Price analysis 4/5: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin (BTC) remains pinned below the psychologically crucial level of $30,000 as cryptocurrency investors search for positive triggers. That has not stopped business intelligence firm MicroStrategy from adding 1,045 Bitcoin to its kitty, which has now swelled to 140,000 Bitcoin.
Even after the sharp recovery from November 2022 low, monitoring resource Material Indicators believes the current up-move is a bear market rally.
Usually, a bear market rally does not turn around until the last bear has thrown in the towel. This suggests that Bitcoin’s recovery may have some more legs before it turns down to shake out the weaker hands.
A survey conducted by financial services firm Brown Brothers Harriman shows that institutional investors remain interested in the cryptocurrency space despite the crypto winter. It found that 74% of institutional investors were “extremely/very interested” in adding exposure to exchange-traded-funds with cryptocurrency related exposure.
Will Bitcoin continue its northward march and rise above $30,000? Will that move boost the altcoins higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls again tried to drive Bitcoin above $29,000 on April 5 but the long wick on the candlestick shows aggressive selling by the bears at higher levels.
The bears will try to build upon their advantage by pulling the price below the 20-day exponential moving average ($27,273), which is an important level to watch out for. If this support cracks, several short-term bulls may exit their positions. That could open the gates for a retest of the neckline of the inverse head and shoulders (H&S) pattern at $25,250.
Conversely, if the price rebounds off the 20-day EMA, it will suggest that bulls
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