Bitcoin crossed below $66,000 on Friday, suggesting strong presence of the bears. Nonetheless, that hasn’t deterred the whales from accumulating more BTC as the Bitcoin halving nears.
According to CryptoQuant, a popular crypto analytics company, demand for Bitcoin from the whales has now exceeded the supply of new BTC coins for the first time ever. The firm says the growing demand for Bitcoin and the massive inflows into spot Bitcoin ETFs could propel BTC higher over the coming months.
Speaking to Cointelegraph on Thursday, VanEck boss Jan van Eck said that over 80% of the inflows channeled into spot Bitcoin ETFs were coming from retail investors. The crypto guru anticipated that institutional investors would start pouring funds into those ETFs after halving, a move that could cause Bitcoin to rally.
Meanwhile, well-known venture capitalist Tim Draper has continued to tout Bitcoin as a “great shield” against inflation. He is optimistic that BTC will hit $250,000 by December this year.
Will BTC grow above the current all-time high or enter a corrective phase over the coming days? We now explore its price chart to get answers.
Bitcoin Price Analysis
The buyers have failed to maintain BTC above $70,000 this week. Their failure indicates that the bears are selling on every rally. Bitcoin’s current price ($67,663) means that the coin is now trending below the downtrend line and the 20-day Exponential Moving Average of $68,364.
If BTC fell below the 50-day Simple Moving Average of $65,349, it might see a deeper price correction to $61,000. If this level isn’t guarded, a move to $54,000 is possible.
Ethereum Price Analysis
ETH has yet to break out of the current trading range ($3,055 – $3,689). It’s trading at $3,253.23 as of this writing. If the token continues plunging and finally breaks below $3,055, a downward price action seems likely. If that’s the case, Ethereum may fall to the $2,712.89 support. From a positive point of view, the bulls can take control of the ETH market if they push the digital asset above $3,689. Achieving this will help them propel Ethereum to $4,037.56.
BNB Price Analysis
BNB crossed above the downtrend line on Wednesday. However, inadequate buying pressure at higher levels has caused the token to go below the line again. BNB is now valued at $591.40. If it continues to fall and the bulls fail to protect the 20-day Exponential Moving Average of $582.64, we anticipate a sharp drop to the 50-day Simple Moving Average of $526.03.
The bulls need to push BNB above the $640.29 overhead resistance to gain an advantage. If they do so, a move to $700.50 is a possibility.
Solana Price Analysis
After defending the $162.73 support at the start of the week, the bulls have given up and allowed the bears to drag Solana to $153.04 as of this writing. A bearish setup has now been formed, suggesting the possibility of a deep correction toward $127.43 or even $119.30.
Conversely, if the bulls propel SOL above $162.73, a rally to $204.97 could happen after a minor barrier at the 20-day Exponential Moving Average of $176.98 is broken.
Toncoin Price Analysis
TON briefly rose above the ascending channel on Thursday, but the high prices were challenging for the bulls to maintain. TON is now changing hands for $6.34. If the bears tug it below the support line, we predict a move to the 20-day Exponential Moving Average of $5.62. Buyers’ failure to protect $5.62 could lead to a decline to $4.11 (the 50-day Simple Moving Average).
Dogecoin Price Analysis
After trading above the $0.1909 breakout level for several days, Dogecoin has now plummeted to $0.1735. The Relative Strength Index (43) shows that the sellers have a slight advantage. Capitalizing on it will allow them to drag DOGE towards the 50-day Simple Moving Average of $0.1598. On the contrary, a rally to $0.2308 is likely if Dogecoin crosses above $0.1909 again.
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