Bitcoin Whales Accumulating as Top 10 Cryptos Brace for Possible Decline
Summary:
This article assesses recent fluctuations in Bitcoin's value and its effects on Bitcoin ETFs, underlining that despite the lack of demand at higher levels, Bitcoin whales have consistently been accumulating. It includes an analysis of the top 10 cryptocurrencies, revealing that all are in a bearish pattern with Ether (ETH), BNB (BNB), Solana (SOL), Avalanche (AVAX), and Shiba Inu (SHIB) potentially facing significant drops if current support levels cave in. However, rebounds at these critical points could signal robust buying activity at lower pricing levels, indicating a bullish scenario.
Bitcoin's value dived near $61,000 on April 17, demonstrating a decrease in interest at elevated prices. As per Farside Investors, the recent fluctuations in Bitcoin's price have led to net outflows from Bitcoin ETFs (Exchange-Traded Funds) on April 12 and 15. Ki Young Ju, CryptoQuant's CEO and Founder, mentioned in a post that interest in Bitcoin ETFs has "plateaued for 4 weeks."
Nevertheless, the positive news is that the big holders of Bitcoin, known as whales, haven't panicked or dumped their holdings due to this drop. Research firm Santiment's records indicate that the major Bitcoin wallet cohorts have been accumulating since March 1. Looking at the long-term perspective, these whales seem to be holding firm to their investments. According to Bitwise Asset Management, post the previous three Bitcoin halvings, although the prices remained tepid for a month, they saw three-figure gains a year post the event.
Are Bitcoin and other cryptocurrencies heading towards more decline or will they remain in a narrow range for a few more days? Let's evaluate the top 10 cryptocurrencies' graphs to see.
Bitcoin Price Evaluation
The bears are attempting to push Bitcoin below the $60,775 support on April 17 to finalize a double-top pattern. If successful, the BTC/USDT pair could potentially plunge to the 50% Fibonacci retracement level at $58,017 and further to the 61.8% retracement level at $54,298. The bulls will likely fight to support this zone, but if the bears come out on top, the pair might crash to around $47,773. This bearish perspective will be cancelled if the price bounces back from the current level and surpasses the moving averages, potentially triggering a short squeeze and raising chances of a surge above $73,777.
Ether Price Evaluation
On April 15, Ether (ETH) pulled back from its 20-day exponential moving average ($3,301) and fell beneath the $3,056 support on April 16. If the ETH/USDT pair continues to stay below $3,056, prices may slip to $2,852. This is a crucial level where the bulls will lock horns because a further fall can lead to accelerated selling. The pair might tumble towards $2,717 and then to $2,200.
However, a robust rebound off $2,852 will indicate strong buying at lower prices. Bulls will then again try to penetrate the 20-day EMA barrier. If they triumph, the pair may attempt a surge to $3,679.
BNB Price Evaluation
Three days of movement between the moving averages saw BNB (BNB) dip below the 50-day simple moving average ($541) on April 17, suggesting the bears have the upper hand. If this level gives in, the BNB/USDT pair may be open to a fall towards $460 and subsequently to $400. On the upside, a break above the 20-day EMA ($565) will be the first sign of resilience.
Solana Price Evaluation
Solana (SOL) reversed from $156 on April 15 and arrived at a crucial support level of $126, indicating every recovery is meeting with strong resistance from the market. Falling averages and an RSI in the negative zone suggest a bearish trend. If the $126 support breaks, selling could intensify, potentially leading the SOL/USDT pair towards $100.
On the flip side, a sharp recovery from the current level shows robust demand at lower levels, taking the pair back to $162.
Avalanche Price Evaluation
Avalanche's (AVAX) recovery failed to reach the rupture level of $42, indicating a shortage of solid buying activity by the bulls. The crucial points to watch on the downside are $29 and then $27. If the AVAX/USDT pair collapses past these markers, selling could surge, resulting in a fall to $20.
Conversely, a rebound rally will encounter robust selling at the downtrend line. A break above this line could signal the bulls' return, ultimately leading to an attempted rally to $50.
Shiba Inu Price Evaluation
Shiba Inu (SHIB) has been trading in a narrow range for the past three days, showing the absence of aggressive buying or selling. However, the bears are likely to aim for the $0.000017 level again. If breached, the SHIB/USDT pair could face a sharp fall toward the next significant support at $0.000010.
In contrast, a surge beyond the downtrend line will be the first indication of the bear’s weakening grip. The pair may then rise to $0.000033, where bears are likely to mount a robust defense.
Bear in mind, this article does not contain any investment advice or recommendations. Every investment and trading move involves risk, readers should conduct their own research when making a decision.
Published At
4/17/2024 10:46:54 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.