At $52,000, Bitcoin might encounter difficulties, but BNB, KAS, VET, and RNDR might all keep rising.
Between February 12 and February 16, inflows into spot Bitcoin exchange-traded funds (ETFs) exceeded $2.2 billion, suggesting a robust investor demand. BlackRock’s iShares Bitcoin Trust (IBIT) has drawn inflows of $5.2 billion year to date, according to a post on X by Bloomberg analyst Eric Balchunas.
This represents “50% of BlackRock’s total net ETF flows, out of 417 ETFs.”
This week, Bitcoin gained almost 7%, but the bulls are encountering strong resistance close to $52,000.
The possible sale of approximately $1.3 billion worth of Grayscale Bitcoin Trust shares by the insolvent cryptocurrency lending company Genesis to pay off creditors is one of the short-term worries.
Short-term consolidation in Bitcoin could cause the market to go towards altcoins. The surge in a few altcoins that have recently broken over their corresponding overhead resistance levels is probably going to continue.
Could there be a short-term sell-off in Bitcoin? If so, let’s examine the top 5 cryptocurrency charts to see if they can continue rising.
The sale of Bitcoin has gone close to $52,000. On February 17, the bears attempted to drive the price below $50,000, but the candlestick’s lengthy tail indicates strong purchasing during declines.
The fact that the relative strength index (RSI) has been hovering around the overbought area for some time poses a small risk to the rally’s continuation. This suggests that the rally might soon reach an overheated state.
For a correction to begin, the price must drop below the 20-day exponential moving average ($47,809), according to the bears. After that, the pair can drop to the $50,441 50-day simple moving average.
On the 4-hour chart, the bears succeeded in pushing the price below the 20-EMA, but they were unable to hold those lower levels.
This implies that the bulls are making a strong effort to defend the level. To boost the likelihood of a rise to $55,000, buyers will need to go past the barrier of $52,817.
Bears will need to pull the price below the moving averages in order to stop the upward. After that, the pair can drop to $48,970, the breakthrough level.
The bulls will make an effort to hold this level, but if they are unable to do so, the pair could drop as low as $47,000 and as high as $44,700.
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The 20-day EMA ($328) is sloping upward, and the RSI is close to the overbought area, suggesting that the upside is the route of least resistance.
Buyers may initiate the second leg of the move to $400 if they close over $360 in the BNB/USDT pair. If you can get over this hurdle, which can be challenging, you could reach $460 next.
On the other hand, the short-term traders might book profits if the price closes below $348. A correction to the 20-day EMA and then to the 50-day SMA ($313) could be initiated by that.
A closure below the 50-day SMA will indicate a change in the short-term trend.
The path to $400: Bulls in Control as BNB/USDT Eyes Upside Breakout
On the 4-hour chart, the bulls are making an effort to hold the 20-EMA, but the bears are still applying pressure. Bulls will try to drive the pair to $366 if the price moves higher from its current level.
The upswing is expected to resume once this resistance is broken. Then, the pair can increase to $400.
On the other hand, it will signify that the bears are making a resurgence if the price stays below the 20-EMA. After that, the pair might drop to the 50-SMA.
Although buyers appear to have an advantage based on the upsloping 20-day EMA ($0.13), the overbought levels on the RSI imply that the rally may have surged too quickly in the short term.
The price is probably going to find support at $0.15 if it declines from its current level. The likelihood of a rally to $0.20 will increase with a strong bounce from this level.
However, a significant decline in price that breaks below $0.14 indicates that the near-term upswing may have come to an end. The 50-day SMA ($0.11) might then be reached by the KAS/USDT pair.
The pair is encountering resistance at $0.17, according to the 4-hour chart, but the fact that the bulls have prevented the price from falling below the 20-EMA is encouraging.
Buyer advantage is indicated by the upsloping moving averages and the RSI close to the overbought zone. The uptrend may reach $0.20 if the price breaks over $0.17.
On any correction, the buyers should be able to hold the area between the 20-EMA and the 50-SMA. If there is a break below the 50-SMA, it could indicate that the bears are once again in control.
After breaching over the 50-day SMA ($0.03) on February 12, VeChain gained traction, suggesting that bulls were purchasing with vigour.
On February 15, the VET/USDT pair broke over the $0.04 overhead resistance, indicating the beginning of the second upward leg.
On the other hand, the February 16 candlestick’s lengthy wick indicates that the bears are attempting to stop the upward trend close to $0.05.
The likelihood that the upward trend will continue rises if buyers do not give up much ground. The pair might surge to $0.07 if the price closes above $0.05.
In contrast to expectations, a price decline that falls below $0.04 will signal that bulls are hurrying out of the market. After that, the pair can drop to the moving averages.
On the 4-hour chart, the bulls are attempting to stop the decline near the 20-EMA. The market is still optimistic and traders are still buying on dips if the price rises from its present level and breaks above $0.05.
Rather, it will indicate that the bulls are taking profits if the price breaches below the 20-EMA. The pair may drop below the 50-SMA if the price stays below the 20-EMA. The next rally leg is probably going to start later if there is a deeper decline.
On February 15, Render (RNDR) broke and closed above the $5.28 overhead barrier, signalling the start of the uptrend again.
On February 17, the bears attempted to drive the price down below the breakout level, but the bulls resisted.
This suggests that the purchasers are attempting to turn the $5.28 level into a level of support. The RNDR/USDT pair may rise to the $7 pattern target if they are successful.
The recent surge in price has caused the RSI to enter the overbought area, suggesting a potential little correction or consolidation.
A closing and break below $5 will indicate weakness and could entice the bulls to go more aggressive. The 50-day SMA ($4.34) might potentially be reached by the pair.
The 4-hour chart’s moving averages are sloping upward, and the RSI is close to 60, suggesting that the bulls are in control. The pair may surge to $6 if the price breaks over $5.71. If the price stays above the 20-EMA, the trend will continue to favour the bulls.
A negative divergence is developing on the RSI, suggesting that the bullish momentum may be waning. The 50-SMA is probably going to be reached if the price crashes below the 20-EMA. A decline below $4.40 would be possible if there is a break below this mark.
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