Bitcoin dipped to new lows at $65,000 on April 12, indicating that the bears have not yet given up. However, that has not deterred the Bitcoin whales from continuing their purchase, with the Bitcoin halving less than eight days away.
According to crypto analytics firm CryptoQuant, demand from the Bitcoin whales has surpassed the supply of new Bitcoin for the “first time in history.” Increasing demand from the whales and inflows into the Bitcoin-exchange-traded funds could push Bitcoin higher.
VanEck CEO Jan van Eck said in an interview with Cointelegraph that 90% of the inflows into the Bitcoin ETFs came from retail. He anticipates institutional investments from banks and traditional firms to start trickling in from next month.
Renowned venture capitalist Tim Draper said in an interview with Cointelegraph that Bitcoin remains a “place of great security” against inflation. Draper expects Bitcoin to surge to $250,000 by the end of the year.
Will Bitcoin challenge the all-time high or start a corrective phase in the next few days? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls pushed Bitcoin back above the downtrend line on April 10 but could not sustain the higher levels. This suggests that every minor rally is being sold into.
The 20-day exponential moving average ($68,534) is flattening out, and the relative strength index (RSI) is near the midpoint, suggesting that the bulls are losing their grip.
If the price slides and maintains below the 50-day simple moving average ($66,207), the BTC/USDT pair could start a deeper correction to $60,000 and eventually to the 61.8% Fibonacci retracement level of $54,298.
This negative view will be invalidated if the price turns up from the current level and breaks above $73,777.
Ether price analysis
Ether has been trading inside the $3,056 to $3,679 range for the past few days, indicating a balance between supply and demand.
The price could drop to the strong support at $3,056 where the bulls are likely to step in. If the ETH/USDT pair rebounds off $3,056 level with strength, it will suggest that the range-bound action may continue for a while longer.
Contrarily, if the price continues lower and plummets below $3,056, it will signal the start of a deeper correction toward $2,717. The bulls will have to propel the price above $3,679 to get back into the driver’s seat.
BNB price analysis
BNB closed above the symmetrical triangle on April 10, and the bulls thwarted attempts by the bears to pull the price back into the triangle on April 11.
Buyers pushed the price higher on April 12, but the long wick on the candlestick shows that the bears are aggressively defending the overhead resistance at $645. The bears will try to pull the price back into the triangle, trapping the aggressive bulls. That could sink the price to the uptrend line of the triangle.
On the other hand, if the price turns up from the current level, it will suggest that bulls continue to buy on dips. That will increase the likelihood of a rally above $645 and then potentially up to $692.
Solana price analysis
Solana has been trading around the 20-day EMA ($0.000028) for the past few days, balancing buyers and sellers.
A close above the downtrend level suggests the bulls are attempting an upward move. Minor resistance at $0.000033 could lift the pair to $0.000039, while a decline below the 61.8% Fibonacci retracement level of $0.000023 would indicate bear control and a tumble to $0.000017.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.