The bears remain in control but they may find it difficult to sink Bitcoin and select altcoins below their strong support levels.
in the Fed’s March meeting to about 70% from 30% a week earlier, FedWatch Tool data suggests.
The U.S. dollar shot up and the S&P 500 plunged after Powell’s comments on March 7 but a minor positive in favor of the cryptocurrency investors is that Bitcoin stayed relatively calm. The next trigger that could influence the markets is the February Jobs report to be released on March 10.Although the macroeconomic environment is not favorable for risky assets, Bitcoin has shown relative resilience.
Will Bitcoin and the major altcoins continue lower or is a rebound around the corner? Let’s study the charts of the top-10 cryptocurrencies to find out.The bulls are finding it difficult to push Bitcoin back above the breakdown level of $22,800. This suggests a lack of aggressive buying at current levels. That could pull the price down to the crucial support of $21,480. This is the make-or-break level in the near term.
If the price breaks below $21,480, the bears will fancy their chances. They will then try to yank the price to the psychologically important level of $20,000. Buyers are expected to defend the zone between $21,480 and $20,000 with all their might because a break below it may witness aggressive selling.
If bulls want to prevent the sharp decline, they will have to quickly push the price back above the moving averages. That could signal a possible range-bound action between $21,480 and $25,250.
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