Bitcoin saw its price dip below $61k on April 17th, suggesting a lack of strong demand at high levels. Farside Investors reported earlier today that the latest price action in the BTC market has resulted in massive outflows from Bitcoin spot ETFs. Also, CryptoQuant boss Ki Young Ju has noted that demand for these ETFs has declined over the past three weeks.
Despite all this, Bitcoin whales haven’t panicked. Instead, they are accumulating more BTC, according to data from Santiment. The crypto research company said on Thursday that most Bitcoin wallets, holding at least 1,000 coins have accumulated more BTC since the start of this month.
But why are the whales buying more Bitcoin? Well, according to Bitwise Asset Management, the whales are purchasing more coins as they anticipate a rally over the coming months. The company notes that in the previous Bitcoin halving events, BTC’s price rallied significantly a few months after halving.
Will the current price correction deepen, or should we expect Bitcoin and other top digital coins to rebound?
Bitcoin Price Analysis
The sellers have failed to sink BTC below the $60,645 key support despite a double-top pattern being formed. The coin has risen to $63,281 as of this writing. However, if the bears manage to drag Bitcoin below $60,645, a move to $58,032 and then to $54,287 is likely. Meanwhile, if the bulls thrust Bitcoin above $66,536, the 20-day Exponential Moving Average, they will improve their chances of pushing the coin above $70,000, making a rally to $73,672 possible.
Ethereum Price Analysis
ETH has been in a free fall since plummeting below the 20-day Exponential Moving Average of $3,306 on April 15th. It’s now changing hands for $3,102.32 after rebounding from the $3,054 support level. If Ethereum reverses and plunges below $3,054, we may witness intense selling activity, which could lead to the token depreciating to $2,713 and even to $2,000.56.
Conversely, another rebound from $3,054 will signal strong buying from the bulls. If that happens, ETH could rise above $3,306 to rally to $3,683.89 after clearing the $3,200 barrier.
BNB Price Analysis
BNB briefly traded below the 50-day Simple Moving Average of $539.67 on April 17th, but the bears failed to build a bearish momentum. The Binance Coin is now valued at $558.03. If it crosses above the 20-day Exponential Moving Average of $564.90, it will suggest that the bulls have overpowered the bears. We may then see BNB growing towards the $635.42 overhead resistance. On the negative side, a sustained downward move from $539.67 could cause BNB to drop to $460.87 after breaking below the $495.78 minor support.
Solana Price Analysis
SOL reversed from $157 on April 15th, reaching the $124.98 support the following day. The fifth biggest token has now rebounded to $143.27. However, this does not mean that the bulls have gained an advantage. The 20-day Exponential Moving Average and the 50-day Simple Moving Average are almost completing a bearish crossover, which could lead to another downward move. If this happens, $124.98 might crack, causing Solana to plummet to $102.56.
Conversely, if SOL rises above $157 and the bulls sustain its price, it may grow to $180.67 and even to $204.72.
Toncoin Price Analysis
TON dropped below the ascending channel on April 15th, but the bulls have successfully pushed it back inside the pattern. The 20-day Exponential Moving Average ($5.89) is rising, suggesting that the buyers are slowly gaining control. If Toncoin breaks above the ascending channel over the coming days, it may rise towards the $9 resistance level. On the other hand, if the sellers keep TON below the channel, the token may fall to the $4.52 support.
Shiba Inu Price Analysis
SHIB is still valued below the 20-day Exponential Moving Average of $0.00002793. The bears aim to tug the meme coin below the $0.00001805 support to gain a complete advantage over the bulls. However, if Shiba Inu starts rising now and crosses above $0.00002793, it may head toward $0.00003395.
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