Bitcoin (BTC) has experienced a strong recovery after reaching its lowest point of the week. It is expected to end the halving week with only a minor loss of around 1%. Recent data from Farside Investors shows that Bitcoin exchange-traded funds (ETFs) saw an influx of $30.4 million the day before the halving, breaking a streak of five consecutive days of outflows. The Grayscale Bitcoin Trust (GBTC) had the majority of outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) continued to attract investments. According to Bloomberg Intelligence ETF analyst Eric Balchunas, the IBIT has seen 69 straight days of inflows.
The inflows into Bitcoin ETFs are expected to continue growing in strength, with Bitwise CEO Hunter Horsley predicting that several wealth management firms will own Bitcoin ETFs by the end of 2024. Horsley believes that these firms, which are “long only” and focused on Bitcoin, will be a significant addition to the Bitcoin space.
Now let’s analyze the charts of the top 5 cryptocurrencies that appear to be strong and may overcome their respective resistance levels.
Bitcoin Price Analysis:
Bitcoin’s recovery has reached an important level at the 20-day exponential moving average ($65,850). If the price sharply turns down from this level, it indicates that bears are selling on rallies and could result in a retest of the support zone between $60,775 and $59,600. However, buyers are expected to defend this zone vigorously as a breakdown could trigger further selling, pushing the BTC/USDT pair down to the 61.8% Fibonacci retracement level of $54,298. On the other hand, if the price breaks above the moving averages, it suggests that the pair may continue trading between $60,775 and $73,777 for some time. To initiate a rally to $84,000, the bulls will need to drive the price above the overhead resistance.
Binance Coin Price Analysis:
Binance Coin (BNB) has been range-bound between $495 and $635, indicating a balance between supply and demand. The recent push above the moving averages on April 20 suggests that selling pressure is decreasing. The BNB/USDT pair could move towards the overhead resistance of $635, where bears are likely to sell aggressively. If the price sharply turns down from this level, the range-bound action may continue. The next trending move is likely to start on a break above $635 or below $495. A break above $635 could initiate a journey towards $692, while a slide below $495 could lead to a drop to $460.
Near Protocol Price Analysis:
Near Protocol (NEAR) has been falling within a descending channel pattern, indicating a bearish trend. However, the recent rise above the 20-day EMA ($6.15) suggests that selling pressure may be reducing in the short term. The NEAR/USDT pair will attempt a rally to the resistance line, where bears are likely to sell aggressively. A sharp turn down from the resistance line would indicate that the pair may remain within the channel. To gain the upper hand, buyers will need to drive the pair above the channel, signaling a short-term trend change and potentially rallying to $8 and $9.
Mantle Price Analysis:
Mantle (MNT) broke out of the 20-day EMA ($1.18) on April 20 after consolidating between the moving averages. This suggests that bulls are attempting to take charge. However, the long wick on the April 21 candlestick indicates that bears are still attempting to bring the price back below the 20-day EMA. If they succeed, it may trap aggressive bulls and push the price down to the 50-day SMA ($1.09). On the other hand, if the price maintains above the 20-day EMA, it suggests that bulls are defending the level. The pair may then rise to the 61.8% Fibonacci retracement level of $1.32, and if that level is breached, the next target could be $1.51.
Render Price Analysis:
Render (RNDR) has been in a corrective phase, but recent bullish movement has pushed the price above the downtrend line. The 20-day EMA ($8.90) has flattened out, indicating a weakening bearish grip. If the price remains above the 20-day EMA, the RNDR/USDT pair could rise to the 50-day SMA ($9.95) and potentially to $12. However, if the price turns down and stays below the 20-day EMA, it suggests that the breakout may have been a false move. The bears may then try to push the price down to $7 and later to $6.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make their own decisions.