Bitcoin closed last week with losses of 1.9% as hopes that the US Federal Reserve will cut interest rates diminished following a reading that indicated rising inflation. However, Bitcoin started this week on a positive note, thanks to the halving event that happened over the weekend.
On Sunday evening, Capriole Investment boss Charles Edwards posted on X that the electricity cost for mining a Bitcoin block was now about $77,000. He then claimed that BTC’s price usually remains below the said cost for a few days every 4 years before rising. Edwards anticipates that a rally could start in May.
Bitcoin is expected to witness significant price volatility over the coming days as the bears and the bulls battle with each other for supremacy. Several analysts believe that the bulls will emerge victorious, causing Bitcoin and altcoins to resume their upward moves.
Let’s now study the price charts to determine the major support and resistance levels to watch in the next few days.
Bitcoin Price Analysis
The bulls have succeeded in pushing BTC above the 20-day Exponential Moving Average of $65,833. The coin is valued at $66,194 at press time. The rising Relative Strength Index (57.32) indicates a declining selling pressure. If the buyers thrust BTC above the 50-day Simple Moving Average of $57,367, the digital currency is likely to retest its current peak price of $73,762.
As for the sellers, they need to drag Bitcoin below the $60,697 support level to gain supremacy. Managing to do so will lead to a deeper correction towards the $53,085 strong support.
Ethereum Price Analysis
The buyers are still unable to keep ETH above the 20-day Exponential Moving Average of $3,267, suggesting strong sellers’ presence at higher levels. The second-largest cryptocurrency is currently trading at $3,172.09. More selling pressure could cause Ethereum to drop below the $3,028 support. A sustained downward move from this level could lead to ETH retesting the second support at $2,857.
Meanwhile, a sustained break above $3,267 will signal that the buyers are gaining strength. In such a scenario, ETH could rise to the 50-day Simple Moving Average of $3,479.43 and even head toward $3,684.21.
BNB Price Analysis
BNB is now valued above the 20-day Exponential Moving Average of $569.90. The bulls are aiming to clear the massive hurdle at the $634.21 resistance to start the next upward leg to $770.18. However, if the token reverses from $634.21, it will signal that the bears are not ready to give up. We might then see BNB sliding toward the $497.90 support.
Solana Price Analysis
SOL bears are unwilling to let the bulls maintain the token’s price above the 20-day Exponential Moving Average of $157.30. Solana is now changing hands for $155.17. A continued downward move could be halted at the $125.98 support. However, if that level doesn’t hold, a fall to $100.62 becomes likely.
On the positive side, sustaining BNB above $157.30 may allow the bulls to thrust the coin above $180 for a rally to $205.03.
XRP Price Analysis
XRP is now trading above the 20-day Exponential Moving Average of $0.54992, signaling strong buying activity at lower prices. Maintaining the coin’s price above $0.54992 will enable the bulls to fuel a rally to the $0.74002 resistance level. On the negative side, if the bears drag XRP below $0.54992, the digital asset may head toward $0.50098. if this level isn’t protected, it is likely that XRP will collapse to $0.46702.
Cardano Price Analysis
The 20-day Exponential Moving Average of $0.52040 remains a key level to monitor in the next few days. If Cardano bulls push the digital coin above that level, a surge to $0.57138 is likely. Moreover, ADA could reach $0.63008 if $0.57138 isn’t guarded.
On the contrary, if the bears force a price reversal from $0.52040, ADA could come under intense selling pressure, which might cause the $0.50392 support level to collapse, leading to a deeper correction to $0.47002.
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