Bitcoin price bounce gives BNB, TON, VET and BGB a boost — Will it last?

After staying range bound for a large part of the week, Bitcoin (BTC) plummeted on April 12 and April 13. The fall resulted in cryptocurrency liquidations worth about $2.5 billion, with more long than short liquidations. The fall has dealt a severe blow to the short-term leveraged long positions that expected the rally to continue leading up to and after the Bitcoin halving.

Bitcoin’s fall has severely affected the altcoins, with some in the top 20 cryptocurrencies by market capitalization falling roughly 20%. That sent Bitcoin’s market cap dominance to 56.3% on April 12, the highest level in three years.

Crypto market data daily view. Source: Coin360

Although Bitcoin’s fall has rattled the short-term traders, a positive sign is that the price has not even broken below the crucial $60,000 support. This suggests that the fall is a normal pullback in a bull phase. Traders need to remain cautious, but there doesn’t seem to be a reason for panic.

What are the important support levels on Bitcoin that need to hold for the relief rally to begin. Let’s study the top 5 cryptocurrencies that look strong on the charts and may lead the recovery higher.

Bitcoin price analysis

Bitcoin has been volatile but range bound between $60,775 and $73,777 for many days. This suggests indecision about the next directional move.

BTC/USDT daily chart. Source: TradingView

The BTC/USDT pair slipped below the 50-day simple moving average ($66,743) on April 13 and plunged below the $60,775 support. However, the long tail on the candlestick shows the bulls are defending the $60,775 level.

Any recovery attempt is likely to face selling at the 20-day exponential moving average ($67,807). If the price turns down from this resistance, the bears will again attempt to sink the pair below $60,775. Alternatively, a break above the 20-day EMA will clear the path for a rally to $73,777.

BTC/USDT 4-hour chart. Source: TradingView

The downsloping 20-EMA and the relative strength index (RSI) in the negative zone indicate that bears are in command. The relief rally is likely to face selling at the 20-EMA. If the price turns down from the 20-EMA, the bears…

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