Bitcoin (BTC) attempted to start a relief rally this week but met with intense selling pressure near $67,000. The largest cryptocurrency by market capitalization is on track to end the week with a minor loss of about 2%.
Popular trader and analyst Rekt Capital believes that Bitcoin has “entered the Post-Halving ‘Danger Zone’” where it could see a further dip within the next two weeks. Another negative in the near term is the net outflows from the spot Bitcoin exchange-traded funds. Farside Investors reported that the ETFs witnessed a net outflow of $218 million on April 25, after a $120 million outflow the previous day.
Crypto market data daily view. Source: Coin360
When the price trades in a large range, it is difficult to predict the direction of the breakout with certainty. Traders could buy near the support and sell at the resistance by keeping a suitable stop loss, or stay on the sidelines until a breakout happens.
Will Bitcoin and altcoins stay above their respective support levels and start a relief rally?
Let’s study the top 5 cryptocurrencies that look strong on the charts and may start the recovery.
Bitcoin price analysis
Bitcoin has been range-bound between $59,600 and $73,777 for several days, indicating indecision between the bulls and the bears about the next directional move.
BTC/USDT daily chart. Source: TradingView
Generally, in a range, traders buy near the support and sell close to the resistance. The bulls are expected to aggressively defend the $59,600 level as a break below it could deepen the correction to 61.8% Fibonacci retracement level of $54,298. Such a move will delay the start of the next leg of the uptrend.
Contrarily, if the price turns up from the current level or the $59,600 support, it will suggest that bulls remain active at lower levels. The BTC/USDT pair may jump to $67,250 and later to the overhead resistance of $73,777. A break and close above this level will signal the start of the next leg of the uptrend to $84,000.
BTC/USDT 4-hour chart. Source: TradingView
The flattish moving averages and the RSI just below the midpoint suggest a balance between supply and demand….
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