Bitcoin (BTC) has made a strong recovery after hitting intra-week lows and is expected to end the halving week with a minor loss of about 1%. According to data from Farside Investors, Bitcoin exchange-traded funds (ETFs) saw an inflow of $30.4 million the day before the halving, putting an end to five consecutive days of outflows. The Grayscale Bitcoin Trust (GBTC) experienced the majority of outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) continued to attract investments. Bitwise CEO Hunter Horsley predicts that Bitcoin ETFs will continue to gain momentum in 2024, with several wealth management firms expected to own them by the end of that year. Horsley believes that this will be a significant development for the Bitcoin space.
Bitcoin’s price has reached the important 20-day exponential moving average ($65,850) during its recovery. If the price turns sharply from this level, it may indicate that bears are selling on rallies and could lead to a retest of the support zone between $60,775 and $59,600. On the other hand, if the price breaks above the moving averages, it could suggest a range-bound movement between $60,775 and $73,777. To open the doors for a rally to $84,000, the bulls will need to drive the price above the overhead resistance.
Binance Coin (BNB) has been trading within a range between $495 and $635, indicating a balance between supply and demand. The price has moved above the moving averages, indicating a reduction in selling pressure. The next trending move is likely to occur on a break above $635 or below $495. A break above $635 could lead to a journey towards $692, while a slide below $495 could result in a drop to $460.
Near Protocol (NEAR) has been falling within a descending channel pattern, favoring the bears. However, a rise above the 20-day EMA ($6.15) suggests a reduction in selling pressure in the short term. Buyers will need to drive the price above the resistance line to gain the upper hand and potentially rally to $8 and $9. A break below the support line of the channel could drag the price down to $5 and potentially lower.
Mantle (MNT) has broken out of the 20-day EMA ($1.18), indicating an attempt by the bulls to take charge. If the price maintains above this level, it suggests that the bulls are defending it, and the price may rise to the 61.8% Fibonacci retracement level of $1.32. On the other hand, a break below the 20-day EMA could trap aggressive bulls and result in a drop to the 50-day SMA ($1.09) and potentially $1.
Render (RNDR) has been in a corrective phase, but the bulls are attempting a comeback by pushing the price above the downtrend line. If the price remains above the 20-day EMA ($8.90), it is likely to rise to the 50-day SMA ($9.95) and potentially $12. However, a sustained drop below the 20-day EMA could indicate that the breakout was a fake move and may result in a decline to $7 and $6.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
Will BNB, NEAR, MNT, and RNDR follow suit as Bitcoin embraces a bullish trend post-halving?