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Bitcoin is currently experiencing a back-and-forth battle between bullish and bearish forces. Recently, there was an influx of $595 million into spot Bitcoin exchange-traded funds, followed by an outflow of $15.7 million, as reported by Farside Investors.
Despite the short-term uncertainty, prominent crypto bull Anthony Pompliano remains optimistic about Bitcoin’s long-term prospects. Pompliano highlighted that Bitcoin’s 200-day simple moving average hit a new all-time high above $50,000, indicating a bullish long-term trend.
Institutional investors continue to show interest in spot Bitcoin ETFs, with quantitative trading firm Susquehanna International Group acquiring over $1 billion worth of shares in the first quarter of 2024.
The charts of the top 10 cryptocurrencies are being closely analyzed to determine if buyers can protect support levels and prevent a Market collapse.
Bitcoin’s price recovery faced resistance at the 50-day simple moving average, with potential support levels at $59,600 and $56,500. The cryptocurrency needs to break above the 50-day SMA to rally to $73,777.
Ether’s price action is facing resistance near the 20-day exponential moving average, and a break below $2,850 could lead to a downtrend for the ETHUSDT pair.
BNB is trading near moving averages, signaling uncertainty for its next move. A break above $635 could push the price higher to $692.
Solana remains range-bound between $162 and $126, with potential support at $100 if price slips below. A break above $162 could lead to further gains.
XRP is consolidating within a tight range, with support at $0.46 and resistance at $0.57. A break above the 20-day EMA could push the price higher.
Dogecoin turned lower from the 50-day SMA and needs to maintain support at $0.12 to prevent further downside.
Toncoin is facing resistance at the 50% Fibonacci retracement level, with potential support at $4.72 if the price slips below moving averages.
Cardano is squeezed between the 20-day EMA and support line, indicating a breakout is imminent. A break above the EMA could lead to gains towards $0.57.
Avalanche turned down from overhead resistance at $40, with potential support at $29. A break above $40 could signal bullish momentum.
Shiba Inu turned down from the 50-day SMA and is forming a symmetrical triangle pattern. A break below the triangle could lead to a drop to $0.000017.
Investors must conduct their research as this article does not provide investment advice.
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1. What is BTC?
Bitcoin is a type of digital currency that operates independently of a central bank.
2. How can I buy ETH?
You can buy Ethereum (ETH) on various cryptocurrency exchanges using traditional currency or other digital assets.
3. What is BNB used for?
BNB is the native cryptocurrency of the Binance exchange and can be used for various purposes such as trading fees and token launches.
4. How do I store SOL?
You can store Solana (SOL) in a cryptocurrency wallet that supports the Solana blockchain, such as a hardware wallet or a software wallet.
5. Can I buy SHIB with XRP?
Yes, you can buy Shiba Inu (SHIB) with XRP on certain cryptocurrency exchanges that support trading between these two digital assets.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
