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With a drop to 17 on the Fear and Greed Index, indicating that the market is in extreme fear territory, the market is plagued by a selling frenzy that saw the crypto market cap drop to $2.71 trillion.
Although the broader crypto market experienced a similar decline in late February, when it dipped to $2.63 trillion, President Trump’s announcement of the crypto strategic reserve helped it rebound on March 2nd, as renewed interest in crypto saw the market cap soar to $3.15 trillion.
The market’s leaders, Bitcoin (BTC) and Ethereum (ETH) are down 14.60% and 20.46% over the past 30 days, respectively, including today’s 3-4% losses. Are more losses incoming, or do current prices provide a dip buying opportunity ahead of the next rally?
Bitcoin Nears a Strong Buy Zone as Experts Predict a Surge for the Leading Cryptocurrency
Although Bitcoin maintained a steady pace above the $95,000 mark from January to late February, it has struggled to reclaim that level over the last two weeks, trading between $80,000 and $94,000, with the $94,000 level flipping from support to resistance.
Currently priced at $81,928, Bitcoin is expected to reach its next support level of $73,000, according to crypto analyst Alaoui Capital, who believes BTC could rebound following the dip.
Trading advisor Crypto Fella also expects a further dip, placing the target around the $78,000 level before BTC rallies, anticipating the leading cryptocurrency’s rise to a new ATH above the $120,000 mark.
With BTC’s 14-day Relative Strength Index (RSI) at 34.89, the token is slowly approaching oversold territory, which often indicates rebound potential.
Besides bullish short-term growth indicators, BTC’s addition to the US national reserve stockpile is more realistic than ever, as an evaluation by the Secretary of the Treasury is expected by early May, according to President Trump’s latest presidential order.
The presidential order also prevents the heads of each US agency from selling or otherwise disposing of their BTC holdings, which are currently worth $16.19 billion, according to data from Arkham.
Ethereum Holds Above Critical Support Levels Amidst Bearish Pressure
After soaring from $2,422 to above $4,000 following the US Election Day in November 2024, Ethereum saw a continuous downturn in its price. The leading altcoin was priced at $2,820 in late February and entered March at $2,182.
Although it is still above the $2,100 critical support level, currently priced at $2,103, ETH nearly dipped below $2,000 yesterday, which has crypto expert Tony Severino voicing bearish sentiment, as he doesn’t expect ETH to breach the $2,400 level resistance soon.
However, chart analyst Crypto Admiral believes ETH is capable of pushing above $2,460 which would help the token gain momentum and trigger a rally.
#Ethereum at a Critical Level! 👀$ETH is holding strong above $2,100, a key support that has been tested multiple times.
Bulls need to reclaim $2,460 for momentum!
Breaking this resistance could trigger a rally as 10.95M investors hold $ETH at this level! pic.twitter.com/1N014UF8Kc
— Crypto Admiral (@Crypto_admiral1) March 9, 2025
ETH’s 24-hour long/short ratio of 2.68 suggests that traders are confident in the token’s breakout potential, as only 27.66% are shorting it. If ETH manages to break past its 50-day Simple Moving Average (SMA) of $2,755, the token could see further gains in the short term.
According to AstroFrog, an analyst, ETH’s current price represents an excellent purchasing opportunity, as he believes the token won’t revisit levels below that price range in the future.
Solaxy and BTC Bull Token Gain Momentum Before the Potential Market Reversal
While now could be a good time to get Bitcoin and Ethereum on the cheap, traders are also stacking new altcoins ahead of the next bull run.
One such token is Solaxy, which is preparing to release its Layer 2 blockchain for Solana, which will launch after SOLX hits the DEXs and provide its users with faster transaction speeds. To deal with Solana’s congestion issues, the Solaxy Layer 2 will leverage rollups to bundle and process transactions off-chain, potentially resulting in lower gas fees for investors.
Solaxy has raised over $25 million through its presale phase, making it one of the fastest growing ICOs on the market.
Meme coin expert CryptoWire believes SOLX has “a lot of potential,” advising his followers to enter the presale while the price is low and highlighting the project’s generous 159% staking APY.
Currently, Solaxy costs $0.001659 each, but its price is scheduled to increase in just seven hours, leaving investors with limited time to secure it at a lower entry point.
The BTC Bull Token presale has unique ties to Bitcoin, as the project’s roadmap reveals its developers are ready to reward BTCBULL holders with airdrops and token burns as BTC climbs to $250,000.
According to the roadmap, those holding BTCBULL will receive BTC airdrops once the leading cryptocurrency hits $150,000 and $200,000. Plus, they will distribute 10% of the total token supply in BTCBULL once BTC reaches $250,000.
Investors can currently purchase BTCBULL for $0.002405 each using ETH, BNB, USDT, or a credit or debit card with no minimum investment required.
Meme coin analyst Danjo Capital Master pointed out that the presale already passed audits by Coinsult and SolidProof, which confirmed there are no critical threats to investor security.
The analyst encourages his audience to start accumulating BTC Bull Token ahead of its launch, anticipating a 50x surge for the token once it hits the DEXs.
This article first appeared at CryptoNinjas
