Bitcoin (BTC) made a new all-time high at $73,650 on March 11. One of the main reasons for Bitcoin’s sustained rally is the solid demand for the spot Bitcoin exchange-traded funds. Data shows a new record of more than $1 billion in inflows into Bitcoin ETFs on March 12.Â
The insatiable appetite for Bitcoin ETFs far exceeds the newly mined Bitcoin supply in 2024. Compared to about 65,500 Bitcoin mined in 2024, the two largest Bitcoin ETFs have gobbled up more than 330,000 Bitcoin. A strong demand is likely to limit the downside in the near term. Bernstein analysts anticipate Bitcoin to reach $150,000 by mid-2025.
However, nothing goes up in a straight line. Every bull market has its share of corrections. Sentiment can change quickly if a pullback starts. Data from IntoTheBlock shows that 100% of Bitcoin holders are in profit. That may cause a sell-off if Bitcoin breaks below crucial near‑term support.
Could Bitcoin start a correction from the current levels, resulting in a pullback in select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bears tried to start a pullback at $73,000, but the long tail on Bitcoin’s March 12 candlestick shows solid buying on intraday dips.
The markets remain volatile as cryptocurrencies often experience sharp price swings. These swings can impact not only Bitcoin but also the broader market of altcoins.
The charts indicate a potential short-term pullback, but overall sentiment remains positive among major holders.
While Bitcoin’s continued rise is supported by ETF inflows, a significant correction could also affect altcoin performance.
In addition, the daily cryptocurrency market performance is influenced by large institutional inflows.
Ether price analysis
Ether (ETH) showed a pullback in early March, but buying on intraday dips continues.
Buyers are trying to drive the price above the immediate resistance of $4,100. If they can pull it off, the ETH/USDT pair could start the next leg of the uptrend.
Buyers are also hoping the ETH/USDT pair remains above the critical support level of $3,600.
Nevertheless, large traders are also watching the market’s momentum across the entire trading day.
BNB price analysis
BNB (BNB) experienced a daily pullback, but buying continues on intraday dips.
Buyers are trying to keep the BNB/USDT pair above a critical support level.
Buyers also anticipate a positive impact from large institutional inflows on the BNB/USDT pair.
The critical support level for BNB is $2,800.
BNB price analysis
BNB (BNB) showed a pullback in early March, but buyers continue to hold positions above the critical support level.
The critical support level for BNB is $3,850.
The buyers also look to drive the BNB/USDT pair toward the next upside trend.
The BNB/USDT pair is also influenced by changes on the broader market environment.
BNB price analysis
BNB’s trend appears resilient to potential short‑term corrections.
The BNB/USDT pair is expected to maintain a positive trend driven by ETF inflows and institutional activity.
The market conditions for BNB remain favorable, reflecting institutional support for short-term gains.
The critical support level for BNB is $1,300.