Bitcoin’s regional action will focus on NEAR, AR, CORE and BONK

Bitcoin (BTC) tried to start a rally this week but faced strong selling pressure near $67,000. The largest cryptocurrency by market capitalization could end the week with a modest loss of 2%.

Prominent trader and analyst Rect Capital believes Bitcoin has “entered the post-halving ‘danger zone'” where it could see further dives in the next two weeks. Another negative thing in the near future is the net outflow of funds from the Bitcoin exchange. Farside Investors reported that ETFs saw net inflows of $218 million on April 25, after $120 million in outflows the previous day.

When the price trades in a large range, it is difficult to predict the direction of the breakout with certainty. Traders can buy near support and maintain a suitable stop loss, sell at resistance or stay on the side until a breakout occurs.

Will Bitcoin and altcoins hold above their respective support levels and start a rally?

Let's study the top 5 currencies that look strong on the charts and could start the recovery.

Bitcoin price analysis

Bitcoin has been protected from a range of $59,600 to $73,777 for several days, indicating indecision between bulls and bears about the next directional move.

Generally, in a range, traders buy near the support and sell near the resistance. The bulls are expected to strongly defend the $59,600 level as a break below could extend the correction to the 61.8% Fibonacci retracement level to $54,298. Such a step will delay the start of the next leg that goes up.

On the contrary, if the price breaks out from the current level or support at $59,600, it suggests bulls to remain active at lower levels. The BTC/USDT pair may jump to $67,250 and later to $73,777 high resistance. A break and close above this level would signal the start of the next uptrend leg towards $84,000.

Flat moving averages and an RSI below the midpoint suggest a balance between supply and demand. The first strength signal breaks and closes above the bottom line. That could clear the way for an increase to $68,000 and then to $71,500.

Alternatively, if the price declines from the current level or lower line and breaks below $62,300, it suggests that bears are in order. The pair could slide towards the crucial support at $59,600, where buyers can enter.

Near protocol value analysis

NEAR closed above the descending channel pattern on April 25, indicating that the downtrend may be over.

However, the bears did not give up and immediately sold near $7.70. If the price breaks back into the channel, it suggests that the gap may be a bull trap. That could lower the price to $5.90.

Instead, if the price breaks above $7.70, it suggests that the bulls will take charge. The NEAR/USDT pair may try to rally to $9. Bears may mount a strong resistance.

Both moving averages are trending up, and the RSI is in positive territory, indicating that the bulls have a slight advantage. Buyers may face selling in the zone between $7.70 and $8.10, but if they push hard, the rally could reach $9.

If the price declines and breaks below $6.60, this optimism will be invalidated in the short term. Such a move indicates that the bears will continue to sell in relief rallies. The pair can drop to $5.90.

Arweave price analysis

Arweave (AR) rose above both moving averages on April 25, indicating that the bulls are attempting a comeback.

The bears tried to recover the price, but the bulls bought the 20-day EMA ($32.19) on April 27. This shows the shift from selling on rallies to buying on dips. There is some resistance at $40, but if crossed, the AR/USDT pair may rally to a strong overhead resistance at $47.52.

Bears need to quickly pull the price below the 20-day EMA if they want to defend the rally. If they do, the pair could fall to $22.

The pair features a reverse head-and-shoulder pattern creation that finishes at a slit and closes above the neck. If that is the case, the pair is likely to increase towards the $50 pattern target.

On the contrary, if the price cannot keep above the neck, it indicates that the demand will dry up at a high level. The pair may drop to critical support at $30. A break below this level will tilt the advantage to the bears.

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Main price analysis

CORE has taken support at the 20-day EMA ($2.23) on two occasions in the past few days, indicating positive sentiment.

A break above $2.91 would suggest that the bulls are back in the driver's seat. The CORE/USDT pair could rise to $4 with momentum building.

Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it suggests that the bears are not willing to give up. That could open the doors for a drop to the 50-day SMA ($1.72).

The 4-hour chart shows that the pair is range bound between $1.83 and $2.91. Flat moving averages and an RSI near the midpoint do not give a clear advantage to either the bulls or the bears.

If the price breaks above the moving averages, the bulls will try to push the pair towards $2.91. The bears are expected to defend this level strongly because the break above it may start a new upward movement.

Conversely, if the price declines and breaks below $2.10, the pair may fall to a strong support at $1.83.

Bonk price analysis

BONK broke above the moving averages on April 23, indicating that the correction phase may be over.

The bears tried to push the price below the moving average, but the bulls held their ground. This shows that the bulls are trying to turn the moving averages into support. If the price recovers from the current level and breaks above $0.000030, the BONK/USDT pair will complete an inverse H&S pattern. This bullish setup pattern has a target of $0.000048.

However, the bears may have other plans. They price below the moving averages and try to dominate. If successful, the pair could drop to $0.000019 and then to $0.000015.

The 4-hour chart shows that the bulls are facing strong resistance at $0.000030. The bears are trying to strengthen their position by pulling the price below the moving averages. If they can do that, the pair will complete the H&S pattern and move down to $0.000019.

On the other hand, if the price changes from the current level or the 50-day SMA, the bulls will continue to buy dips. A break and close above $0.000030 will be the first sign of strength. The pair may jump to $0.000036.

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.