BTC’s recent rally to $73,756 (a new all-time high) and current consolidation indicate that the investors are not in a hurry to exit the market as they anticipate a further upward move over the coming months.
Santiment’s latest report shows that Bitcoin whales (parties holding at least 1,000 Bitcoin) have bought over 50,000 more BTC since April 1st. The whales are not the only ones buying, according to Eric Balchunas. The ETF analyst said on Thursday that two US financial advisers injected $40 million into Fidelity’s ETF FBTC earlier this week. At the start of this month, another American financial adviser invested $17 million in Blackrock’s ETF IBIT.
While many remain bullish on Bitcoin in the long term, there is a lot of uncertainty in the short term. Investment company Fidelity Digital Assets said on Wednesday that BTC’s price can now be considered “fair” and not “cheap.” The firm also claimed that the medium-term outlook for the BTC had dropped to “neutral.”
Meanwhile, investor Chris Kuiper says Bitcoin’s current price is “half” of the forecasted price. He anticipates that the coin will see more gains later this year.
With that said, let’s look at the price charts to find out the crucial levels to keep an eye on over the weekend.
Bitcoin Price Analysis
Bitcoin was trading above $65,945 (the 20-day Exponential Moving Average) at the start of the week. However, the bulls could not push the coin past the 50-day Simple Moving Average of $67,490, encouraging the bears to cause a reversal. BTC is now trading at $64,183. The relative strength index (51.23) shows a balanced trading activity between the buyers and sellers. But if the sellers overpower the buyers now, Bitcoin is likely to head toward $60,743. If this support level cracks, a move to $54,172 seems possible.
On the other hand, if BTC exceeds $67,490, it may grow toward $73,756, where the bears’ presence is expected.
Ethereum Price Analysis
Ethereum buyers’ attempts to make the 20-day Exponential Moving Average of $3,241.98 collapse have met strong resistance from the sellers, who have now dragged the digital asset to $3,124.03. Sustaining ETH below $3,241.98 might allow the bears to tug the coin below the $3,057.25 breakout level, causing a deeper correction to $2,702.57.
On the positive side, if the buyers thrust and keep ETH above $3,241.98, it will indicate that the selling activity is declining. That could fuel a surge to the 50-day Simple Moving Average of $3,472.40 and even to $3,684.29.
BNB Price Analysis
As most of the leading cryptocurrencies continue to witness massive drops, BNB, on the other hand, has remained steady. The bulls aim to propel this digital coin toward the $634.70 resistance level. A price reversal from here will show that the bears are still active at higher prices. If this happens, BNB might slide towards the $550.82 support. If the bulls show no interest in purchasing the dip there, a move to $493.22 could occur.
This view will be invalidated if BNB crosses above $634.70. In this scenario, the Binance Coin could head toward $691.40 and later to $770.68.
Solana Price Analysis
The $161.44 overhead resistance level has been tough for the bulls to overcome. The strong bears’ presence has led to Solana dropping to $143.07 as of this writing. If the token continues trading below $161.44 for longer, the bears might drag it to the $126.73 support.
Meanwhile, if the bulls push and keep SOL above $161.44, it will signal that the price correction is ending. If bullish momentum picks up, we anticipate a surge to $204.98.
Avalanche Price Analysis
AVAX bulls are yet to push the digital asset above the downtrend line. As of this writing, Avalanche has fallen below the 20-day Exponential Moving Average of $39.70 to trade at $35.09. If the bears exert more selling pressure, a fall to the $27.48 support is possible. Conversely, maintaining AVAX above $39.70 might enable the bulls to cause a rally to $50.
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