Bitcoin turns bullish after decline – will BNB, NEAR, MNT and RNDR follow?

Bitcoin (BTC) has recovered significantly from its intra-week swings and could close the half-week with a small loss of approximately 1%. According to data from Farside Investors, the bitcoin trading venue saw an inflow of $30.4 million in the first half of the day, ending a five-day streak of outflows.

The Greyscale Bitcoin Trust (GBTC) saw the most inflows, while the BlackRock iShares Bitcoin Trust (IBIT) continued to attract investments. Bloomberg Intelligence ETF analyst Eric Balchunas sees IBIT “69 days of straight income stream” in an X post.

The flow of Bitcoin ETFs could grow from strength to strength in 2024. BitWiz CEO Hunter Horsley believes that by the end of 2024, many wealth management firms will own Bitcoin ETFs. An exciting new entity in the Bitcoin space.

Will Bitcoin and altcoins beat their own profit-defending levels? Let's examine the top 5 currencies that look strong on the charts and could do so.

Bitcoin price analysis

Bitcoin's recovery has reached its 20-day exponential moving average ($65,850), an important level to watch.

If the price falls significantly below the moving averages, it indicates that bears are selling in rallies. That could result in a retest of the $60,775 to $59,600 support zone. Buyers are expected to protect this zone with all their might, as deterioration can accelerate the sale. The BTC/USDT pair may drop to the 61.8% Fibonacci retracement level towards $54,298.

Conversely, if the price breaks above the moving averages, it suggests that the pair may oscillate between $60,775 and $73,777 for some time. The bulls need to drive the price above the overhead resistance to open a rally towards $84,000.

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

If the price declines and breaks below the moving average, this optimism will be canceled. That could mean strong selling at rallies. The pair could slide towards $63,000 and then towards $60,775.

Binance Coin Price Analysis

Binance Coin (BNB) has been hovering in a range between $495 and $635 for the past few days, indicating a balance between supply and demand.

On April 20, buyers pushed the price above the moving averages, indicating that the selling pressure is waning. The BNB/USDT pair may move towards an upward resistance of $635, where bears may sell aggressively. If the price declines significantly below $635, the range-bound action may continue longer.

The next trending move could start on a break above $635 or below $495. If the $635 level is breached, the pair could start a trip to $692. A slide below $495 could sink the pair to $460.

The 20-EMA has started to shine on the 4-hour chart, and the RSI is in positive territory, indicating that the bulls are trying to return. There is some resistance at $585, but if this level is crossed, the pair can reach $600 and then $635. The bears can mount a strong resistance near $635.

If the price declines and breaks below the moving average, the bullish outlook is worthless in the near term. The pair may drop to $540 and later to $510.

Near protocol value analysis

It is falling in a descending channel pattern from the near protocol (NEAR), indicating that the trend is in favor of the bears.

However, a move above the 20-day EMA ($6.15) suggests that selling pressure may be easing in the short term. The NEAR/USDT pair will try to rally to the resistance line where the bears can sell aggressively. If the price falls too far from the protection line, it indicates that the pair may remain in the channel.

Buyers need to drive the pair above the channel if they want to dominate. That would indicate a short-term trend reversal, and the pair could rally to $8 and then to $9.

After a long struggle, the pair broke above the $5.90 level, which indicates that the bulls have a slight edge. The price may decline and test $5.90, but if the bulls reverse this level to support, the pair may reach the resistance line.

Alternatively, if the price declines significantly and breaks below the moving average, it suggests that a break above $5.90 could be a bull trap. That could pull the price down to $5 and later to the support line of the channel.

Related: Why has Ether (ETH) price soared today?

Mantle price analysis

Mantle (MNT) broke above the 20-day EMA ($1.18) on April 20 after several days of moving between moving averages. This indicates that bulls are trying to take responsibility.

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

Conversely, if the price stays above the 20-day EMA, it indicates that the bulls will defend the level. The pair may rise to the 61.8% Fibonacci retracement level at $1.32, and if this level is weighed, the next stop may be $1.51.

The bulls have pushed the price above the congruent triangle pattern, indicating that the correction may be over. If the price recovers from the 20-EMA, the possibility of a rally above $1.25 increases. The pair could rise to $1.32.

Meanwhile, the bears may have other plans. They try to return the value to the triangle. That could trap the bulls, and a break below the triangle would tilt the advantage to the bears. The pair can drop to $1.

Provide a price analysis

Render (RNDR) has been in a correction phase for several days, but the bulls are trying to pull back by pushing the price above the lower line.

The 20-day EMA ($8.90) has been extended, and the RSI has risen to the midpoint, indicating that the bears are losing their grip. If the price sustains above the 20-day EMA, the RNDR/USDT pair may rise to the 50-day SMA ($9.95) and then to $12.

Instead, if the price declines and remains below the 20-day EMA, it suggests that the gap may be a false move. Then the bears try to pull the price to $7 and later to $6.

The moving averages have completed a high crossover, showing the upside for the buyers. However, the bears may pose a strong challenge at $9.50. If the price breaks from the high resistance but takes support at the 20-EMA, it indicates a change in sentiment from selling on rallies to buying on dips. That raises the rally to $10.50.

Contrary to this assumption, a break and close below the moving averages suggests that the recent breakout is a bull trap. The pair can drop to $7.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.