Bitcoin bulls and bears have engaged in a tough battle near $69,000 over the last few days. According to crypto analyst and trader Daan Crypto, BTC has hovered around that price, which is the 2021 cycle high, for nearly a month. Historically, BTC consolidates near cycle highs for roughly six weeks before its price begins to move again.
Notably, the current bull cycle has had milder corrections than the previous cycles, in which Bitcoin saw its value plummet by over 50%. BTC has only witnessed a price drop of just 20% in this cycle.
The growing interest in spot Bitcoin ETFs is one of the factors limiting the downside in this bull run. Also, there is an expectation that BTC could rally further after Bitcoin halving, which will occur later this month.
Where will Bitcoin head after the current consolidation? Let’s study the price charts to find out.
Bitcoin Price Analysis
A symmetrical triangle has formed on Bitcoin’s price chart. This suggests a balance between the bulls and bears. Moreover, the 20-day Exponential Moving Average ($67,693) has remained flat this week, giving no clear advantage to the buyers or sellers.
Nonetheless, if Bitcoin breaks below the symmetrical triangle, it could signal a deeper price correction. If that’s the case, BTC might slide to $60,023 before heading towards $54,200.
Meanwhile, a break above the triangle will increase the chances of Bitcoin resuming its uptrend. The coin may grow to $80,000 after overcoming the barrier at $73,698.
Ethereum Price Analysis
Ethereum’s value has been below the 50-day Simple Moving Average of $3,445 for the last three days, suggesting a lack of demand at high levels. With the Relative Strength Index at a negative territory and the moving averages almost completing a bearish crossover, the sellers are now at an advantage.
They may pull ETH to the $3,054 critical support, where the bulls are expected to buy the dip. However, if that level cracks, the token could head towards $2,702. A rebound from $3,054 will indicate that the bulls have not stopped buying the dips. Ethereum may grow above $3,445 to retest $3,677.
BNB Price Analysis
Like Bitcoin, BNB has a symmetrical triangle on its price chart, suggesting indecision between sellers and buyers. At the moment, it is challenging to predict with precision where BNB will head after breaking out of the triangle. Therefore, waiting for the token to break out before opening any position is advisable.
A break below the triangle shifts the advantage in favor of the sellers, who may capitalize on it to drag BNB to the $460 support level or even $390. On the other hand, a break above the triangle gives the bulls the upper hand. We might see BNB climbing to $690. Crossing above this key barrier makes a rally to $794 possible.
Solana Price Analysis
Solana slid below the 20-day Exponential Moving Average of $182 on April 5th, signaling that short-term traders were taking profits. The token is valued at $178 as of this writing. If it continues falling and reaches the $161 support, then the bulls must act fast to guard that level; otherwise, SOL might fall to the 50-day Simple Moving Average of $151 and later to the $125.7 support.
Meanwhile, if Solana turns up from $161, it will signal intense purchasing on dips by the bulls, and the token could rally to $205.43.
Toncoin Price Analysis
TON broke above its previous all-time high of $4.43 a few days ago. Since then, the coin has rallied, reaching $5.32 at press time. Toncoin bulls have kept the digital currency above the 20-day Exponential Moving Average of $4.71 since April 3rd. They are now targeting $6.
TON’s current rally is driven by the increasing interest in the Toncoin blockchain. Several game developers have announced plans to launch projects on the network over the coming months.
That said, a lack of demand at high levels could pull TON below $4.71, a move that might lead to a deeper correction towards $3.50.
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