Bitcoin’s failure to drop below $60,000 has attracted buyers who are now pushing the price towards resistance levels. Although a breakout from the range is not guaranteed, the chances of a sharp correction in the near future have decreased.
The recovery of Bitcoin has led to an increase in daily volume for US spot Bitcoin exchange-traded funds. According to market research firm Santiment, the volume of the seven largest US spot Bitcoin ETFs has surged to $5.65 billion, the highest since March 24.
Bitcoin ETFs have been highly successful, with 937 professional firms investing in them as of March 31. These professional investors have acquired $11.06 billion worth of spot Bitcoin ETFs, which accounts for 18.7% of the total assets under management.
The influx of institutional investors is positive for Bitcoin as it suggests that investors who were waiting on the sidelines may now enter the market during price dips, which could limit downside potential in the near term.
Now let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin and select altcoins can continue their upward movement.
Bitcoin Price Analysis:
Bitcoin has surged above the moving averages and successfully defended that level during a retest. The 20-day exponential moving average has started to turn up gradually, indicating a slight advantage for the bulls. There is a minor resistance at $68,000, but it is likely to be surpassed. The next significant resistance is at $73,777. However, if the price turns down from $68,000 and breaks below the moving averages, it could indicate continued selling by the bears and a range-bound movement between $68,000 and $56,500.
Ether Price Analysis:
Ether has seen a recovery as the bears failed to push the price below the strong support at $2,850. The ETH/USDT pair could reach the resistance line of a descending channel pattern, where sellers are expected to defend the price. However, if buyers manage to push the price above the channel, it could signal the end of the downtrend. The pair may then climb to $3,400 and eventually attempt a rally to the solid resistance at $3,730.
BNB Price Analysis:
BNB fell below the moving averages but found support at the symmetrical triangle pattern. The BNB/USDT pair is preparing for a potential breakout from the triangle. If the price turns down and breaks below the triangle, it could lead to a downward movement to $536 and then $495. On the other hand, if the price continues higher and breaks above the triangle, it suggests that the bulls have the upper hand. The pair could move up to $635 and then to $692.
Solana Price Analysis:
Solana has turned up sharply and surged above the moving averages, indicating a comeback by the bulls. Buyers have continued their purchases and pushed the price above the $162 resistance, clearing the path for a possible rally to $185 and eventually to the formidable resistance at $205. The bears will need to halt the rally and pull the price back below the moving averages to gain strength. Otherwise, time is running out for the bears.
XRP Price Analysis:
XRP is attempting to rise towards the 50-day SMA, indicating a reduction in selling pressure. If the bulls successfully defend the 20-day EMA, the XRP/USDT pair could reach the overhead resistance at $0.57. However, if the price turns down from the current level or the 50-day SMA and breaks below the 20-day EMA, it suggests that bears are selling on every minor rally. The pair could then descend to the support line and subsequently to $0.46.
Toncoin Price Analysis:
Toncoin bounced off the 20-day EMA but is struggling to sustain the recovery. The bears may try to sink the price below the 20-day EMA, indicating that the TON/USDT pair will remain range-bound between $4.72 and $7.67. However, if the price turns up from the 20-day EMA with force, it signals aggressive defending by the bulls and increases the likelihood of a retest of the overhead resistance at $7.67. If this level is crossed, the pair may rise to $9.
Dogecoin Price Analysis:
Dogecoin has been trading within a range between $0.17 and $0.12, indicating indecision between bulls and bears. The 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand. If the price maintains above the 20-day EMA, the bulls will try to challenge the overhead resistance at $0.17. A break above this level could push the pair to $0.21. However, a break below the 20-day EMA could lead to a fall to the solid support at $0.12.
Cardano Price Analysis:
Cardano broke out of its tight range and resolved to the upside. The ADA/USDT pair is likely to start an upward movement, facing resistance at the 50-day SMA and then at $0.52. If the price turns down from the overhead resistance, it is likely to find support at the 20-day EMA. This would signal a change in sentiment from selling on rallies to buying on dips. The pair could then rally to $0.57. However, if the price turns down and breaks below the support line, the positive view will be invalidated.
Avalanche Price Analysis:
Avalanche has been trading within a range between $29 and $40 with no clear breakout. The bulls managed to push the price above the 20-day EMA, opening the gates for a rise to $40. If buyers overcome this barrier, the pair could move toward $50. On the other hand, if the price turns down sharply and breaks below the 20-day EMA, it indicates that the pair may remain range-bound for a few more days.
Shiba Inu Price Analysis:
Shiba Inu turned down from the resistance line of a symmetrical triangle pattern, suggesting that the bears are defending the level. The 20-day EMA and the RSI do not provide any clear direction for the next breakout. It is better to wait for the price to break above or below the triangle before taking a directional view. If the price breaks below the triangle, it could plummet to the 78.6% Fibonacci retracement level. On the other hand, a break above the triangle suggests that the bulls are in control, and the pair could surge to higher levels.
Please note that this article does not provide investment advice or recommendations. Every investment and trading move carries risks, and readers should conduct their own research before making any decisions.