Bitcoin is currently grappling with a crucial support region at the $80K mark, with sellers attempting to breach it.

If a breakdown occurs, the asset’s next target will be the critical $75K level.

Technical Analysis

By Shayan

The Daily Chart

Bitcoin sellers have been struggling to maintain the significant support at the $80K price range, which aligns with both the ascending channel’s lower boundary and the 0.618 Fibonacci level. The confluence of these support regions suggests a strong demand zone that could support the price and halt further declines.

However, if bearish momentum intensifies and sellers ultimately push below this decisive level, a drop toward the $75K mark will become likely. Bitcoin is currently trading within a tight range between $80K and $85K, and an impending breakout will provide a clearer outlook on the next move.

The 4-Hour Chart

On the lower timeframe, after dipping below the recent market low of $78K and triggering a liquidity hunt, BTC  entered a consolidation phase, exhibiting slight volatility.

The RSI indicator shows a bullish divergence, indicating that bearish momentum is fading and increasing the likelihood of a retracement toward the upper boundary of the descending wedge at $85K. In the short term, Bitcoin is expected to remain within this consolidation phase until a decisive breakout dictates the next trend.

On-chain Analysis

By Shayan

Analyzing futures market sentiment has consistently provided valuable insights into Bitcoin’s price trends. One of the most significant indicators in this regard is the funding rates metric, which reflects whether buyers or sellers dominate the futures market.

The chart shows that funding rates have been declining and even turning negative, signaling that sellers are aggressively opening leveraged short positions. While this pattern might initially appear bearish, it also mirrors the market behavior seen in the summer of 2024, when Bitcoin entered a prolonged corrective phase before staging a strong rally.

This suggests that the market may have entered a deep consolidation stage, which could persist in the mid-to-long term before resuming its upward trajectory.

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hyperliquid in greater detail.

Ethereum (ETH)

Ethereum fell by 13% this week after the price failed to hold above $2,000. With this key psychological level lost, buyers have retreated to the support found at $1,800. This latest drop in price puts ETH at bear market levels not seen since 2023.

In December 2024, this cryptocurrency entered into a downtrend that barely had any relief rallies since. This severe correction saw the price fall by almost 60% from its most recent high at $4,100.

Looking ahead, Ethereum is in desperate search of a bottom that can stop this downtrend. It’s still uncertain if the support at $1,800 will be able to stop sellers so that it can start a recovery.

Ripple (XRP)

Surprisingly, XRP continues to hold above $2 even though its price fell by 8% this week. Somehow, buyers managed to stop any pressure from sellers at this key level, which has already been tested several times.

At the time of this post, the asset is found around $2.3 and will need to move above $2.4 if it hopes to re-test the key resistance at $3. XRP has a good shot at that if buyers pick up momentum in the coming days.

Looking ahead, XRP looks much better than most altcoins making lower lows, like Ethereum. This makes it an outlier that may be quick to move higher once market sentiment improves. That would be confirmed if the $3 resistance is broken later on.

Cardano (ADA)

ADA had a difficult week after it crashed by 18% and returned to the key support at $0.64. So far, the price seems to hold above this level, but the momentum remains bearish even if the it was briefly above $1 at the start of March.

The resistance is found at $0.9 and this level has to turn into a key support if ADA is to return on an uptrend. Considering the overall altcoin market remains bearish, it is hard to see Cardano becoming an outlier.

Looking ahead, this cryptocurrency is found in a downtrend. Until this reverses, ADA’s price is likely to make new lows with $0.5 as a key level if the current support fails.

Solana (SOL)

Solana had another bad week. Its price fell by 12% after losing support at $134. With this level turned into key resistance, buyers have retreated to $105, which is currently the most important support level.

The chart of SOL looks very similar to Ethereum. It’s making lower lows which is characteristic of a clear downtrend. It is unlikely that a reversal will happen any time soon, but the support around $100 is a good candidate for a relief rally, at least.

