Bulls Aim To Regain Control Of Bitcoin, Altcoins: Are Charts Bullish?

Bitcoin (BTC) continues to face significant resistance at the $72,000 level, but the bulls have kept up the pressure. Trader Daan Crypto Trades said in a post on X that BTC will have to cross and stay above the $72,000 resistance area to “test the $80Ks again.”

Markets tend to hate uncertainty, but BTC’s resilience since the start of the US and Israel-Iran war shows that traders are not keen to sell at lower levels. CryptoQuant analyst Darkfost said in a post on X that March has mostly recorded BTC outflows from crypto exchanges. Although the demand is not sufficient to start a new uptrend, it does signal accumulation by investors.

Crypto market data daily view. Source: TradingView

One of the reasons for accumulation could be that investors believe BTC is in value territory. Capriole Investments founder Charles Edwards said in a post on X that BTC is in deep value when the BTC Yardstick metric is considered. In February, the Yardstick numbers fell below the 2022 bear market low reading.

Could BTC and select major altcoins maintain above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC continues to trade inside a bullish ascending triangle pattern, a sign that buyers are attempting a comeback.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day exponential moving average ($70,303) and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears. Buyers will have to drive and maintain the BTC price above the $74,508 resistance to complete the ascending triangle. If they manage to do that, the BTC/USDT pair may rally to $84,000.

This positive view will be negated in the near term if the price turns down and breaks below the support line. That signals the bulls have given up. The pair may then plummet to the $62,500 to $60,000 support zone.