Bitcoin (BTC) rose by about 1% in a week, indicating the balance between supply and demand. Analysts are hoping for a quiet Easter weekend, but are split on the moves in Bitcoin’s next direction.
Network economist Timothy Peterson said the effective yield on the US high yield index has increased by more than 8%. Since 2010, there have been 38 such instances, and Bitcoin has increased its 71% time after three months. Bitcoin recorded a median of 31%, with the worst loss at -16%. Based on historic data, Peterson expects Bitcoin to trade between $75,000 and $138,000 within 90 days.
Not everyone shares a bullish view. Mike McGron, senior commodity strategist at Bloomberg, said in a post on X that the Bitcoin and the S&P 500 index could drop towards their respective 200-week simple moving averages. Bitcoin’s 200-week SMA is nearly $46,000.
What are the important support and resistance levels for Bitcoin? What kind of cryptocurrencies could they rally if Bitcoin surpasses overhead resistance?
Bitcoin price analysis
Bitcoin has surpassed the 20-day index moving average ($83,704) over the past few days, but the Bulls have failed to challenge the 200-day simple moving average ($88,098).
The rally could not be started so it could put pressure on the BTC/USDT pair soon. Prices drop and below the 20-day EMA suggest that the Bulls have given up. This will reduce the gate to $78,500, followed by a significant support of $73,777.
If buyers want to prevent the downside, they need to quickly push prices above the 200-day SMA. This indicates that the revision phase may have been completed. The pair surged to $95,000, and eventually reach a psychological level of $100,000.
The pair is traded within the tough range of $83,000 to $86,000. If overhead resistance doesn’t exceed, it could be that the short-term bull has tempted him to book profits, pulling below moving average prices. Trades within range may remain random and volatile.
If you go below breaks and range, your downward movement will be $80,000 and $78,500. Meanwhile, a break and closure above $86,000 could push the pair to $89,000.
BNB Price Analysis
The BNB (BNB) faces resistance on the downtrend line, but the positive sign is that the bull has not given away the ground to the bear.
The moving average is flattened, and the RSI is close to the midpoint, indicating the balance between supply and demand. The BNB/USDT pair could rise to $644 as buyers drive prices above the downtrend line.
Contrary to this assumption, if prices drop sharply from the downtrend line, it indicates that the bear is operating at a higher level. A break below $576 allows the pair to stay inside the triangle for more time.
The pair have reached a downtrend line where bears are expected to pose a strong challenge. The key support on the downside is 50-SMA, and $576. If the price recovers support, it indicates a purchase at dip. This increases the chances of breaks exceeding the downtrend line. The pair can then climb to $620.
On the contrary, it was a break and closure below the $576 that buyers gave up. This could reduce the price to $566, potentially extending your stay in the Triangle for a while.
High lipid price analysis
High lipids (hype) closed on April 19th, surpassing the $17.35 overhead resistance, but the Bulls face higher levels of sales.
If the price rises from $17.35, it suggests that all minor dips are being purchased. This will bring the rally path to $21 and then $25.
Alternatively, a break and closure below $17.35 indicates that the bear is about to catch an aggressive bull. The next support on the downside is a 20-day EMA ($15.32). If the price rebounds from the 20-day EMA, the Bulls will once again try to overcome the obstacle at $17.35.
The optimism is recently denied when the hype/USDT pair falls and falls below the moving average.
The pair fell to a breakout level of $17.35. When the price rebounds from $17.35 and exceeds $18.54, it indicates that the Bulls are supporting the level. This brings the rally outlook to $21.
Conversely, if the price falls below $17.35, it suggests that the bear is trying to regain control. 50-SMA is an important support for monitoring the downsides, as the Bulls show they have lost their grip. The pair can then go down to $14.65.
Related: Bitcoin gets a $90,000 short-term target in warning support “not safe”
Price analysis for both sections
Bittensor (TAO) has broken above the moving average and reached the bottom trend line.
If prices are reduced from the downtrend line, the TAO/USDT pair may find support in a 20-day EMA ($249). A solid bounce off the 20-day EMA improves the outlook for rally above the downtrend line. The pair could then surge to $360.
Conversely, prices drop and below the 20-day EMA suggest that bears are under control. The pair then falls into $222 in support, with buyers expected to intervene.
RSI has risen to over-acquired zones, suggesting that short-term pullbacks are possible. If the price rebounds from 20-EMA, it shows positive emotions. This increases the chances of breaks exceeding the downtrend line. There’s a slight resistance at $313, but it can cross.
Conversely, breaks and closes below 20-EMA indicate that short-term buyers are booking profits. It might draw the pair towards the 50-SMA.
Render price analysis
The Rendering (RNDR) is split at $4.22 from the imaginary resistance, indicating that the Bulls are attempting a comeback.
Above the $4.22 level, you’ll get a bullish double bottom pattern. Resistance is $4.83, but it can cross. The RNDR/USDT pair can move towards a $5.94 pattern goal.
A 20-day EMA ($3.72) is an important support to be aware of the downside. Breaks and closes below the moving average indicate that the market has refused to breakouts above $4.22. This allows you to open the door for a drop to support for $2.50.
The pair clears the overhead hurdle at $4.22, indicating an advantage for buyers. However, bears rarely give up easily, trying to pull back prices below breakout levels. If the price recovers $4.22 in strength and rises above $4.48, it shows that the Bulls are supporting the level. The pair can then begin a rise heading towards $5.
Instead, it suggests that breakouts could have been bull traps if prices drop and below the moving average. The pair may then drop towards critical support for $3.60.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
