Mike McGlone, chief product officer at Bloomberg Intelligence, equated the current bitcoin (BTC) price consolidation with “an ox in a cage that has good comfort to escape.” Comparing this to a rally one year after Bitcoin’s previous halving in 2012 and 2016, the strategist called the current price action “manual”.
According to McGlone, Bitcoin is “still in price mode” and is still far away.
While Bitcoin remains in the spotlight, altcoins continue to steal the supply. Bitcoin’s dominance in the market, which was closer to 70% on January 4, continues to decline despite the price increase of more than 104% since the beginning of the year. According to CoinMarketCap data, the current market dominance of 54.3% is the lowest since April 2019. This indicates that many altcoins surpass Bitcoin by a large margin.
However, the approval of a Bitcoin ETF may tip the edge in favor of Bitcoin. Galaxy Digital, created by Mike Novogratz, was the last to submit a Bitcoin ETF to the US Securities and Exchange Commission on Monday. The growing list of Bitcoin ETF launch candidates shows that demand for digital assets remains strong.
Will bitcoin continue to trade sideways when the altcoins rally, or will they resume an upward trend and start rising from the front? Let’s break down the maps of the top 10 cryptocurrencies to find out.
BTC / USDT
On April 11, Bitcoin formed an intraday candlestick pattern, indicating fluctuations among bulls and bears. Today, the bulls tried to solve this uncertainty upwards and broke the full-time high of $ 61,825.84, but the bears had other plans. They again successfully rejected the opposition of the Alawites.
Although the bears are defending the upper resistance, they have not managed to push the price beyond $ 60,000. This indicates that the bulls are not in a hurry to close their long positions and are waiting for the trend to continue.
If the bulls can lead and keep the price above $ 61825.84, the BTC / USDT pair will complete the bullish head and shoulders pattern. This could lead to an increase in the target model of $ 69540. If progress continues, the next target is to watch out for $ 79,566.
This bullish view becomes invalid if the pair reverses and falls below the 50-day moving average ($ 54.7823). Such a step can signal the beginning of a deeper correction.
ETH / USDT
Ether (ETH) has traded above $ 2040.77 breakout the last 3 days, but the bullish move is lacking momentum. The long wick on the candlestick on April 10 and April 11 inside the daily candlestick pattern indicates the bears’ reluctance to push the price higher.
If the price does not pick up in the next few days, the bears will try to push the price below $ 2,040.77. If the ETH / USDT pair breaks below the 20-day exponential moving average ($ 1985), the trend line may be the next stop. A pause during this support may signal the start of a deeper retracement.
However, the 20-day bullish EMA and relative strength index (RSI) above 61 indicate a bullish advantage. If the bulls hit the price above $ 2200, the pair could start the next phase of the trend, which could reach $ 2618.14.
BNB / USDT
Binance currency (BNB) is in a strong bullish trend, but the bullish move over the last two days shows signs of melting. The long week on the candlestick today indicates that some traders are making profits at higher levels.
Although the 20-day moving average ($ 385) is sloping upwards, an RSI above 84 indicates that the rally will be fast in the short term. This may lead to a slight correction or consolidation in the next few days. With strong bullish trends, corrections usually last no more than three days.
The first support on the downside is the 38.2% Fibonacci retracement level of $ 483.95. If the price bounces off this support, it will indicate that the sentiment remains positive and bulls are buying in downturns. They will then try to resume winnings by pushing the price above the highest time of $ 638.56.
If they succeed, the next phase of the trend could begin, which could push the BNB / USDT pair up to $ 888.70. Conversely, if the price falls below $ 483.95, the pair may fall to the 20-day moving average.