The Bitcoin halving event is coming up in less than 11 days, and Bitcoin (BTC) is showing strength as it approaches. This indicates that sentiment remains positive, and traders are taking advantage of buying opportunities. According to CoinShares data, digital investment products received $646 million in inflows last week, bringing the year-to-date inflows to $13.8 billion, surpassing the $10.6 billion in 2021.
On-chain analytics firm Santiment predicts that inflows into spot Bitcoin exchange-traded funds (ETFs) will continue to be high until the Bitcoin halving event. However, the firm also notes that it will be interesting to see if there will be a decline in ETF volume and on-chain volume immediately after the event.
It is difficult to predict how the markets will behave after the halving, but analysts remain optimistic about the long-term outlook. SkyBridge Capital CEO Anthony Scaramucci believes that Bitcoin could reach $170,000 during this market cycle. He also expects Bitcoin to eventually trade at half the valuation of gold but warns of volatility along the way.
Now let’s take a look at the important resistance levels to watch in Bitcoin and altcoins by analyzing the charts.
S&P 500 Index:
The S&P 500 Index has shown uncertainty about its next move with an outside-day candlestick pattern on April 4 and an inside-day candlestick pattern on April 5. The 20-day exponential moving average has flattened out, indicating a balance between supply and demand. If the price breaks below a key support level, it may signal the start of a corrective phase. On the other hand, if the price breaks above the all-time high, the index will resume its uptrend.
U.S. Dollar Index:
The U.S. Dollar Index turned down from a resistance level on April 2, suggesting bearish activity. However, the bulls have managed to keep the index above the moving averages, indicating buying at lower levels. This could lead to range-bound action in the near term.
Bitcoin:
Bitcoin broke above a symmetrical triangle pattern on April 8, indicating bullish dominance. The cryptocurrency is likely to retest its all-time high, and if it surpasses that level, it could start a new uptrend.
Ether:
Ether has been trading within a range for several days, indicating indecision between buyers and sellers. The cryptocurrency is approaching a key resistance level, which will be crucial to watch. If buyers overcome this obstacle, Ether could rally further.
BNB:
BNB continues to trade within a symmetrical triangle pattern, indicating a balance between supply and demand. The cryptocurrency is approaching a downtrend line, and a break above this resistance could lead to a retest of the previous high.
Solana:
Solana is struggling to stay above a key support level, indicating bearish pressure. The cryptocurrency may drop further if it fails to hold this level.
XRP:
XRP has shown range-bound action, and buyers have pushed the price above moving averages. The cryptocurrency is expected to continue trading within a specific range until there is a breakout in either direction.
Dogecoin:
Dogecoin has regained momentum and is trading above the 20-day exponential moving average. The cryptocurrency will attempt to rally to a key resistance level, but a drop below the moving average could indicate bearish activity.
Cardano:
Cardano has held above a crucial support level and is testing the 20-day exponential moving average. The cryptocurrency needs to break above this level to signal strength and increase the chances of a rally.
Toncoin:
Toncoin has broken above a resistance zone, indicating a new uptrend. The cryptocurrency could rally further if it maintains its position above this level.
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research and make informed decisions when investing or trading.