Bitcoin (BTC) is trying to stay above the nearest support level and traders are looking to see if the price can stay strong and approach the 2022 annual opening price of $46,200 for the second week in a row.

According to Sam Stovall, investment analyst at CFRA, April has historically been the best month of the year for the S&P 500 Index. If history repeats itself and the tight correlation between US stock markets and Bitcoin continues, this could bode well for the cryptocurrency markets in the near future.

Daily view of cryptocurrency market data. Source: Coin360
Another emotional boost could be that the 19 million bitcoins went into circulation on April 1. As for the remaining 2 million bitcoins, the crypto markets will have to wait for a long time because the last bitcoins are expected to be redeemed by 2140. This currency may change. concentration. That there are only a few bitcoins left to recover, and that the increased demand for them could lead to scarcity and higher prices.

Will Bitcoin be able to stay above its critical support level, and if that happens, will the altcoins rise? Let’s examine the charts of the top 5 cryptocurrencies that can extend the recovery in the short term.

Bitcoin / US Dollar
Bitcoin is witnessing a tough battle between bulls and bears near the important level of $45,400. The bears tried to keep the price below this level, but the bulls continued to do so. This indicates that the bulls are trying to turn the level into support.

BTC/USDT daily chart. Source: Trading View
The high of the 20-day Exponential Moving Average (EMA) at $44,333 and the Relative Strength Index (RSI) in positive territory suggest that the path to lower resistance is upside. The critical level to watch is $48,276 for the 200-day Simple Moving Average (SMA).

If the bulls push the price above this barrier, the BTC/USDT pair will likely gain momentum. The rally could face some psychological resistance at $50,000, but if that level is broken, the next stop could be $52,000.

Source: CoinTelegraph