Price analysis 4/4: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) has been stuck between $45,400 and $47,500 for the past two days, indicating a tough tussle between the buyers and sellers as both attempt to establish control over the trend.
Data from on-chain analytics firm Glassnode showed that 100,000 Bitcoin left exchanges in March. These large quantities of withdrawals have only happened twice in the history of Bitcoin with the largest being in March 2020. However, this does not mean the price will rally immediately. In 2020, the momentum picked up only by the fourth quarter of the year.
For the near term, analysts remain divided with some expecting Bitcoin to drop to $44,800 or even to $43,000 while others anticipate a rally to the psychological level at $50,000.
As the crypto markets mature, they continue to attract new investors. A report by Gemini crypto exchange highlighted that the number of users who purchased their first cryptocurrency in 2021 soared by more than 50% in India, Brazil and Hong Kong. Even Latin America, Asia Pacific, the United States and Europe witnessed more than 40% new users who started investing in 2021.
Could Bitcoin and altcoins bounce off their support and extend the recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.
The long wick on the candlestick of the past two days suggests that bears are selling near the 200-day simple moving average ($48,266). A minor positive has been that the bulls have not allowed Bitcoin to break below the important support at $45,400.
However, this tight-range trading is unlikely to continue for long. If the price breaks below the 20-day exponential moving average ($44,467), the BTC/USDT pair could drop to the 50-day SMA ($41,689). Such a move could invalidate the short-term bullish
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