Following a massive profit booking over the last few days, Bitcoin has dropped below the critical support of $64,000 to trade at $62,612 as of this writing. According to crypto analyst Rekt Capital, BTC might continue correcting until April 20th, when Bitcoin halving is expected to take place. The pseudonymous crypto guru argues that Bitcoin has witnessed significant drops a month before halving in the past.
Rekt Capital’s argument is backed by data from Coin360, which shows that in 2020, BTC dropped by 20% within 28 days just before the halving event. In 2016, the coin saw a correction of nearly 40% during the same period.
Meanwhile, analysts are still monitoring the inflows being poured into Bitcoin ETFs as they believe they can limit a downward move. Steady inflows are likely to cause BTC to resume its uptrend. However, if outflows from ETFs exceed inflows, then the anticipated bull run could be delayed.
Now, it’s time to take a look at the price charts.
Bitcoin Price Analysis
The bulls bought the dip at the 20-day Exponential Moving Average of $65,800 on March 17th. However, they failed to push Bitcoin higher, prompting the bears to drag it below the $64,000 support on March 19th. As mentioned earlier, BTC is now valued at $62,612. If selling pressure intensifies, a drop below $59,504 could happen, and the next stop for Bitcoin will be at $55,000.
On the positive side, starting a rally above $65,800 can help the bulls propel Bitcoin to $73,762, which is the new all-time high. Breaking above this barrier opens the doors for a possible surge to $80,000.
Ethereum Price Analysis
Since Ethereum plummeted below the 20-day Exponential Moving Average of $3,620 on March 16th, it has been on a free fall, dropping to $3,301 at press time. If the bears pull ETH to $3,220 and cause a break below this crucial support level, we anticipate a fall to the 50-day Simple Moving Average of $3,080. On the other hand, if the buyers sustain Ethereum above $3,620, the token may grow above the $4,091 resistance level and then rally towards $4,500.
Solana Price Analysis
The rise of meme coins on the Solana blockchain has caused SOL to rally over the past few days. However, the token has dropped 8% today to trade at $184. The Relative Strength Index has now gotten out of the overbought territory, signaling that Solana has room to grow further. In case the digital asset resumes its uptrend and crosses above $204, a rally to $260 might happen.
On the negative side, a fall below the 20-day Exponential Moving Average of $155 will mean that sentiment around Solana has become negative. The token might then slide to $100.
BNB Price Analysis
After several hours of protecting the $534 support level from collapsing, the bulls have finally been defeated by the bears. BNB is now changing hands for $531. It may reach the 20-day Exponential Moving Average of $507 if selling pressure grows. In case this level cracks, BNB may depreciate further to the $462 support. Meanwhile, a rise to the $644 resistance level is likely if the bulls push BNB above $534 and defeat the bears at $592.
Avalanche Price Analysis
AVAX is one of the few top-ten tokens that have rallied since the weekend. The coin turned up from $50 on March 17th, with the bulls pushing it to $59.50 as of this writing. If a sustained rally happens above the $61 resistance level, Avalanche could grow to $86, where we expect bears’ presence.
On the contrary, if AVAX reverses now, it will mean a lack of demand at high prices. We might then see the token plummet below $50 to hit $42.
Cardano Price Analysis
There is a tough battle between the buyers and sellers at the 50-day Exponential Moving Average of $0.619907. If the buyers succeed, Cardano might rally to the 20-day Exponential Moving Average of $0.699023. If the sellers emerge victors, a plunge to $0.570021 could occur.
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