Bitcoin (BTC) remains stuck in a range and is on target to end the week with a marginal gain of about 2%. Trading suite DecenTrader said in an update that the sideways price action could continue for one more month before a buying surge in anticipation of the halving in April.
While the spot Bitcoin exchange-traded funds (ETFs) have opened the gates for institutional investments, the inflows have been slow as large trading platforms are doing their due diligence, according to a Bloomberg report.
Crypto market data daily view. Source: Coin360
A minor positive in the short term is that Grayscale Bitcoin Trust’s (GBTC) outflows have been slowing down. BitMEX Research data shows that GBTC outflows have been hovering around the $200 million mark since Jan. 29, down from a high of $640 million on Jan. 22.
Bitcoin’s consolidation is a positive sign that may attract traders to select altcoins. Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.
Bitcoin price analysis
Bitcoin has stayed above the 20-day exponential moving average ($42,471) for the past few days, but the bulls have failed to challenge the overhead resistance at $44,700.
BTC/USDT daily chart. Source: TradingView
The weak rebound off the 20-day EMA suggests a lack of demand at higher levels. If the price turns down and breaks below $41,394, it will indicate that the BTC/USDT pair may consolidate between $44,700 and $37,980 for a few more days.
The $44,700 resistance is the key level to watch out for on the upside. A break and close above this level will signal that the bulls are back in control. That will clear the path for a potential rally to the psychologically crucial level of $50,000.
BTC/USDT 4-hour chart. Source: TradingView
Both moving averages on the 4-hour chart have flattened out, and the RSI is near the midpoint, indicating equilibrium between buyers and sellers. A slide below the 50-simple moving average will tilt the advantage in favor of the sellers. The pair may then descend to $41,394.
If bulls want to seize control, they will have to shove the price above the $44,000 to $44,700 resistance zone. If…
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