Bitcoin halving happens in 10 days. BTC is approaching this critical event with massive strength, indicating that sentiment around the coin remains largely positive. Meanwhile, investors have continued to pour funds into crypto-related products. A report from CoinShares shows that these products have recorded inflows worth $645 million over the past seven days. This report also indicates that crypto products have seen $13.9 billion in inflows since the start of the year. By comparison, $10.7 billion worth of inflows were recorded in 2021.
Santiment, an on-chain analytics company, said on Monday that inflows into Bitcoin spot ETFs will likely remain high before the halving event. However, the entity says it is unclear how these ETFs will perform after Bitcoin halving.
While it’s challenging to tell with precision how BTC will perform after miner rewards halve later this month, SkyBridge Capital boss Anthony Scarammucci is optimistic that a rally will happen. Speaking to a CNBC journalist over the weekend, he said Bitcoin will reach $170,000 within the next 12 months.
We now explore the price charts to find key support and resistance levels to monitor this week.
Bitcoin Price Analysis
BTC is no longer trading inside the symmetrical triangle after going above $70,000 on April 8th. The latest price action suggests that the buyers have won against the sellers. Bitcoin will now try to retest its current peak price of $73,694. We anticipate another battle at this level. If the buyers win again, they may look to start a rally to $84,000.
Meanwhile, if the sellers want to regain control, they must act now by pulling Bitcoin below the 20-day Exponential Moving Average of $68,298. Managing to do this will help them cause a deeper correction to $64,793 (the 50-day Simple Moving Average).
Ethereum Price Analysis
ETH is still in the $3,681 – $3,054 trading range, suggesting indecision between market participants. The token failed to go above the $3,681 resistance on April 8th, motivating the bears to pull it to $3,604 as of this writing. If Ethereum continues to reverse, it may find support at the 50-day Simple Moving Average of $3,475 or the 20-day Exponential Moving average of $3,468.87.
On the positive side, ETH is expected to surge if the bulls propel it above $3,681. The second-largest digital currency could rally toward $4,493.
BNB Price Analysis
BNB trades within the walls of a symmetrical triangle, signaling that the demand and supply are balanced. The 20-day Exponential Moving Average ($571) continues to move up gradually. Moreover, the Relative Strength Index is inside a positive zone, which gives the bulls a slight advantage. If BNB goes above the downtrend line near $591, it may grow to $646.
Conversely, a break below the symmetrical triangle could help the bears drag BNB toward the 50-day Simple Moving Average of $506.89.
Solana Price Analysis
The 20-day Exponential Moving Average of $181.54 has been challenging for the bulls to break, suggesting that the bears are not willing to let that level crack. The current struggles of SOL are attributed to network congestion on Solana.
If the token drops below the $162.34 critical support, we could witness a fall to another key support at $126.03. On the contrary, if SOL rises above $181.54, it may head toward $205.17. A break above this point opens room for a rally to $257.
XRP Price Analysis
XRP fell below the uptrend line on April 7th. However, the bears couldn’t capitalize on that to pull the token to lower levels. The bulls came in and bought the dip the following day pushing the Ripple-issued cryptocurrency to $0.6089 as of this writing. If they manage to propel XRP above the $0.6904 resistance, the chances of a rally to $0.7418 will be enhanced.
This assumption will be invalidated if the digital currency starts trading below $0.5632. That’s because the bears will be assumed to have taken control of the XRP market and may cause a decline to $0.5140.
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