Bitcoin turns bullish after the halving — Will BNB, NEAR, MNT and RNDR follow?

Rakesh Upadhyay4 hours agoBitcoin turns bullish after the halving — Will BNB, NEAR, MNT and RNDR follow?Bitcoin surprised traders with a strong rebound after the halving, possibly setting a bullish path for BNB, NEAR, MNT and RNDR to follow.2299 Total views16 Total sharesListen to article 0:00Price AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) recovered sharply from the intra-week lows and is likely to close the halving week with a minor loss of roughly 1%. According to Farside Investors data, the spot Bitcoin exchange-traded funds witnessed an inflow of $30.4 million a day before the halving, halting the five successive days of outflows.

The Grayscale Bitcoin Trust (GBTC) has seen the majority of outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) has continually attracted investments. Bloomberg Intelligence ETF analyst Eric Balchunas said in a X post that the IBIT has seen “69 days of straight inflows.”Crypto market data daily view. Source:Coin360

The Bitcoin ETFs inflows are likely to grow from strength to strength in 2024. Bitwise CEO Hunter Horsley believes that several wealth management firms will own Bitcoin ETFs by the end of 2024. He highlighted that the firms were “long only” and will be “an amazing new constituent in the Bitcoin space.”

Will Bitcoin and altcoins overcome their respective overhead resistance levels? Let’s study the top 5 cryptocurrencies that look strong on the charts and may do so.Bitcoin price analysis

Bitcoin’s recovery has reached the 20-day exponential moving average ($65,850), an important level to keep an eye on.BTC/USDT daily chart. Source:TradingView

If the price turns down sharply from the moving averages, it will signal that bears are selling on rallies. That could result in a retest of the $60,775 to $59,600 support zone. Buyers are expected to defend this zone with all their might because a breakdown could accelerate selling. The BTC/USDT pair may then plummet to the 61.8% Fibonacci retracement level of $54,298.

Contrarily, if the price breaks above the moving averages, it will suggest that the pair may swing between $60,775 and $73,777 for some more time. The bulls will have to drive the price above the overhead resistance to open the doors for a rally to $84,000.BTC/USDT 4-hour chart. Source: TradingView

The moving averages have completed a bullish crossover on the 4-hour chart, suggesting that the bulls have the edge in the near term. The pair could face resistance between $67,000 and $68,000, but if this zone is cleared, the next stop may be $71,000.

This optimistic view will be negated if the price turns down and breaks below the moving averages. That could signal aggressive selling on rallies. The pair may slide to $63,000 and subsequently to $60,775.Binance Coin price analysis

Binance Coin (BNB) has been range-bound between $495 and $635 for the past few days, indicating a balance between supply and demand.BNB/USDT daily chart. Source: TradingView

Buyers pushed the price above the moving averages on April 20, indicating that the selling pressure is reducing. The BNB/USDT pair could move toward the overhead resistance of $635, where the bears are likely to sell aggressively. If the price turns down sharply from $635, the range-bound action may continue for a while longer.

The next trending move is likely to begin on a break above $635 or below $495. If the $635 level is taken out, the pair may start its journey toward $692. On the downside, a slide below $495 could sink the pair to $460.BNB/USDT 4-hour chart. Source:TradingView

The 20-EMA has started to turn up on the 4-hour chart, and the RSI is in the positive territory, indicating that bulls are attempting a comeback. There is a minor resistance at $585, but if this level is crossed, the pair may reach $600 and then $635. The bears are likely to mount a strong defense near $635.

The positive view will be invalidated in the near term if the price turns down and breaks below the moving averages. The pair may then slump to $540 and later to $510.Near Protocol price analysis

Near Protocol (NEAR) has been falling inside a descending channel pattern, indicating that the trend favors the bears.NEAR/USDT daily chart. Source: TradingView

However, the rise above the 20-day EMA ($6.15) suggests that the selling pressure may be reducing in the short term. The NEAR/USDT pair will attempt a rally to the resistance line, where the bears are likely to sell aggressively. If the price turns down sharply from the resistance line, it will signal that the pair may remain inside the channel.

If buyers want to gain the upper hand, they will have to drive the pair above the channel. That will signal a short-term trend change, and the pair may rally to $8 and then to $9.NEAR/USDT 4-hour chart. Source:TradingView

After a long struggle, the pair broke above the $5.90 level, indicating that bulls have a slight edge. The price may turn down and retest $5.90, but if bulls flip this level into support, the pair may reach the resistance line.

Alternatively, if the price turns down sharply and breaks below the moving averages, it will suggest that the breakout above $5.90 may have been a bull trap. That could drag the price down to $5 and later to the support line of the channel.

Related:Why is Ether (ETH) price up today?Mantle price analysis

Mantle (MNT) broke out of the 20-day EMA ($1.18) on April 20 after staying between the moving averages for several days. This suggests that bulls are trying to take charge.MNT/USDT daily chart. Source: TradingView

However, the long wick on the April 21 candlestick shows that the bears have not yet given up and are attempting to pull the price back below the 20-day EMA. If they do that, it may trap the aggressive bulls and yank the price down to the 50-day SMA ($1.09). A break below this level could sink the MNT/USDT pair to $1.

On the contrary, if the price maintains above the 20-day EMA, it will suggest that the bulls are defending the level. The pair may then rise to the 61.8% Fibonacci retracement level of $1.32, and if this level is scaled, the next stop could be $1.51.MNT/USDT 4-hour chart. Source:TradingView

The bulls have pushed the price above the symmetrical triangle pattern, indicating that the correction may have ended. If the price rebounds off the 20-EMA, it will increase the possibility of a rally above $1.25. The pair may then rise to $1.32.

Meanwhile, the bears are likely to have other plans. They will try to tug the price back into the triangle. That may trap the bulls, and a break below the triangle will tilt the advantage in favor of the bears. The pair may then tumble to $1.Render price analysis

Render (RNDR) has been in a corrective phase for several days, but the bulls are trying to make a comeback by pushing the price above the downtrend line.RNDR/USDT daily chart. Source: TradingView

The 20-day EMA ($8.90) has flattened out, and the RSI has risen to the midpoint, suggesting that the bears are losing their grip. If the price maintains above the 20-day EMA, the RNDR/USDT pair is likely to rise to the 50-day SMA ($9.95) and then to $12.

Instead, if the price turns down and sustains below the 20-day EMA, it will suggest that the breakout may have been a fake move. The bears will then try to pull the price to $7 and later to $6.RNDR/USDT 4-hour chart. Source:TradingView

The moving averages have completed a bullish crossover, indicating advantage to buyers. However, the bears may pose a strong challenge at $9.50. If the price turns down from the overhead resistance but takes support at the 20-EMA, it will suggest a change in sentiment from selling on rallies to buying on dips. That will enhance the prospects of a rally to $10.50.

Contrary to this assumption, a break and close below the moving averages will suggest that the recent breakout was a bull trap. The pair may then descend to $7.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Altcoin# Ethereum# Bitcoin Price# Markets# Halving# Bitcoin Halving# Binance# Binance Coin# Near ProtocolAdd reaction