Bitcoin’s failure to break below the $60,000 level has attracted buyers who are now pushing the price towards resistance levels. While this upward movement doesn’t guarantee a breakout, it does reduce the chances of a sharp correction in the near future.
The recovery of Bitcoin has also led to an increase in daily volume for US spot Bitcoin exchange-traded funds (ETFs). According to market research firm Santiment, the volume of the seven largest US spot Bitcoin ETFs reached $5.65 billion, the highest since March 24.
Bitcoin ETFs have proven to be highly successful, with 937 professional firms investing in them as of March 31, according to K33 Research senior analyst Ventle Lunde. 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 entrance of institutional investors into the market is good news for Bitcoin, as it is likely to attract more investors who have been waiting on the sidelines. This influx of buyers could limit the downside risk in the short term.
Now, let’s take a look at the price analysis for the top 10 cryptocurrencies.
Bitcoin:
Bitcoin’s price has surged above the moving averages and the bulls have successfully defended the level during a retest. The 20-day exponential moving average is starting to turn up, indicating a slight advantage for the bulls. There is a minor resistance at $68,000, but it is likely to be crossed. If so, the next major resistance is at $73,777.
Ether:
Ether has seen a rebound 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. However, if the price breaks above the channel, it could signal the end of the downtrend and a potential rally towards $3,400 and $3,730.
BNB:
BNB fell below the moving averages but found support at the symmetrical triangle pattern. The BNB/USDT pair is preparing for a possible breakout from the triangle. If the price breaks below the triangle, it could start a downward move to $536 and $495. On the other hand, if the price breaks above the triangle, it could indicate that the bulls are in control and the pair may move towards $635 and $692.
Solana:
Solana has turned up sharply and surged above the moving averages, suggesting a potential comeback by the bulls. Buyers have pushed the price above the $162 resistance, clearing the path for a rally towards $185 and $205.
XRP:
XRP is attempting to rise towards the 50-day simple moving average, indicating a reduction in selling pressure. If the bulls successfully defend the 20-day exponential moving average, the XRP/USDT pair could reach the overhead resistance at $0.57. However, if the price breaks below the 20-day EMA, it could signal further selling pressure and a potential decline to $0.46.
Toncoin:
Toncoin has bounced off the 20-day EMA but is struggling to sustain the recovery. If the bears manage to sink the price below the 20-day EMA, the TON/USDT pair may remain range-bound between $4.72 and $7.67. On the other hand, if the price turns up with force, it could signal aggressive buying by the bulls and a potential retest of the overhead resistance at $7.67.
Dogecoin:
Dogecoin has been trading within a range between $0.17 and $0.12, indicating indecision in the market. If the price maintains above the 20-day EMA, the bulls may attempt to challenge the overhead resistance at $0.17. A break above this level could push the price towards $0.21. However, if the price breaks below the 20-day EMA, it could open the doors for a potential fall to the support at $0.12.
Cardano:
Cardano’s tight range trading between the 20-day EMA and the support line resolved to the upside. The ADA/USDT pair is likely to start an upward move with resistance at the 50-day SMA and $0.52. If the price turns down from these levels, it may find support at the 20-day EMA and rally to $0.57. However, a break below the support line will invalidate this bullish view.
Avalanche:
Avalanche has been trading within a range between $29 and $40. If the price breaks above the 20-day EMA and $40, it could move towards $50. On the other hand, if the price turns down from the current level or the overhead resistance, it may remain range-bound for a few more days.
Shiba Inu:
Shiba Inu turned down from the resistance line of a symmetrical triangle pattern, indicating bearish pressure. The price is currently flat and the RSI is near the midpoint, making it difficult to predict the next breakout direction. A break below the triangle could lead to a decline to the 78.6% Fibonacci retracement level, while a break above the triangle could signal a bullish trend towards $0.000030 and $0.000033.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.