We are seeing crypto market participants hitting new all-time highs, however Bitcoin is still dormant, raising some concern among investors who think bears may momentarily take over.
TOP 10 of the crypto market, Bitcoin shows slight gains in the last 24 hours. Source: Crypto Online.
Actually the current BTC scenario is not worrisome. In fact, the uptrend remains intact, we are only seeing a price rest after a big rally.
Fundamentals continue to indicate that the future will remain positive. While the price of BTC is at highs, the number of coins on exchanges has just reached a 3-year low, which indicates that holders continue to accumulate and decrease the supply.
Are we in the market cycle high?
When the market reaches its peak, everyone deposits BTC to exchanges to sell. # of inflow addresses across all exchanges was at its highest in 2018 Jan, while it hit a three-year low a few days ago.
People are holding, not selling $ BTC. pic.twitter.com/5WiofVcEe7
– Ki Young Ju 주기영 (@ki_young_ju) April 7, 2021
Data like these tell us that we are in the middle of the bull run, and we will hardly see a big correction very soon. The time to fall will come, but I don’t think it’s a good idea to sit and wait for it, better surf the wave.
Technical analysis of the main currencies of the crypto market
As I commented, BTC is having trouble resuming its big uptrend, it has even been pulling down a bit.
This behavior may be causing investors to move towards greener terrain, just as we are seeing with cryptocurrencies that have already set new highs.
After being hampered by resistance at $ 59,000, the price broke the immediate support seen on the daily chart near $ 57,000.
Today the price got support at $ 55,500, which could be facing the bearish intentions, and taking the price towards new highs. To confirm that this will be the case, we must first see a break of that resistance at $ 59,000. At the moment this is the most likely scenario, since the dominant force is bullish.
In case we see a loss of $ 55,500, we will see further selling pressure next, which could push Bitcoin up to $ 51,300.
Crypto market participants take advantage of Bitcoin’s lethargy to scale. Source: TradingView.
Despite the boring performance of BTC the last few days, when we look at the weekly chart we notice that the bulls are still in full control, and it looks like they are about to resume the previous trend.
With ever higher lows and highs, the odds are on the side of a Bitcoin setting new all-time highs in the near future. The first goal, the $ 67,500. The second, $ 77,500.
For the behavior of this cryptocurrency to be really worrisome, we should first see a break of the support at $ 45,000.
While the largest remains dormant, ETH already managed to mark a new high last Tuesday, thus resuming its uptrend in the medium term.
With ever higher lows and highs, Ethereum is ready to keep climbing higher.
As long as nothing extraordinary happens, the odds remain on the bulls’ side. The short-term objectives are:
As I predicted a few days ago, BNB also hit a new price record after escaping a long cumulative period in the form of a bullish pennant.
Like ETH, this cryptocurrency is also ready to scale higher before giving way to a correction.
Daily price chart of BNB vs USDT. Source: TradingView.
All our publications are informative, so in no case should they be followed as investment advice.
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