Bitcoin (BTC) has been stuck between $45,400 and $47,500 over the past two days, indicating a tough battle between buyers and sellers as both try to control the trend.

Data from chain analysis firm Glassnode showed that 100,000 bitcoins left the exchange in March. Such large withdrawals have only happened twice in the history of Bitcoin, with the largest being in March 2020. However, this does not mean that the price will rise immediately. In 2020, the momentum didn’t pick up until the last quarter of the year.

In the short term, analysts are still divided, with some expecting Bitcoin to fall to $44,800 or even $43,000, while others expect it to rise to the psychological level of $50,000.

Daily indicators in the cryptocurrency market. Source: Coin360
As crypto markets mature, they continue to attract new investors. A report from the Gemini cryptocurrency exchange highlights that the number of users who bought the first cryptocurrency in 2021 increased by more than 50% in India, Brazil and Hong Kong. Even in Latin America, Asia-Pacific, the US and Europe, over 40% of new users started investing in 2021.

Can Bitcoin and altcoins withdraw their support and extend the recovery? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US dollar
A long week on the last two-day candle indicates that the bears are selling near the 200-day Simple Moving Average (SMA) ($48,266). On a small positive note, the bulls did not allow bitcoin to break below the important support at $45,400.

BTC/USDT daily chart. Source: Trading View
However, such intense trading is unlikely to last long. If the price breaks below the 20-day exponential moving average (EMA) ($44,467), BTC/USDT could drop to the 50-day simple moving average ($41,689). Such a move could negate a short-term bullish setup.

Conversely, if the price rises from the current level or the 20-day moving average, this will indicate that traders continue to buy on the decline. This may increase the likelihood of an outbreak of more than a 200-day SMA. If this happens, the pair could rise to $52,000.

Ether/US dollar
Ether (ETH) broke to close above the 200-day SMA ($3,487) on April 3, but the bulls were unable to hold the higher levels. This indicates that the bears are trying to bring down the price and corner the aggressive bulls.

Daily ETH/USDT chart. Source: Trading View
If the price falls below $3411, the bears will try to pull the ETH/USDT pair towards the 20-day moving average ($3197). This is an important level that bulls must defend if they want to maintain positive momentum.

If the price bounces off the 20-day moving average, buyers will again try to push the price and keep it above the 200-day simple moving average. If they do, the pair could rise to $4,000.

On the other hand, if the 20-day EMA support gives in, the selling could pick up and the pair could drop to the 50-day SMA ($2,895).

BNB / US dollar
BNB has been trading near the $445 level in recent days. Although the bulls have repeatedly pushed the price above this level, they have failed to sustain the higher levels and challenge the 200-day SMA ($467). This indicates that demand is drying up at higher levels.

BNB/USDT daily chart. Source: Trading View
Now the bears will try to hold the prize up to the 20-day EMA ($421), which is an important support. If the price rebounds from this level, buyers will make another attempt to remove the upper barrier and push the BNB/USDT pair to $500.

Alternatively, if the price drops below the 20-day moving average, this would mean that short-term traders could take profits. This could bring the price back to the 50-day simple moving average. A break of this support would indicate that a break above $445 could be a bull trap.

Sol/US dollar
Solana’s (SOL) retracement stalled below the 200-day simple moving average ($150). This indicates that higher levels are attracting bear selling. The bears will now try to pull the price up to the $122 breakout level.

SOL/USDT daily chart. Source: Trading View
If the price bounces below $122, the bulls will make another attempt to remove the upper barrier at the 200-day SMA. If successful, the SOL/USDT pair could rise to the psychological level of $200. The increase in the 20-day EMA ($111) and RSI near the overbought zone indicates the benefit of buyers.

Source: CoinTelegraph