Price Analysis 3/29: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TONBitcoin’s (BTC) recovery is showing hesitation near $70,000, but a positive sign is that the bulls have not ceded ground to the bears. Acheron Trading CEO Laurent Benayoun believes the current bull cycle has room to run and could top out between $120,000 and $180,000, buoyed by several factors such as the Bitcoin exchange-traded funds, the upcoming Bitcoin halving, and the likely reduction in interest rates.

Another bullish voice was that of Bitwise chief investment officer Matthew Hougan, who said in a memo to the investment professionals to “keep calm and take the long view.” Hougan believes that if global wealth managers allocate 1% of their portfolio into Bitcoin, that could result in an inflow of roughly $1 trillion into the space.

Crypto market data daily view. Source: Coin360

Although there are several bullish catalysts for Bitcoin to continue its rally in Q2 2024, trading firm QCP Capital cautioned that the current move was showing signs of exhaustion and the bulls may find it challenging to extend the uptrend.

Could Bitcoin and altcoins correct in the near term, or will their rally continue? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin has been stuck inside a tight range of $71,770 and $68,359 for the past few days, suggesting indecision between the bulls and the bears.

BTC/USDT daily chart. Source: TradingView

Generally, a tight consolidation near the highs is a positive sign as it shows that the bulls are holding on to their positions and not rushing to the exit. The rising 20-day exponential moving average ($67,274) and the RSI in the positive zone suggest that bulls have an edge.

The BTC/USDT pair will resume its uptrend if the price breaks above the $71,770 to $73,777 resistance zone. That could open the gates for a rally to $80,000.

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