Bitcoin’s recent rally to a new all-time high and subsequent consolidation indicate that the bulls are staying put in anticipation of further gains. According to a report by Santiment, Bitcoin whales who hold between 1,000 and 10,000 Bitcoin have accumulated an additional 266,000 BTC since the beginning of 2024.
It’s not just whales who are buying, as traditional finance companies can now invest in Bitcoin through spot Bitcoin exchange-traded funds. Two US financial advisers recently invested $20 million each in the Fidelity Wise Origin Bitcoin Fund (FBTC), surpassing the previous high investment of $17 million in BlackRock’s iShares Bitcoin Trust (IBIT).
While analysts remain bullish in the long term, the short-term outlook is uncertain. Fidelity Digital Assets believes that Bitcoin is no longer undervalued and is trading at fair value. The company has downgraded its medium-term outlook for Bitcoin from positive to neutral. Chris Kuiper, the investment firm’s director of research, stated that Bitcoin is currently at the halfway point of the market cycle, with historical gains typically seen in the latter half of the cycle.
Now let’s take a look at the important resistance levels that Bitcoin and other altcoins need to overcome to signal the end of the corrective phase. We’ll analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin’s price analysis:
Bitcoin recently broke above the 20-day exponential moving average ($65,855) on April 22, but faced resistance at the 50-day simple moving average ($67,509). Both moving averages have flattened out, and the relative strength index (RSI) indicates a balance between supply and demand. If the price falls below the 20-day EMA, the BTC/USDT pair could drop to $60,775. However, if the price breaks above the 50-day SMA, it will suggest that lower levels are attracting buyers, potentially pushing the pair to $73,777 and eventually $84,000.
Ether’s price analysis:
Ether attempted to break above the 20-day EMA ($3,237) on April 24 but was met with resistance from the bears. If the price remains below the 20-day EMA, the ETH/USDT pair risks a breakdown below $3,056, potentially retesting the critical support at $2,852. However, if the price turns up and breaks above the 20-day EMA, it could indicate a reduction in selling pressure and push the pair to the 50-day SMA ($3,466) and then to $3,679.
BNB’s price analysis:
BNB has been gradually moving towards $635, where strong selling pressure from bears is expected. If the price turns down sharply from $635, the BNB/USDT pair may remain range-bound and drop to the moving averages and then to $495. However, if buyers manage to overcome the resistance at $635, it may signal the start of the next leg of the uptrend, potentially reaching $692 and eventually $775.
Solana’s price analysis:
Solana has reached the overhead level of $162, where it is likely to encounter strong resistance. If the price turns down sharply from $162, it suggests that bears are fiercely defending the level, keeping the SOL/USDT pair within the $162 and $126 range. On the other hand, if the price breaks above $162, it may indicate the end of the correction and lead to a rally to $205. A break below $126, however, could start a new downtrend to $100.
XRP’s price analysis:
XRP rose above the 20-day EMA ($0.54) on April 22 but failed to sustain the higher levels. The price turned down sharply and broke below the 20-day EMA on April 24, suggesting bearish activity at higher levels. The XRP/USDT pair could drop to $0.50 and subsequently to the solid support at $0.46. To gain control, buyers will need to push the price back above the 20-day EMA, which would keep the pair within the range of $0.46 and $0.74.
Dogecoin’s price analysis:
Dogecoin has been trading near the 20-day EMA ($0.16), indicating a battle between bulls and bears. The bulls are struggling to push the price above the overhead resistance zone between the 20-day EMA and the downtrend line. If the price continues to fall, the bears may try to sink the DOGE/USDT pair to $0.13. However, if bulls manage to push the price above the overhead zone, it may signal the end of the correction and lead to a rally to $0.21, where strong resistance from bears is expected.
Toncoin’s price analysis:
Toncoin broke below the ascending channel pattern on April 22, suggesting that the uptrend may be over. The bulls will likely make one more attempt to push the price back into the channel, which may result in a short squeeze and a push towards $7.23. However, if the price turns down from the breakdown level, it suggests that the bears are trying to turn the level into resistance, potentially pushing the price to the 50-day SMA ($5.01).
Cardano’s price analysis:
Cardano’s recovery stalled at the 20-day EMA ($0.51) on April 22, indicating continued selling pressure from bears. The bears may attempt to pull the price down to $0.46, and a break below this support could lead to a deeper correction towards $0.40. To show strength, the price needs to break and close above the 20-day EMA, suggesting a short-term trend change and potentially rising to $0.57.
Avalanche’s price analysis:
Avalanche is likely to face resistance between the 20-day EMA ($40) and the breakdown level of $42. If the price turns down sharply from the current level, it suggests that bears are in control, potentially pushing the price towards the $32 to $27 support zone. However, if bulls manage to push the price above $42, it may signal the start of a sustained recovery, potentially climbing to $50.
Shiba Inu’s price analysis:
Shiba Inu rose above the downtrend line on April 21 but failed to overcome the barrier at the 50-day SMA ($0.000028). If the price breaks above the 50-day SMA, it may indicate the end of the corrective phase and a rise to $0.000033 and eventually to the solid resistance at $0.000039. However, if the price turns down sharply and breaks below the 20-day EMA, it suggests that the breakout above the downtrend line may have been a bull trap, potentially sliding towards $0.000020.
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research before making any investment decisions.