Bitcoin and altcoins continue to face selling from higher levels, suggesting the bears are reluctant to give up their advantage.
Bitcoin (BTC) is still closely tied to the S&P 500, but institutional investors don’t seem to be waiting for the US stock market to reverse or reverse before buying more Bitcoin.
Notably, 30,000 bitcoins were withdrawn from Coinbase Pro in one day, indicating strong institutional demand.
MicroStrategy, a public company that is the largest holder of bitcoins with a single wallet, appears unhappy with its stash of 129,219 bitcoins. In a letter to shareholders, the company’s CEO, Michael Saylor, said the company is committed to “actively pursuing” its Bitcoin strategy and “raising awareness.”
Cryptocurrency market daily indicators. Source: Coin360
Another organization that has been at the forefront of buying bitcoins over the past few days was the Luna Foundation Guard (LFG), a non-profit organization affiliated with Terra that owns 42,530 bitcoins. Terraform Labs recently donated $820 million worth of LUNA tokens to LFG, which some say could be used to buy more Bitcoin.
Does a Huge BTC Outflow from a Trader-Focused Crypto Exchange Mean the Bottom Could Be Near? Let’s examine the charts of the top 10 cryptocurrencies to find out.
On April 13, Bitcoin’s rally stalled at $41,561, suggesting that higher levels will continue to spark selling. Buyers are currently attempting to defend the psychological $40,000 level.
BTC/USDT daily chart. Source: Trade View
The 20-day exponential moving average (EMA) ($42,419) is sloping down and the Relative Strength Index (RSI) is in negative territory, suggesting the path of least resistance is down.
If the price falls below $39,200, selling may increase and the BTC/USDT pair may decline towards the rising channel support line. Bulls are likely to defend this level aggressively.
Contrary to this assumption, if the price reverses and breaks the 20-day EMA, it will mean accumulation at lower levels. The bulls will then attempt to push the pair towards $45,400.
Ether (ETH) has been trading between the 20-day EMA ($3,144) and the 50-day SMA (Simple Moving Average) ($2,975) for the past three days. This suggests that the bulls are defending the 50-day SMA, while the bears are selling up to the 20-day EMA.
Daily ETH/USDT chart. Source: Trade View
If the price breaks out and sustains below $2,950, selling could accelerate and the ETH/USDT pair could drop to $2,817. This level can act as support, but if broken, the next stop could be an uptrend line.
On the other hand, if the price recovers from the current levels and scales above the 20-day EMA, the pair could climb into the upper zone between the 200-day SMA ($3,491) and $3,600. This is an important zone to watch as a break and close above it can signal the start of a new move higher.
BNB broke the 20-day EMA ($420) on April 13, but the bulls failed to capitalize on this advantage. The bears brought the price back below the 20-day EMA on April 14, but on the upside, the bulls did not lose much ground.
BNB/USDT daily chart. Source: Trade View
A flat 20-day EMA and RSI near the midpoint suggest a short-term range move. If the price surges above $427, the bulls will attempt to push the BNB/USDT pair towards the 200-day SMA ($420), where the bears are likely to face stiff resistance.
Contrary to this assumption, if the price turns down from the current levels, the bears will attempt to sink the pair below $391. If they succeed, the decline could extend to strong support at $350. Buyers are likely to vigorously defend this level.
Ripple (XRP)’s upleg gained momentum and hit the 50-day SMA ($0.78) on April 15. If the price sustains above the 50-day SMA, a strong resistance at $0.91 could be the next stop.
Daily XRP/USDT chart. Source: Trade View
The 20-day EMA ($0.77) is flattening out and the RSI is near its center, suggesting a short-term range move. The XRP/USDT pair could be stuck between $0.69 and $0.91 for the next few days.
Contrary to this assumption, a reversal in price from the 50-day SMA would indicate it