Originally published on: April 12, 2024
Bitcoin’s recent dip to $65,000 on April 12 shows that the bears are still active, but Bitcoin whales are persisting in their purchases. With the Bitcoin halving looming in less than eight days, demand from these whales has exceeded the new supply for the first time in history. This trend, coupled with inflows into Bitcoin exchange-traded funds, suggests a possible upward push for Bitcoin’s price.
VanEck’s CEO notes that 90% of the recent Bitcoin ETF inflows came from retail investors, hinting at potential institutional investments from banks and traditional firms in the coming months. And venture capitalist Tim Draper remains bullish, predicting a surge for Bitcoin to $250,000 by year-end.
As the battle between bulls and bears unfolds, let’s analyze the charts of the top 10 cryptocurrencies to gauge the market sentiment.
Bitcoin (BTC) Analysis:
Despite Bitcoin’s recent bounce above the downtrend line, the failure to sustain higher levels indicates sell pressure at every rally. The 20-day EMA flattening out and RSI nearing the midpoint suggest weakening bullish momentum. A slide below the 50-day SMA could trigger a deeper correction to $60,000, followed by $54,298. However, a breakout above $73,777 would invalidate this bearish scenario.
Ether (ETH) Analysis:
Ether’s range-bound trading between $3,056 and $3,679 signals an equilibrium between buyers and sellers. A bounce off the $3,056 support level could prolong the consolidation phase, while a drop below it may initiate a correction to $2,717. To reclaim control, bulls must breach $3,679.
Altcoin Highlights:
– BNB: Bulls aim for $692 but face resistance at $645
– SOL: Watch for a break below $162 for a larger correction
– XRP: Consolidation mode between $0.56 and $0.69
– DOGE: Upside potential to $0.21, downside risk to $0.16
– TON: Bears aiming for $6.29 support, bulls eyeing $8.56
– ADA: Bearish bias below $0.57, potential target at $0.46
– AVAX: Bulls need to breach $42 for a rally, support at $35
– SHIB: Potential rally to $0.000039 if bulls break $0.000033
Takeaways for Cryptocurrency Investors:
As the crypto market navigates through bullish and bearish dynamics, investors should stay vigilant and adaptable. While the upside potential remains promising, a cautious approach in managing risks is vital. Stay updated on market trends and developments to make informed investment decisions that align with your financial goals.