Price analysis 3/13: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

cointelegraph.com:

Three banks, Silvergate, Silicon Valley Bank and Signature collapsed within a span of a few days. That increased demand for United States government bonds, which sent the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8.

This was the largest 3-day decline since Oct. 22, 1987, following the stock market crash, when the yield fell 117 points.

Although the Federal Reserve announced the formation of a $25 billion Bank Term Funding Program to support businesses and households, the regional banks are taking it on their chin on March 13. This shows that equities traders remain nervous.

However, among all the mayhem, it is an encouraging sign to see Bitcoin (BTC) lead the cryptocurrency recovery from the front. Bitcoin climbed back above $24,000 on March 13, covering a large distance from the $19,549 local low hit on March 10.

Could Bitcoin and the major altcoins sustain their short-term bullish momentum? Let’s study the charts to find out.

The S&P 500 index (SPX) plunged below the 200-day simple moving average (3,940) on March 9 and followed that up with another downward move on March 10.

A break below the 200-day SMA is a bearish sign but if the price quickly turns up and climbs back above the level, it will suggest that the breakdown on March 9 may have been a bear trap.

The index could gain momentum after buyers thrust the price above the 20-day exponential moving average (3,986). There is a minor resistance at 4,078 but it is likely to be crossed. The index may then soar to 4,200.

On the downside, a break and close below 3,764 will suggest that the traders are rushing to the exit. That next support is at 3,700 and then 3,650.

The recovery in the U.S. dollar index (DXY) stalled just below the