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Crypto Market Analysis: Bitcoin Recovers, Binance Coin on the Move, and Bitcoin ETFs Predicted to Surge in 2024

Algoine News
Summary:
The article provides an analysis of the current cryptocurrency market, focusing on Bitcoin and other significant cryptocurrencies such as Binance Coin, Near Protocol, Mantle, and Render. It discusses recent developments, price trends, and future predictions based on data from various sources. Additionally, it includes expert opinions on the possible growth of Bitcoin Exchange-Traded Funds (ETFs) in 2024. It reminds readers to conduct their own research before making investment decisions, given the inherent risks in trading.
Bitcoin (BTC) bounced back from its week's lowest value and is projected to wrap up the week of the halving with a slight dip of around 1%. Data from Farside Investors reveals that spot Bitcoin exchange-traded funds marked a surge of $30.4 million a day prior to the halving, ending a five-day streak of investment outflows. The majority of these outflows were linked to the Grayscale Bitcoin Trust (GBTC), while BlackRock’s iShares Bitcoin Trust (IBIT) has consistently drawn investments. Bloomberg Intelligence ETF analyst Eric Balchunas indicated in a post that IBIT has witnessed 69 consecutive days of investment inflows. Data from Coin360 suggests daily growth in the crypto market with Bitcoin ETFs expected to gain growing strength in 2024. According to Bitwise CEO Hunter Horsley, a number of wealth management firms will have Bitcoin ETFs in their portfolio by the end of 2024. He emphasized that these firms are primarily interested in long term investment and will become a new driving force in the Bitcoin market. Bitcoin's recovery has risen to the 20-day exponential moving average ($65,850), a key level to monitor. If the price plummets rapidly from the moving averages, it implies that bears are capitalizing on rallies. This could cause the price to retest the $60,775 to $59,600 support area. It's expected that buyers will actively defend this zone, to prevent accelerating sell-offs. On the other hand, if the price raises above the moving averages, it hints at a possible fluctuation between $60,775 and $73,777 for some more time. To trigger a rally to $84,000, the bulls need to steer the price above the overhead resistance. Binance Coin (BNB) has remained confined between $495 and $635 lately, indicating equal amounts of supply and demand. On April 20, buyers pushed the price over the moving averages, suggesting a decrease in selling pressure. The BNB price could now head towards the $635 resistance level, where bears will likely act strongly. The Near Protocol (NEAR) is trending down in a descending channel pattern, indicating that the bears have the upper hand. Nonetheless, the price rise above the 20-day EMA ($6.15) indicates that the selling pressure may be easing in the short-term. Mantle (MNT) emerged from the 20-day EMA ($1.18) on April 20 after fluctuating between the moving averages for a good few days. This indicates that bulls are looking to take control. Render (RNDR) has been in a period of adjustment for a few days, but the bulls are striving to revert the trend by pushing the price beyond the downtrend line. Please note that this article does not provide investment advice or recommendations. Every investment and trading move come with risks, and readers should perform their own due diligence before making a decision.

Published At

4/21/2024 10:17:37 PM

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