Bitcoin (BTC) was unable to maintain its recovery this week, indicating that the bears are still active and using rallies to sell. The cryptocurrency is on track to end the week with a loss of over 4%. The longer the price remains close to $60,000, the higher the chances of a downward breakdown.
Despite this, analysts remain optimistic about the price action in the post-halving cycle. Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, believes that Bitcoin could soar to anywhere between $175,000 and $350,000 in the next 9 months. However, Peterson also cautioned that this bull market will come to an end in January 2025.
In other news, major traditional finance companies like JPMorgan Chase and Wells Fargo have reported exposure to spot Bitcoin exchange-traded funds in their recent filing with the United States Securities and Exchange Commission. While their allocation to Bitcoin is small, it is seen as a step in the right direction.
Now, let’s take a look at the technical analysis of the top 5 cryptocurrencies.
Bitcoin Price Analysis:
The bulls have successfully defended the $59,600 support level in Bitcoin but have struggled to push the price above the 20-day exponential moving average ($62,650). This indicates a fierce battle between the bulls and bears. If the $59,600 level is breached, the BTC/USDT pair could retest the May 1 intraday low of $56,552. However, if the bulls manage to maintain the price above the 20-day EMA, the pair could rise to $67,250. To start a rally to $73,777, buyers will need to overcome this hurdle.
Toncoin Price Analysis:
Toncoin (TON) has been trying to break above the immediate resistance level of $7.23, but the bears are holding their ground. If the bulls manage to break above $7.23, the TON/USDT pair could challenge the resistance at $7.67. On the downside, the moving averages act as strong support levels. A break below these levels could lead to consolidation between $4.72 and $7.67.
Render Price Analysis:
Render (RNDR) broke above the moving averages on May 5, indicating the end of the corrective phase. The bulls have managed to defend the recovery near the overhead resistance of $12, suggesting that dips are being bought. If the price turns up from the current level or rebounds off the 20-day EMA, it could rally to $13.83. However, a break below the moving averages would invalidate this bullish view.
Pepe Price Analysis:
Pepe (PEPE) has been steadily recovering in recent days, indicating sustained buying at lower levels. The price action has formed an inverse head-and-shoulders pattern, which could complete on a break above $0.0000092. If buyers maintain the price above the neckline, the PEPE/USDT pair could resume its uptrend. The moving averages are expected to act as strong support during pullbacks.
Arweave Price Analysis:
Arweave (AR) has been gradually climbing higher, indicating solid demand from the bulls. The upsloping 20-day EMA and the RSI above 61 suggest that the bulls have the upper hand. The AR/USDT pair could reach the overhead resistance of $47.51, with $52 and $68 as the next targets. However, a break below the moving averages could pull the pair down to $26.50.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment decisions.