Bitcoin has dropped 4.6% in the past seven days. The good news is that it hasn’t fallen below $80k, suggesting that the bulls are determined to protect that critical level at all costs. However, the bears may defeat them on April 2nd, when Donald Trump implements trade tariffs, which many analysts say could lead to massive price declines.
Despite growing fears over these tariffs, crypto ETFs have continued to attract buyers, with CoinShares reporting inflows worth $225 million in the past ten days. Furthermore, the largest institutional Bitcoin holder Strategy is still accumulating. On Monday, its CEO, Michael Saylor, revealed a $1.92 billion BTC purchase, bringing the firm’s Bitcoin holding to 528,185 coins.
So, can Strategy’s latest purchase encourage more investors to buy Bitcoin, thus pushing its price higher, or should we expect the asset to plunge below $80,000 this week? Let’s identify key levels to watch out for if any of the above scenarios play out.
Bitcoin Price Analysis
According to CoinGecko’s data, Bitcoin is valued at $82,908, above the $81,108 vital support. If the bulls maintain the coin above that level, they will enhance their chances of causing a recovery rally toward $87,000 and later to $89,400 after defeating the bears at the 50-day Simple Moving Average of $88,510.
On the other hand, if $81,108 breaks, $80,000 could be at risk of collapsing, leading to a price drop to the previous all-time high of $73,713, where we anticipate the start of a recovery rally.
Ethereum Price Analysis
Ethereum came near the $1,755 critical support on Monday but the bulls have pushed its price to $1,835 at press time. Still, the coin isn’t out of the woods yet. For the advantage to shift to the buyers’ side, a move above the 20-day Exponential Moving Average of $1,981.50 must happen. As such, Ether could rise above the $2,117 breakdown level and head toward $2,465.
On the contrary, if rejection occurs at $1,981.50, it would mean that the bears are determined to keep Ethereum at lower levels to improve the prospects of a drop to the $1,552 support.
XRP Price Analysis
The $2 vital support was violated on March 31st. As expected, the buyers bought the dip, pushing XRP to $2.11 as of this writing. Nonetheless, the bearish head and shoulder pattern is still active, signaling that the risk of a downside move still exists. If selling pressure increases, the $1.77 minor support could be the next stop for XRP. Moreover, a drop below $1.77 could lead to a deeper correction, with the bears targeting $1.26.
On the bullish side, XRP needs to cross above the 20-day Exponential Moving Average of $2.31 to limit a downside move. As such, the 50-day Simple Moving Average of $2.39 could be violated, allowing the coin to rally to $2.75.
Solana Price Analysis
As the demand for meme coins continues to decline, Solana is witnessing its price fall to lower levels every day. It is now trading at $124.97, according to data from CoinGecko. If SOL reaches the $120.63 vital support and the bulls fail to mount a defense, the likelihood of a drop to $110.58 and then to $100 will increase massively.
Conversely, a surge above the 20-day Exponential Moving Average of $132 could lead to a rally to the $148 resistance level.
