pair could then rally to $80,000.
BTC/USDT 4-hour chart. Source: TradingView
The moving averages have completed a bearish crossover but the relative strength index (RSI) has risen sharply, suggesting that the selling pressure may be reducing. The 20-EMA is likely…
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