Price analysis 3/27: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

cointelegraph.com:

The news and events related to the banking crisis in the United States and Europe have led to a rotation of funds into investments considered less risky. According to the Financial Times, the U.S. money market funds in March witnessed an inflow of $286 billion. 

Along with money market funds, a portion of the money may also have seeped into the crypto industry. The increased demand could be one of the reasons for Bitcoin’s (BTC) strong performance in March.

The big question in crypto investors’ minds is whether the recovery will continue or if it is time to book profits in Bitcoin.

Bitcoin hodlers seem to be confident in the long-term story and are not getting lured into selling their holdings after the recent rally. According to Glassnode data, the percent of Bitcoin supply that has remained dormant since March 2021 has hit a new all-time high.

If the banking crisis is contained, it may lead to a short-term correction in Bitcoin and altcoins but any further problems in the legacy banking system may continue to attract investments into Bitcoin. Let’s study the charts to find out the critical support and resistance levels in Bitcoin and altcoins.

The S&P 500 index (SPX) is trading inside a descending broadening wedge pattern. The bulls tried to push the price above the wedge on March 22 but the bears held their ground.

Buyers pushed the price above the 20-day exponential moving average (3,964) on March 27 but the long wick on the day’s candlestick shows that bears are in no mood to relent. Sellers will try to sink the price below the 200-day simple moving average (3,931). If they succeed, the index could drop to 3,800.

Contrarily, if bulls defend the moving averages, it will suggest demand at lower levels. The bullish momentum