Bitcoin’s Bullish Turn: Will BNB, NEAR, MNT, and RNDR Follow?

Bitcoin has recovered from its recent lows and is expected to end the week with a small loss. Prior to the halving, Bitcoin exchange-traded funds (ETFs) saw an inflow of $30.4 million, breaking a five-day streak of outflows. The Grayscale Bitcoin Trust (GBTC) experienced the majority of outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) continued to attract investments. It is predicted that Bitcoin ETF inflows will continue to grow in strength by 2024, with several wealth management firms expected to own Bitcoin ETFs by the end of that year.

Analyzing Bitcoin’s price, it has reached the 20-day exponential moving average ($65,850), an important level to watch. A sharp downturn from this level could indicate that bears are selling on rallies, potentially leading to a retest of the $60,775 to $59,600 support zone. It is expected that buyers will strongly defend this zone, as a breakdown could accelerate selling, potentially causing a drop to the 61.8% Fibonacci retracement level of $54,298. If the price breaks above the moving averages, it could indicate that the pair will fluctuate between $60,775 and $73,777 for some time. To open the doors for a rally to $84,000, the bulls will have to drive the price above the overhead resistance.

Moving on to Binance Coin, it has been trading within a range of $495 to $635 recently, showing a balance between supply and demand. The price has moved above the moving averages, suggesting that selling pressure is decreasing. If the price sharply turns down from $635, the range-bound action is likely to continue. The next significant move will depend on a breakout above $635 or below $495. Breaking above $635 could lead to a journey towards $692, while falling below $495 could push the price down to $460.

Near Protocol has been falling within a descending channel pattern, favoring the bears. A rise above the 20-day EMA ($6.15) suggests a reduction in selling pressure in the short term. The pair will attempt a rally to the resistance line, where bears are expected to sell aggressively. To gain an advantage, buyers will have to drive the pair above the channel, signaling a short-term trend change and potential rally to $8 and then $9. If the price turns down sharply from the resistance line, the pair may stay within the channel. Breaking below $5.90 could indicate a bearish trap, pushing the price down to $5 and the support line of the channel.

Mantle has broken out of the 20-day EMA ($1.18) after being stuck between moving averages, indicating that bulls are trying to take control. But the presence of bears is evident from the long wick on April 21, indicating an attempt to push the price back below the 20-day EMA. If successful, it could trap aggressive bulls and cause the price to drop to the 50-day SMA ($1.09) and potentially further to $1. Maintaining the price above the 20-day EMA suggests that bulls are defending the level, possibly leading to a rise to the 61.8% Fibonacci retracement level of $1.32 and even $1.51 if that level is surpassed.

Render has been in a corrective phase, but bulls are trying to regain control by pushing the price above the downtrend line. The 20-day EMA ($8.90) has flattened out, indicating a loss of bearish grip. Maintaining the price above the 20-day EMA could lead to a rise to the 50-day SMA ($9.95) and potentially $12. If the price turns down and stays below the 20-day EMA, it may signal a fake breakout, leading to a potential drop to $7 and even $6.

While Bitcoin recovered from its lows, the future direction will depend on whether it can break above the moving averages. The same is true for altcoins like Binance Coin, Near Protocol, Mantle, and Render, which are facing resistance levels that will determine their next moves.

Hanan Escamilla

Hanan Escamilla

2 thoughts on “Bitcoin’s Bullish Turn: Will BNB, NEAR, MNT, and RNDR Follow?

  1. Bitcoin’s future direction hinges on breaking above the moving averages. Let’s hope for a breakthrough!

  2. I’m still waiting for Bitcoin to make a decisive move. This uncertainty is frustrating.

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