Edited By: Alo Chowdhury
Bitcoin enthusiasts are determined to maintain their upper hand. On Wednesday morning, Bitcoin’s (BTC) value rose above $73,000, marking a 2.5% increase within 24 hours, which countered the previous day’s losses. This recovery came after a significant liquidation event worth $360 million had previously driven prices down.
The uptick coincided with a surge in exchange-traded fund (ETF) investments, breaking records both in monetary terms and in the volume of Bitcoin attracted. According to BitMEX Research, spot Bitcoin ETFs recorded net inflows of 14,706 BTC, equating to over $1 billion, on Tuesday alone. This achievement eclipsed the prior record set in February, which saw $673 million in inflows.
Blackrock experienced an all-time high with $849 million in inflows, while Grayscale saw the largest outflows, totaling $79 million. Overall, inflows surpassed the $4 billion threshold. The remarkable net inflow exceeding $1 billion played a crucial role in Bitcoin’s recovery from a dip, spurred by unexpectedly high CPI inflation data, setting a new record high at $73,000.
Investors are advised to pay close attention to the flows into Bitcoin ETFs, as a prolonged decrease in these inflows could dampen market sentiment and potentially lead to a market correction. What key resistance and support levels should Bitcoin and altcoin traders monitor? An analysis of the charts is necessary to determine this.
Bitcoin (BTC) Price Analysis
Over the last few days,
Bitcoin$98,392.00
BTC/USD 4-hour chart on TradingView
The upward trends in moving averages and the RSI positioned in the overbought territory indicate that the market is dominated by buyers. The BTC/USDT trading pair has the potential to surge toward $75,000 and may further extend to $80,000. These levels are expected to pose significant resistance.
However, the current momentum of BTC price depends on the trading sentiment as there’s no resistance levels ahead of BTC price. A decline and closure below the 20-day EMA would mark the initial indication of a downturn, suggesting that buyers are taking profits and possibly initiating a more substantial correction.
Solana (SOL) Price Analysis
Sellers are trying to push down the price of
Solana$195.91
SOL/USDT 4-hour chart on TradingView
There’s a noticeable tug-of-war happening between buyers and sellers as the SOL price hovers between $150 and $155. Recent buying activity might encourage buyers to take firmer control by pushing the price above $155, which could maintain the upward trend and possibly send the price to $185.
Conversely, for sellers to stop the price’s surge, they need to quickly drop it below the crucial $123 mark. Such a move could spark a sell-off, potentially driving the price down to the key support range of $90 to $110. Yet, it’s expected that buyers would mount a strong defense at this level.
Avalanche (AVAX) Price Analysis
AVAX price dipped to a pivotal level at $52, but a pronounced long tail on its candlestick chart indicates strong buying interest at reduced prices. AVAX price is currently attempting to break the $57 level to continue its upward rally. As of writing, AVAX price trades at $53.8, declining over 2.1% from yesterday’s rate.
AVAX/USDT 4-hour chart on TradingView
The upward trajectory of the 20-day Exponential Moving Average (EMA) at $49.7, combined with the Relative Strength Index (RSI) positioned in bullish territory, hints that momentum may favor upward movement. Investors are likely to attempt to drive the price toward the peak of $60. Breaching this threshold could pave the way for an extended rally toward $74, and potentially reaching $79.
However, this optimistic scenario may be negated if the price retreats and falls below the $50 mark, signaling a resurgence of selling pressure. Under such circumstances, the AVAX/USDT pair may face a potential decline to the 50-day Simple Moving Average (SMA) at $42, indicating a bearish turn.
XRP Price Analysis
Bullish traders are engaging in a tug-of-war with bearish forces to maintain XRP’s position above the crucial $0.63 mark. The uptrend in the 20-day Exponential Moving Average (EMA) at $0.67, along with the Relative Strength Index (RSI) reaching overbought conditions, indicates a slight advantage for the bulls. As of writing, XRP price trades at $0.69, declining over 0.24% from yesterday’s rate.
XRP/USDT 4-hour chart on TradingView
Should the buyers succeed in sustaining the coin’s value above $0.75, there’s potential for XRP/USDT to surge toward the $0.8 level before possibly advancing towards $1.
On the flip side, a descent below $0.63 would imply that the bullish momentum has waned. This could lead to a drop towards the 200-day EMA, a pivotal juncture to monitor. Breaking below this support level might trigger a more significant pullback to $0.5.
ORDI Price Analysis
ORDI price has been moving within a significant trading range from $66 to $95 following its rapid increase. This sideways movement is helping to alleviate the previously overextended conditions on the RSI, indicating a period of market stabilization. It’s likely the ORDI/USDT pair will continue to hover within this range for some time. As of writing, ORDI price trades at $80.2, declining over 3.4% from yesterday’s rate.
ORDI/USDT 4-hour chart on TradingView
Should the price lose its momentum, the pair might retreat to the 20-day EMA at $79, which is a critical level to monitor. A descent below this threshold could shift the momentum in favor of the bears.
Conversely, a surge above $96 would suggest that the bulls have regained control. Following such a breakout, the pair could surge to new highs.
