Crypto Technical Analysis: Indecision bias becomes more evident, even in BTC

With only one week left before the end of March, it is worth noting that the cryptocurrency market has once again begun to show a consistent indecision bias. This is because, although some major cryptocurrencies have managed to close the week with positive movements, others have started to show notable weakness, reflecting a mixed short-term behavior and reducing the relevance of the bullish bias observed during the previous week.

This has once again given way to a possible neutral scenario within market movements. Even Bitcoin, as the main reference asset, has begun to show more sideways price action, which reflects that market appetite has weakened again and that an indecision bias could remain present during the coming trading sessions.

Performance of major cryptocurrencies

Source: Data - StoneX, Tradingview

• The cryptocurrency with the highest appreciation during the week is Ripple, which shows a gain of 2.51% compared to the previous week’s closing prices, positioning itself as the asset that has managed to maintain greater short-term stability. On the other hand, the most affected has been Dogecoin, which registered a decline of -2.92%. Despite having shown strong gains in previous weeks, weakness has once again become part of its recent price action. Overall, weekly performance has remained in a mixed environment, suggesting that the market has not been able to establish a clear direction in the short term.
   

• When analyzing the last ten weeks, the crypto market continues to trade well below the levels observed at the end of 2025, maintaining a dominant bearish bias in the medium term, which has not yet been fully eliminated. In this period, Solana accumulates a decline of -34.53%, being the cryptocurrency that has faced the greatest difficulty in recovering, while Bitcoin shows a drop of -22.79%, reflecting relatively greater stability compared to the rest of the market. However, recent recovery attempts have not been sufficient to reverse the accumulated losses over this period, meaning that long-term selling pressure remains relevant.
   

• A similar dynamic is observed year-to-date, where all major cryptocurrencies are trading below their opening prices. Once again, Solana (-28.38%) and Ethereum (-28.36%) lead the losses, while Dogecoin (-20.15%) shows a smaller decline, positioning itself as one of the assets that has managed to recover more ground relative to its peers, despite its recent weakness.
   

• Bitcoin, as the main reference of the market, has begun to show smaller variations compared to the previous week. The weekly price variation barely reached $1,500, reflecting lower movement intensity. Although the price attempted to remain above the psychological 70k level, it has also recorded lows near the 68k zone, showing that the bullish momentum from the previous week has not been able to consolidate. This has once again led to a phase of indecision in the market.
   

• In general terms, the week has been mixed and neutral, where the indecision bias once again becomes relevant. If this lack of clear direction persists, it could lead to the formation of more consistent sideways ranges in the coming trading sessions.

Colors from red to green – red for negative correlations and green for positive correlations

Source: Data - StoneX, Tradingview

From a correlation perspective, cryptocurrencies have once again shown a high similarity in their movements relative to Bitcoin, with correlation coefficients above 0.7 across the main cryptocurrencies. This reflects a strong relationship in price movements over the last 20 sessions.

It is important to note that this indicator may change over time. However, at present, this correlation does not reflect a structured market recovery, but rather an alignment within an indecision environment, with moderate recoveries and persistent weakness.

Overall, the market continues to show a mixed behavior, where the increase in positive correlation reflects more of a generalized neutral phase than a solid recovery. For now, no major cryptocurrency has managed to show strong directional moves, suggesting that indecision could continue to dominate in the short term.

 

Bitcoin returns to sideways movements

Source: StoneX, Tradingview

Although at certain points during the week Bitcoin attempted to show a more consistent recovery, this has not been enough to break out of the short-term indecision range. At present, this behavior remains the dominant technical pattern. As long as price action fails to develop a clearer directional move, the sideways range and indecision are likely to remain relevant in the coming sessions.

Indicators:

• At this moment, both the RSI and the MACD remain oscillating near their neutral levels (50 for RSI and 0 for MACD). This reflects a balance between buying and selling pressure, as well as in the strength of short-term moving averages. This behavior suggests a lack of clear direction in price action and, as long as indicators remain at these levels, indecision is likely to continue dominating market movements.

Key levels:

• 79,200 USD – Key resistance: Area of recent highs that coincides with the formation of the long-term downward trendline. Price movements toward this level could begin to challenge the bearish structure and open the door to a more relevant bullish bias.
   
• 70,000 USD – Near-term barrier: Important psychological level aligned with the 50-period moving average. Failure to move decisively away from this level could continue reinforcing a sideways scenario.
   
• 60,800 USD – Key support: Level not seen since October 2024. A sustained break below could reactivate the downtrend and bring back a dominant bearish bias.

 

Ethereum remains trapped within a major downward trendline

Source: StoneX, Tradingview

Although Ethereum has attempted to show a recovery during the past week, its price action remains trapped within a long-term downward trendline, which continues to be the dominant pattern on the chart. As long as stronger bullish movements fail to develop, this structure will continue to guide price behavior. If weakness returns, the downtrend could remain dominant during the coming sessions.

Indicators:

• Both the RSI and the MACD remain close to their neutral levels, suggesting that the market continues to be in a balanced phase. This reflects that indecision remains a relevant factor within the broader bearish structure and, unless clearer signs of strength emerge, this behavior could persist.

Key levels:

• 2,718 – Key resistance: Previous highs located above the downward trendline. Price movements toward this level could open the door to a potential structural shift.
   
• 2,312 – Near-term barrier: Level aligned with recent highs. Sustained moves above this zone could begin to weaken the current bearish trend.
   
• 1,816 – Key support: Level aligned with relevant lows. A break below could reinforce the bearish bias and extend the current structure.
   

Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25