Bitcoin (BTC) price analysis: Breakout above the 200-day SMA could trigger a rally in altcoins

Bitcoin (BTC) closely followed the 200-day simple moving average at $84,359 on Sunday, suggesting that the bulls were not keen on giving up much ground. This indicated that the corrective phase may be coming to an end.

After a strong rally in March, cryptocurrencies encountered some selling pressure. However, the outlook remains optimistic as long as the price stays above the 200-day SMA.

Derive founder Nick Forster told Cointelegraph that the current pullback was a normal correction that Bitcoin experiences during long-term rallies. He also anticipates that Bitcoin’s cycle peak is yet to come.

A positive sign in favor of bulls is that the US spot Bitcoin exchange-traded funds (ETFs) have again started to witness inflows. According to Farside Investors data, spot Bitcoin ETFs have recorded $525 million in inflows since March 14.

Crypto market data daily view. Source: Coin360

However, not everyone is bullish on Bitcoin. CryptoQuant founder and CEO Ki Young Ju said in a post on X that Bitcoin could remain in a bearish or sideways trend for the next 6-12 months as the bull cycle is over.

“I think BTC will be in a bearish/sideways trend for at least 6-12 months from now. It's natural. We had 24 months of a bull cycle (from March 2020), and it's time for a correction (bear market or consolidation). Cycles are important in investing,” he said.

Could Bitcoin break out of the 200-day SMA, setting the stage for a rally in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin encountered selling at the 200-day SMA, but the bulls did not give up much ground, which suggests that they are not dumping their positions and that they expect a breakout in the near term.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The bullish momentum is expected to pick up on a break and close above the 20-day exponential moving average at $85,441. The BTC/USDT pair could then climb to the 50-day SMA at $91,904.

This optimistic view will be negated in the near term if the price turns down sharply from the 20-day EMA and breaks below $80,000. The pair may then tumble to $76,606. Buyers are expected to defend the $76,606 to $73,777 zone with all their might.

Ether price analysis

The narrow range trading in Ether (ETH) finally resolved to the upside on March 19, indicating that the bulls have overpowered the bears.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will try to halt the relief rally at the breakdown level of $2,111, but if the bulls prevail, the ETH/USDT pair could ascend to the 50-day SMA at $2,468. If this level is also crossed, the pair could surge to $2,850.

Instead, if the price turns down sharply from $2,111, it will signal that the bears are trying to flip the level into resistance. The bears will gain the upper hand if they sink and maintain the price below $1,800.

XRP price analysis

XRP (XRP) surged above the moving averages on March 19, opening the doors for a rally to the resistance line.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

If the price turns down from the resistance line, the XRP/USDT pair is likely to find support at the 20-day EMA at $2.36. A bounce off the 20-day EMA increases the likelihood of a breakout of the resistance line, which could propel the pair toward $3.

On the other hand, if the price trends down from the resistance and breaks below the moving averages, it heightens the risk of a drop to $2. Sellers will be in control on a close below $2.

BNB price analysis

BNB (BNB) closed above the 50-day SMA at $618 on March 17, but the bulls are struggling to sustain the higher levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The pullback is expected to find support at the 20-day EMA at $602. If the price rebounds off the 20-day EMA with strength, it will suggest a change in sentiment from selling on rallies to buying on dips. That increases the possibility of a breakout of the 20-day EMA,