Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH) Price Analysis for March 8

Bitcoin has been making headlines with its recent strength above $100,000, leading to a steady rise.

However, a closer look at the chart reveals a more nuanced perspective: Bitcoin may still be in a concealed downtrend.

Despite reaching a higher high since its peak in late 2024, it has failed to generate bullish sentiment.

The daily chart's descending trendline serves as the primary indicator. Bitcoin has yet to make a clear move above this resistance, suggesting a lack of evidence for a complete uptrend.

To fully establish its upward trend, Bitcoin needs to decisively breach its previous peak of around $110,000.

Until then, its price action remains within a mixed zone, and any rejection below this level could strengthen the hidden downtrend.

Another aspect contributing to the uncertainty is Bitcoin's volume profile.

Despite a recent uptick, it has not yet reached the levels observed during its previous peaks.

This may indicate a lack of intense buying power to propel Bitcoin past its current resistance.

However, the ability of Bitcoin to hold steady above the 50 EMA and maintain its value around $100,000 provides hope for the bulls.

These levels act as strong support, and a breakout is still possible as long as Bitcoin remains above them.

In the upcoming period, Bitcoin faces a pivotal juncture.

A breakout above $110,000 would invalidate the hidden downtrend and signal a return to bullish momentum.

Conversely, a failure to breach the trendline and a drop below $90,000 could confirm a wider correction.

Dogecoin eyes potential breakout

A sustained move above $0.40 with the ability to maintain momentum past the 50 EMA could see Dogecoin targeting the $0.45-$0.50 zone.

This bullish outlook is also supported by the volume, which shows a noticeable increase in buying pressure, essential for DOGE to continue its current bullish attempt.

However, a failure to hold above $0.40 would revive the bearish trend that has been present since mid-December.

Breaking this resistance level would open up possibilities for a larger rally if it were to occur.

Should DOGE fail to maintain its position above the resistance, bears could regain control and push the price back down to $0.30 or lower. In that scenario, DOGE would likely enter a prolonged consolidation phase.

Ethereum still suppressed

But the resistance levels at the 50 EMA - roughly, the $3,557 and $3,800 mark - are proving difficult to break through.

The price has repeatedly failed to close above these crucial levels, indicating a lack of bullish momentum.

A dreary picture is also painted by the current volume, which indicates little buying interest and feeds bearish sentiment.

The likelihood of a deeper retracement rises if Ethereum is unable to break through the 50 EMA and gain traction above $3,800.

The 200 EMA, which has served as ETH's effective defensive line thus far, is located close to $3,120, the next support.

Should there be a breakdown below this threshold, additional drops might be possible, reaching $2,900 or less.

A successful breach above $3,800, on the other hand, might reignite bullish sentiment and move Ethereum closer to the psychological level of $4,000 and higher.

This article was originally published on U.Today