Bitcoin (BTC) experienced a drop to a new low of $65,000 on April 12, suggesting that bearish sentiment still prevails. However, this hasn’t stopped Bitcoin whales from continuing to buy, especially with the Bitcoin halving just eight days away.
Crypto analytics firm CryptoQuant has reported that demand from Bitcoin whales has exceeded the supply of new Bitcoin for the first time in history. This increased demand from whales, combined with inflows into Bitcoin exchange-traded funds, could potentially drive the price of Bitcoin higher.
Jan van Eck, CEO of VanEck, revealed in an interview with Cointelegraph that 90% of the inflows into Bitcoin ETFs came from retail investors. He expects institutional investments from banks and traditional firms to start entering the market next month.
Renowned venture capitalist Tim Draper believes that Bitcoin remains a secure haven against inflation, predicting that its price will surge to $250,000 by the end of the year.
The question remains whether Bitcoin will challenge its all-time high or enter a corrective phase in the coming days. Let’s analyze the charts of the top 10 cryptocurrencies to gain some insight.
Bitcoin Price Analysis:
On April 10, the bulls managed to push Bitcoin back above the downtrend line, but they were unable to sustain the higher levels. This indicates that every minor rally is being sold into. The 20-day exponential moving average is flattening out, and the relative strength index (RSI) is near the midpoint, suggesting that the bulls are losing control. If the price slides below the 50-day simple moving average, a deeper correction to $60,000 and eventually to the 61.8% Fibonacci retracement level could occur. However, this negative view would be invalidated if the price turns up from the current level and breaks above $73,777.
Ether Price Analysis:
Ether (ETH) has been trading within a range of $3,056 to $3,679, indicating a balance between supply and demand. If the price drops to the strong support level of $3,056 and rebounds with strength, it suggests that the range-bound action may continue. On the other hand, if the price falls below $3,056, a deeper correction toward $2,717 could occur. The bulls need to push the price above $3,679 to regain control.
BNB Price Analysis:
BNB closed above the symmetrical triangle on April 10, and the bulls successfully defended attempts by the bears to pull the price back into the triangle on April 11. However, the long wick on the candlestick shows that the bears are aggressively defending the overhead resistance at $645. If they manage to pull the price back into the triangle, it could sink to the uptrend line. On the other hand, if the price turns up from the current level, it suggests that bulls continue to buy on dips, increasing the likelihood of a rally to $692.
Solana Price Analysis:
Solana bounced off the $162 support level on April 10 but failed to rise above the 20-day EMA, indicating selling pressure on rallies. If the price breaks below $162, a bearish double-top pattern could form, leading to a deeper correction. However, if the price rebounds from $162 and rises above the 20-day EMA, it suggests that consolidation may continue for a few more days. The next leg of the uptrend could start after buyers clear the overhead resistance at $205.
XRP Price Analysis:
XRP has been trading near the moving averages, indicating uncertainty about its next directional move. The flat moving averages and RSI near the midpoint suggest consolidation in the near term. The longer the time spent within the range, the greater the likelihood of a breakout. A break above $0.69 could lead to a surge to the overhead resistance at $0.74, while a drop below $0.56 could result in a decline to $0.48.
Dogecoin Price Analysis:
Dogecoin has been trading above the breakout level of $0.19, indicating bullish sentiment. The gradually upsloping 20-day EMA and positive RSI suggest an advantage for buyers. The price could rise to $0.21 and possibly retest $0.23. However, if the bears succeed in sinking the price below the 20-day EMA, it may fall to the 50-day SMA. A break below this support could lead to a possible fall to $0.12.
Toncoin Price Analysis:
Toncoin broke above the ascending channel pattern on April 11 but failed to maintain the momentum on April 12. The bears are attempting to pull the price back into the channel, potentially trapping aggressive bulls. If they succeed, the price may drop to $6.29 and then to the support line of the channel. However, if the price turns up from the current level and rises above $7.67, it indicates bullish strength and increases the likelihood of a rally to $8.56 and $10.
Cardano Price Analysis:
Cardano experienced a rebound off $0.57 on April 10 but failed to build upon it, indicating a lack of demand at higher levels. The bears pulled the price below $0.57 on April 12, completing a bearish head-and-shoulders pattern. The downsloping 20-day EMA and negative RSI suggest a downward trend, with the price potentially falling to the next major support at $0.46. However, this negative view would be invalidated if the price turns up and breaks above the 20-day EMA, leading to a potential rally to $0.68.
Avalanche Price Analysis:
Avalanche has been trading below the moving averages, with the bears attempting to push the price to $42. Buyers are expected to defend this level, as a failure to do so could result in a deeper correction to $35. On the upside, a break above the downtrend line would signal strength, potentially leading to a rally to $50, $60, and $65.
Shiba Inu Price Analysis:
Shiba Inu has been trading around the 20-day EMA, indicating a balance between buyers and sellers. A break above the downtrend line suggests an upward move, with a minor resistance at $0.000033. If this level is crossed, the price could rise to $0.000039. However, if the price falls below the 61.8% Fibonacci retracement level, it indicates bearish control, potentially leading to a decline to $0.000017.
This article does not provide investment advice or recommendations. It is important for readers to conduct their own research and make informed decisions.