Crypto: Price Predictions 3/6: Btc, Eth, Bnb, Xrp, Sol, Doge, Ada, Bch,...

Bitcoin sold off below $70,000 on Friday, leading analysts to conclude that this week’s breakout to $74,000 was a relief rally rather than a longer-lasting sign of a trend change. Analysts believe that Bitcoin will have to stay above the $68,000 level to continue its recovery. Several major altcoins have turned down from their overhead resistance levels, indicating that bears remain in control. Bitcoin’s (BTC) relief rally was rejected at the $74,000 level, and the bears have pulled the price below $68,500. Select analysts believe that BTC will have to hold the $68,000 to $70,000 zone to continue its short-lived bull trend. The big question on traders’ minds is whether BTC has bottomed out or if it could fall further. Coinbureau CEO Nic said in a post on X that BTC’s price relative to gold has historically “taken about 14 months to go from peak to bottom.” The bottom of the ratio has been followed by a sharp rally of more than 300% in BTC on every occasion. The current 13-month decline from the previous ratio peak suggests that BTC may be close to bottoming out. Not everyone believes that BTC’s bear market may be ending. On-chain analytics company CryptoQuant said in a post on X that BTC is in a bear market as per their Bull Score Index, which remains deep in bearish territory. The platform said data shows the current rally is “likely just a relief rally, not the start of a new bull phase.” Could BTC and select major altcoins hold on to their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out. BTC turned down from the breakdown level of $74,508 on Thursday, indicating that the bears are defending the level with all their might. The 20-day exponential moving average ($69,003) is the critical support to watch out for on the downside. If the Bitcoin price turns up from the 20-day EMA, the bulls will again attempt to clear the obstacle at $74,508. If they can pull it off, the BTC/USDT pair may soar to $84,000. Such a move suggests that the pair may have bottomed out at $60,000. On the contrary, a close below the 20-day EMA may pull the price to the support line. This is a vital level to keep an eye on as a break below the support line tilts the advantage in favor of the bears. The pair may then collapse to $60,000.