Bitcoin (BTC) has experienced a significant recovery from its recent lows, and is expected to end the halving week with only a minor loss of around 1%. According to Farside Investors data, Bitcoin exchange-traded funds saw an inflow of $30.4 million the day before the halving, breaking a streak of five consecutive days of outflows. The Grayscale Bitcoin Trust (GBTC) has seen the majority of outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) has consistently attracted investments. Bitwise CEO Hunter Horsley believes that by the end of 2024, several wealth management firms will own Bitcoin ETFs, which will be a significant addition to the Bitcoin space.
In terms of Bitcoin price analysis, BTC has reached an important level at the 20-day exponential moving average ($65,850). If the price turns down sharply from this level, it could signal selling pressure from bears and a potential retest of the $60,775 to $59,600 support zone. However, if the price breaks above the moving averages, it could indicate a swing between $60,775 and $73,777. To open the doors for a rally to $84,000, the price will need to surpass the overhead resistance.
Moving on to Binance Coin (BNB), it has been trading within a range of $495 and $635, indicating a balance between supply and demand. Buyers have managed to push the price above the moving averages, suggesting a reduction in selling pressure. The pair may move towards the overhead resistance at $635, where bears are likely to sell aggressively. A breakout above $635 could lead to a journey towards $692, while a slide below $495 could result in a drop to $460.
Near Protocol (NEAR) has been falling within a descending channel pattern, indicating a bearish trend. However, a rise above the 20-day EMA ($6.15) suggests a reduction in selling pressure in the short term. The pair may attempt a rally to the resistance line, but if it turns down sharply, it could remain within the channel. To gain the upper hand, buyers will need to drive the pair above the channel and rally to $8 and $9.
Mantle (MNT) has broken out of the 20-day EMA ($1.18), indicating a possible takeover by bulls. However, the long wick on the candlestick suggests that bears are attempting to pull the price back below the 20-day EMA. If successful, the price may drop to the 50-day SMA ($1.09), and a break below this level could sink the pair to $1. On the other hand, if the price maintains above the 20-day EMA, it may rise to the 61.8% Fibonacci retracement level of $1.32.
Finally, Render (RNDR) has been in a corrective phase, but bulls are attempting a comeback by pushing the price above the downtrend line. The 20-day EMA ($8.90) has flattened out, indicating a possible weakening of bearish momentum. If the price remains above the 20-day EMA, the pair may rise to the 50-day SMA ($9.95) and $12. However, if the price turns down and sustains below the 20-day EMA, it could indicate a fake breakout and a potential drop to $7 and $6.
It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.