Looking ahead, Solana may make new lows. If so, watch closely how the price will react around $100. Either way, this cryptocurrency must not lose a three-digit price, as that would be a major psychological blow to any bullish sentiment.

Hyperliquid entered the crypto space on a very high note with an excellent release of its HYPE token, which saw its valuation skyrocket in the first few weeks after launch. However, this sentiment quickly changed at the end of 2024.

Since February, HYPE’s price has been in a downtrend. It closed the week with an 18% loss after the support at $15 turned into resistance. Buyers have now retreated to $11, which could provide some relief in the future if sellers continue to maintain pressure.

Looking ahead, HYPE is found in a difficult spot with no clear reversal in sight. If nothing changes, the price could fall under $10 in the future. Such a discount could incentivize buyers to return and reverse this downtrend.

TL;DR

• Speculation is rising that the case between Ripple and the SEC could conclude before April 16, with the company supposedly negotiating a lower penalty.

• Analysts foresee a major price surge for XRP in the short term. The X user Crypto General targets $9, while EGRAG CRYPTO predicts an extreme rally to $27-$222, though such valuations would require a massive market cap increase.

• Dogecoin (DOGE) has dropped 15% in the past week. Analyst Ali Martinez suggests the coin remains bullish if it stays above $0.17, though it briefly dipped below before recovering.

Is the Case Inching Toward a Conclusion?

The US Securities and Exchange Commission (SEC) has changed its approach toward the digital asset industry following the departure of its former Chairman, Gary Gensler. Under the new regime led by Mark Uyeda, the agency dropped or paused several lawsuits against crypto entities, including Coinbase, Binance, Uniswap, Kraken, and more. However, perhaps the most notorious case against Ripple is still waiting for a resolution.

Over the past several weeks, there has been rising speculation that the two sides could soon shake hands on a mutual agreement. The popular attorney Fred Rispoli assumed that the official end of the legal battle might occur before April 16. The date marks Ripple’s scheduled filing of their appellate brief.

For her part, Fox Business journalist Eleanor Terrett claimed she has inside information that the lawsuit “is in the process of wrapping up and could be over soon.” According to her sources, the delay in shaking hands is due to Ripple’s legal team negotiating more favorable terms regarding the $125 million penalty that Judge Torres ordered on the company last summer. 

Terrett was also told that the SEC’s new leadership had been closely reviewing the case and now appears uncertain about whether the firm actually breached any rules. However, Judge Torres previously ruled that Ripple’s institutional sales of XRP did, in fact, violate federal securities laws.

XRP Price Outlook

An eventual conclusion of the case is expected to trigger substantial volatility in the price of Ripple’s native token. Currently, the asset is worth around $2.30 (per CoinGecko’s data), with numerous market observers envisioning a massive bull run in the near future.

The X user Crypto General recently suggested that XRP has been holding above the breakout level of $0.94, describing this as “a great sign of strength.” 

The analyst also said that the valuation has retested the support levels and appears ready for the next move to the upside.

“My target for the short term would be around $9. But overall, I am even more bullish, being a USA project and all the cases by SEC have been taken back, it is bound to pump hard,” they stated. 

Not long ago, EGRAG CRYPTO made an even more optimistic forecast. He believes XRP could be gearing up for the next “big leap,” predicting a price explosion in the $27-$222 range. 

However, such high levels would require the token’s market capitalization to skyrocket to at least $1.5 trillion, making the projection highly implausible. 

How’s DOGE Doing?

Last but not least, we will touch upon Dogecoin, whose price has been on a serious downtrend lately. As of this writing, the meme coin trades at $0.17, representing a 15% decline on a weekly scale.

Earlier this month, the popular X user Ali Martinez assumed that DOGE could remain on a bullish path as long as its value stays above the $0.17 support zone. 

Nonetheless, the price briefly plunged way below the depicted level over the past few days before the bulls stepped in again.