Cryptocurrency Price Prediction: Selling pressure from spot BTC ETFs led to a notable correction during the week, with $888 million in outflows from the $10 ETF. Major assets such as Bitcoin and Ethereum posted weekly losses of 5% and 8%, respectively. However, supply pressures eased over the weekend, with uncertain sideways movement across most major assets.
If the downtrend observed in spot ETFs continues next week, BTC prices could extend the correction below $60,000, leading to increased selling pressure across the market.
Also read: Bitcoin ETF weekly outflows hit $900 million as crypto market crashes, what's next?
1) Bitcoin (BTC)
Bitcoin is a decentralized digital currency that uses blockchain technology for security and transparency and allows peer-to-peer transactions without the need for a central authority.
Bitcoin’s ongoing correction can be tracked using the resistance trendline, where the price drops from $73,808 to $65,067 within two weeks. This 11.8% decline is currently seeking support at the 38.2% Fibonacci retracement level, a technical tool that indicates a healthy retracement stage for an asset.
Bitcoin's market capitalization remains at approximately $1.27 trillion, with a 24-hour trading volume of $23.25 billion. The renewed buying interest in the BTC ETF could push the coin price higher and rebound, fueling recovery sentiment in the market.
A bullish breakout from the overhead trend will provide decent support for buyers and lead to an increase to $69,000 and then to $73,800.
Also read: Over $1 billion in Bitcoin withdrawn from Coinbase in massive shift
2) Dogecoin (DOGE)
Created as a joke in 2013, Dogecoin has evolved into a prominent cryptocurrency with a loyal community. The Shiba Inu from the “Doge” meme will appear as the mascot.
Dogecoin price is currently trading at $0.17, up 6.5% intraday over the past 24 hours. The company's market capitalization is approximately $24.7 billion, supported by trading volume of $2.94 billion during the same period.
Analyzing the daily chart, we can see that DOGE's price correction resonates within two converging trend lines, forming a pennant pattern formation. This bullish continuation pattern suggests that recovery sentiment among traders is likely to pick up again, reinforcing an upside breakout from the triangle.
A successful breakout would release the bullish momentum build-up and set the coin price to rise above $0.2 and reach $0.26.
Conversely, a breakdown below the lower trendline could extend the downtrend to $0.105.
Also read: Could Dogecoin (DOGE) price reach $1 in March due to surge in whale trading?
3) Toncoin (TON)
TON (The Open Network) is a high-performance multi-blockchain platform originally started by the creators of Telegram Messenger. Revived by the community, TON aims to provide fast and secure transactions and decentralized services such as decentralized storage, anonymous network functionality, and payment systems.
Ignoring the current market correction, Toncoin has shown remarkable volatility this week with its price increasing from $3.3 to $4.8, recording a growth of 45.8%. This recovery increased the coin's market capitalization to $16.8 billion, making it the 11th largest cryptocurrency, surpassing Shiba Inu.
The altcoin is currently receiving overhead supply at $5.14, suggesting that Toncoin price may retest the $4.6 level as potential support. If this breakout holds, TON price could rise and chase potential targets of $5.6 and then $6.6.
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The short-term trend in the cryptocurrency market is currently bearish, led by a correction trend in the leading digital asset, Bitcoin. The downward momentum has temporarily halted, with Bitcoin gaining buying interest at the key psychological level of $60,000. However, potential buyers should wait until there is more certainty of a recovery, as increased withdrawals from spot ETFs are supporting the continued decline.
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