Bitcoin (BTC) recovered sharply from the intra-week lows and is likely to close the halving week with a minor loss of roughly 1%. According to Farside Investors data, the spot Bitcoin exchange-traded funds witnessed an inflow of $30.4 million a day before the halving, halting the five successive days of outflows.
The Grayscale Bitcoin Trust (GBTC) has seen the majority of outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) has continually attracted investments. Bloomberg Intelligence ETF analyst Eric Balchunas said in a X post that the IBIT has seen “69 days of straight inflows.”
Crypto market data daily view. Source: Coin360
The Bitcoin ETFs inflows are likely to grow from strength to strength in 2024. Bitwise CEO Hunter Horsley believes that several wealth management firms will own Bitcoin ETFs by the end of 2024. He highlighted that the firms were “long only” and will be “an amazing new constituent in the Bitcoin space.”
Will Bitcoin and altcoins overcome their respective overhead resistance levels? Let’s study the top 5 cryptocurrencies that look strong on the charts and may do so.
Bitcoin price analysis
Bitcoin’s recovery has reached the 20-day exponential moving average ($65,850), an important level to keep an eye on.
BTC/USDT daily chart. Source: TradingView
If the price turns down sharply from the moving averages, it will signal that bears are selling on rallies. That could result in a retest of the $60,775 to $59,600 support zone. Buyers are expected to defend this zone with all their might because a breakdown could accelerate selling. The BTC/USDT pair may then plummet to the 61.8% Fibonacci retracement level of $54,298.
Contrarily, if the price breaks above the moving averages, it will suggest that the pair may swing between $60,775 and $73,777 for some more time. The bulls will have to drive the price above the overhead resistance to open the doors for a rally to $84,000.
BTC/USDT 4-hour chart. Source: TradingView
The moving averages have completed a bullish crossover on the 4-hour chart, suggesting that the bulls have the edge in the near term. The pair could face resistance between…
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