Bitcoin (BTC) is consolidating in an uptrend, indicating a tussle between the bulls and the bears. The bears hold the edge in the near term, as the 14th week of the year has historically seen Bitcoin prices fall by an average of 8.33%, according to Coinglass data.
During Bitcoin’s range-bound action, traders are likely to focus on the performance of the spot Bitcoin-exchange traded funds, which have been the primary driver of the price. A comparison may be made with March, which saw a sharp uptick in trading volume.
According to data from Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETF volume surged from $42.2 billion in February to $111 billion in March.
However, the uncertainty increases as Bitcoin halving approaches. Independent analyst Rekt Capital believes the pullback is a part of the pre-halving retrace that resulted in a 38% drop in 2016 and 20% in 2020.
What are the important levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The repeated failure of the bulls to propel the price above $71,770 may have tempted the short-term traders to throw in their towel. That sent the price tumbling below the 20-day exponential moving average ($67,646) on April 2.
The 20-day EMA has flattened out, and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. This equilibrium could tilt in favor of the bears if the price skids below the 50-day simple moving average ($63,098). That could open the doors for a drop to $59,000 and subsequently to the 61.8% Fibonacci retracement level of $54,298.
On the other hand, if the price rises from the current level and rises above the 20-day EMA, it will suggest that the BTC/USDT pair may stay range-bound for some time. The bulls will have to shove the price above the $71,770 to $73,777 resistance zone to signal the start of the next leg of the uptrend to $80,000.
Ether price analysis
Ether (ETH) tumbled below the 50-day SMA ($3,414) on April 2, opening the doors for a retest of the March 20 low of $3,056.
The 20-day EMA ($3,493) has started to turn down, and the RSI is just below the midpoint, indicating that the bears have the upper hand. If the price breaks below $3,056, the selling could pick up, and the ETH/USDT pair may collapse to $2,700.
If bulls want to prevent the fall, they will have to push the price back above the moving averages. That will suggest a range-bound action between $3,056 and $3,679. A break and close above $3,679 will indicate that bulls are back in the driver’s seat. The pair may then rise to $4,100.
BNB price analysis
BNB (BNB) slipped below the 20-day EMA ($561) on April 2, indicating that the bullish momentum is weakening.
The 20-day EMA is flattening out, and the RSI is just above the midpoint, indicating a range-bound action in the near term. If the price rises from the current level, it could rise to the downtrend line.
Conversely, if the price continues lower and breaks below $535, the next stop is likely to be $495. This level may act as a strong support, but if the bears prevail, the decline could extend to the breakout level of $460.
Solana price analysis
Solana (SOL) fell to the 20-day EMA ($181) on April 2, but the sharp rebound on April 3 shows the sentiment remains positive and traders are buying on dips.
The bulls will again try to overcome the barrier at $205. If they succeed, the SOL/USDT pair could signal the start of the next leg of the uptrend. The pair may rally to $243 and later to $260.
However, if the price once again turns down from $205, it will indicate that the bears are fiercely defending the level. That increases the possibility of a drop below the 20-day EMA. If that happens, the short-term traders may dump their positions, pulling the pair to the 50-day SMA ($150).
XRP price analysis
XRP (XRP) remains stuck inside the large range between $0.46 and $0.74. The price fell below the uptrend line on April 1, indicating that the bears are trying to take charge.
The bulls have not given up and are trying to start a relief rally, which is likely to face selling at the 20-day EMA ($0.61). If the price turns down from this resistance, the likelihood of a drop below $0.56 increases. The XRP/USDT pair could then slump to $0.52.
Instead, if buyers drive the price above the 20-day EMA, it will signal solid buying at lower levels. The pair could then rise to $0.69 and eventually to $0.74, which remains the key resistance to cross.
Cardano price analysis
Sustained selling pressure has pulled Cardano (ADA) to the strong support at $0.57. Buyers are expected to vigorously defend this level.
If the price rebounds off the $0.57 level, it is likely to face selling at the 20-day EMA ($0.64). If the price turns lower from the 20-day EMA, it will increase the possibility of a drop below $0.57. That will complete a bearish head-and-shoulders pattern, which could clear the path for a fall to the critical support at $0.46.
Contrarily, if the price turns up and breaks above the 20-day EMA, it will suggest that the ADA/USDT pair may consolidate between $0.57 and $0.68 for a while. A rise above $0.68 will suggest that the corrective phase may be over.
Dogecoin price analysis
Dogecoin (DOGE) turned down sharply on April 2 and nosedived below the breakout level of $0.19, signaling that the traders are aggressively booking profits.
The DOGE/USDT pair continued lower and slipped below the 20-day EMA ($0.18) on April 3, but the long tail on the candlestick shows solid buying at lower levels. If the buyers push the price back above $0.20, it will suggest that the correction may be over. The bulls will then try to challenge the overhead resistance at $0.23.
On the contrary, if the price turns down and maintains below the 20-day EMA, it will suggest that every minor rally is being sold into. The pair may then slump to the 50-day SMA ($0.14).
Related: Why is Solana (SOL) price up today?
Avalanche price analysis
The failure to rise above the downtrend line accelerated selling and Avalanche (AVAX) plunged below the breakout level of $50 on April 2.
The selling continued, and the AVAX/USDT pair dropped below the 50-day SMA ($47) on April 3. Buyers are trying to defend the 50-day SMA, but the recovery is likely to face selling at the 20-day EMA.
If the price turns down from the 20-day EMA, it will increase the likelihood of a break below the 50-day SMA. The pair could then retest the crucial support at $42. This bearish view will be invalidated on a break and close above the downtrend line.
Shiba Inu price analysis
Shiba Inu (SHIB) fell below the 20-day EMA ($0.000028) on April 2, indicating that the bears remain active at higher levels.
The SHIB/USDT pair could drop to the 50-day SMA ($0.000023), which is likely to act as a solid support. If the price rebounds off this level, the bulls will attempt to push the pair to $0.000033. A break and close above this level will be the first sign that the bulls are on a comeback. The pair may then attempt a rally to $0.000039.
Instead, if the price plummets below the 50-day SMA, it will suggest the start of a deeper correction toward $0.000017.
Toncoin price analysis
Toncoin (TON) reached the 20-day EMA ($4.63) on April 3, an important level to keep an eye on.
If the rebound off the 20-day EMA sustains, it will suggest that traders continue to buy at lower levels. That could keep the TON/USDT pair stuck inside a range between the 20-day EMA and $5.69 for some time.
Alternatively, if the price turns down and plummets below the 20-day EMA, it will signal that the bulls are booking profits in a hurry. That could sink the pair to the 61.8% Fibonacci retracement level of $4.22.
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.
