Bitcoin’s inability to capitalize on its strong recovery indicates that investors are taking advantage of any uptick to sell, leading to a decrease in demand in the short term. This sentiment is reflected in the consecutive net withdrawals from spot Bitcoin exchange-traded funds (ETFs) over four days, based on data from Farside Investors.
Despite the recent pullback, the outlook for Bitcoin’s bull market remains positive, according to a CryptoQuant report. The firm, specializing in on-chain data analysis, suggests that bull markets typically conclude when “84%-92% of investment” comes from short-term holders, who currently represent 48%. The correction preceding the Bitcoin Halving is viewed as a positive development for the bull market’s long-term health, as parabolic trends are often not sustainable. Such dips serve to eliminate less committed investors, providing an opportunity for more steadfast investors to increase their holdings.
As we look at the current state of Bitcoin and other cryptocurrencies, the question arises: Will the market continue to correct, or is it poised for a recovery? An examination of the charts for the top cryptocurrencies will provide further insights.
Bitcoin (BTC) Price Analysis
Bitcoin experienced a sharp recovery from the 38.2% Fibonacci retracement level priced at $61,700, suggesting that investors are seizing the opportunity to buy during dips. However, the resistance levels at EMA lines are being strongly protected by sellers. Currently, *BTC* trades at $64,680, surging over 1.2% from yesterday’s rate.
The 20-day exponential moving average (EMA) has leveled off, and the relative strength index (RSI) is around the midline, indicating that the market may move sideways in the short term. The BTC/USDT trading pair could encounter resistance at $69,000 and could retest the support at $60K.
The market’s stability near its recent highs indicates that investors are maintaining their positions without quickly selling off, which is a bullish signal. A surge beyond $69,000 might pave the way for a challenge of the record peak at $74K.
Support on the lower side is established at $60,775, with the next significant level being the 50-day simple moving average (SMA) at $58,000. It is anticipated that buyers will actively protect this area.
Ethereum Price Analysis (ETH)
*ETH* bounced off the 50-day Simple Moving Average (SMA) priced around $3,100, but the upward push stalled before it could surpass the 20-day Exponential Moving Average (EMA) at $3,407. Currently, ETH price trades at $3,412, surging over 2.2% from yesterday’s rate.
The ETH/USDT pairing dipped from the 20-day EMA recently, showing a shift towards a negative outlook as traders began selling during price rallies. There’s an anticipation that sellers will try once more to breach the support at $3,100. A successful break below this level might lead to a decline to $2,700.
Conversely, if the price finds support at the 50-day SMA, it suggests the pair might oscillate within the range defined by the moving averages. A breakout above $3,600 could reignite bullish momentum, potentially driving the pair towards the next significant resistance level at $4,100.
Ripple (XRP) Price Analysis
*XRP* rebounded from the uptrend line and surpassed the 20-day Exponential Moving Average (EMA) at $0.62, indicating active purchasing at lower prices. However, there’s a strong battle among traders to validate a clear trend.
Should buyers send the price beyond $0.65, the XRP/USDT pair is expected to gain momentum and advance towards the significant resistance at $0.74. Surpassing this critical point could indicate the beginning of the next upward phase towards $0.948.
Conversely, if the price declines and remains under the 20-day EMA, it implies that higher price levels are drawing sellers. The pair might then fluctuate between $0.64 and the uptrend line. A descent below the uptrend line might pull the pair down to $0.52.
Aptos (APT) Price Analysis
Buyers have succeeded in maintaining APT price’s position above the key $10 mark, indicating efforts to transform this level into a supportive base. The market is bullish for Aptos as buyers aim for new highs in the coming days.
The upward trend of the 20-day Exponential Moving Average (EMA) at $16, along with the Relative Strength Index (RSI) being in positive territory, suggests that the bulls currently have a slight advantage. The APT/USDT pair might see a gradual surge towards the resistance zone between $17 and $20. This zone is likely to be heavily defended by sellers. Should the price retreat from this area, the pair could enter a period of consolidation ranging between $15 and $10 over the next several days.
A breakout above the $20 resistance could signal the continuation of the uptrend, potentially leading the pair towards new high.
MANTA Price Analysis
The bulls were able to protect the $2.5 support level for Manta, yet they face challenges in keeping the price above the 20-day Exponential Moving Average (SMA) at $3.2.
With the 20-day Exponential Moving Average (EMA) trending downwards to $3 and the Relative Strength Index (RSI) around the midline, it appears the bears are gaining momentum. There will likely be a renewed effort to push the price beneath the $2.5 support. Should this occur, the MANTA/USDT pair might fall to $2, with a potential further decline to $1.6.
Conversely, a bounce from the $2.5 support would indicate strong defense by the bulls. This could lead to another attempt to climb towards the 20-day EMA. Surpassing the $3.2 mark would suggest the end of the corrective phase.
