The Bitcoin halving, which will occur in less than 11 days, is approaching with Bitcoin (BTC) showing strength. This indicates that sentiment remains positive and traders are taking advantage of buying opportunities. According to CoinShares data, digital investment products saw $646 million in inflows last week, bringing the year-to-date inflows to $13.8 billion, surpassing the $10.6 billion in 2021.
Santiment, an on-chain analytics firm, mentioned in a post that inflows into spot Bitcoin exchange-traded funds (ETFs) are expected to remain high until the Bitcoin halving. However, the firm also noted that it will be interesting to see if there is a drop in ETF volume and on-chain volume directly after the halving.
It is difficult to predict how the markets will behave immediately after the halving, but analysts remain bullish on the long-term outlook. SkyBridge Capital CEO Anthony Scaramucci stated in an interview with CNBC that Bitcoin could reach $170,000 during this cycle. He also expects Bitcoin to eventually trade at half the valuation of gold, but warns of volatility along the way.
Now, let’s analyze the important resistance levels to watch out for in Bitcoin and altcoins.
S&P 500 Index:
The S&P 500 Index is showing uncertainty about its next directional move, as indicated by the outside-day candlestick pattern on April 4 and the inside-day candlestick pattern on April 5. The 20-day exponential moving average is flat, and the relative strength index is in the positive zone, suggesting a balance between supply and demand. If the price breaks below 5,146, it could signal the start of a corrective phase. Conversely, if it breaks above the all-time high of 5,265, the index will resume its uptrend.
U.S. Dollar Index:
The U.S. Dollar Index turned down sharply from the 105 overhead resistance level on April 2, indicating bearish activity at higher levels. However, the minor advantage for the bulls is that they prevented the index from sliding below the moving averages, suggesting buying at lower levels. This indicates possible range-bound action between the 50-day simple moving average and 105.
Bitcoin:
Bitcoin broke above the symmetrical triangle pattern on April 8, indicating bullish dominance. The BTC/USDT pair is likely to retest the all-time high of $73,777, which could act as a significant barrier. If the bulls overcome it, the next leg of the uptrend could start with a pattern target of $84,000. However, if the price falls below the 20-day EMA, it may plunge to the 50-day SMA.
Ether:
Ether has been trading within a range of $3,056 to $3,679, indicating indecision between bulls and bears. The ETH/USDT pair has reached the overhead resistance of $3,679, a level that is expected to be defended by bears. However, if the bulls prevail, the pair could start the next leg of the uptrend toward $4,488. A sharp downturn from $3,679 could indicate continued range-bound action.
BNB:
BNB continues to trade within a symmetrical triangle pattern, indicating balance between supply and demand. The 20-day EMA is gradually moving up, and the RSI is in the positive territory, giving a minor advantage to the bulls. If the pair breaks above the downtrend line, it could retest the March 16 high at $645. However, if the price turns down from the downtrend line, the pair may remain inside the triangle. Bears will gain control if the price plunges below the triangle.
Solana:
Solana is struggling to stay above the 20-day EMA, indicating bearish defense. If the price turns down, it could drop to the critical support at $162. A rebound from this level could keep the pair inside the range of $162 to $205. The next leg of the uptrend may start on a break above $205.
XRP:
XRP’s fall below the uptrend line did not attract bearish momentum, leading to a rise above the moving averages. The flattish moving averages and the RSI above the midpoint suggest range-bound action. The pair could swing between $0.56 and $0.69. Buyers need to push the price above $0.69 for a rally to $0.74, while bears need to sustain the price below $0.56 to target $0.48.
Dogecoin:
Dogecoin jumped above the 20-day EMA and continued to rise, with the bulls aiming for the overhead resistance at $0.23. A break and close above this level could signal the resumption of the uptrend, with a target of $0.30. However, if the price falls back below the 20-day EMA, it suggests bearish activity and a potential drop to the 50-day SMA.
Cardano:
Cardano held above $0.57 and rose to the 20-day EMA. A downturn from this level could indicate bearish control and a potential completion of a bearish head-and-shoulders pattern. The next major support is at $0.46. A break above the 20-day EMA would open the doors for a rise to $0.68, and a break above that would increase the possibility of a rally to $0.81.
Toncoin:
Toncoin surged above the overhead resistance zone and aims for the next target at $7.09. The moving averages and the overbought RSI indicate bullish control. However, bears need to pull the price below $5.50 to threaten the 20-day EMA and potentially target $4.22.
Please note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.