Bittime - Bitcoin's strong post-halving recovery took many by surprise, the unexpected strength had analysts scrambling to adjust their analysis, with some predicting breakouts for coins like BNB, NEAR, MNT, and RNDR. Check out Rakesh Upadhyay's analysis of the token prices above.
Bitcoin (BTC) Analysis
The post-halving week saw Bitcoin defy expectations by bouncing back significantly from its intra-week low. While it may still close the week with minor losses, its resilience is a bullish signal for the entire crypto market.
Data from Farside Investors highlights a surge in Bitcoin ETF inflows, indicating institutional investors are taking renewed interest in this space. BlackRock's iShares Bitcoin Trust (IBIT) has seen an impressive 69 consecutive days of inflows.
Also Read Bitcoin ETF: BlackRock and Fidelity Still Lead the Market
Bloomberg Analyst Watch
According to Bloomberg Intelligence analyst Eric Balchunas. This trend of increasing institutional adoption is expected to continue throughout 2024, potentially driving Bitcoin prices even higher.
However, the big question remains: can Bitcoin conquer the crucial resistance level of $73,777?
A firm break above this point could trigger a significant rally towards $84,000. Technical indicators on the 4-hour chart paint a cautiously optimistic picture, with a bullish crossover on the moving averages indicating short-term momentum is on the bull side.
Check Today's Crypto Market:
Altcoin Watchlist
The bullish sentiment surrounding Bitcoin is spilling over to altcoins, with several projects displaying promising technical patterns.
Binance Coin (BNB) Analysis
it is currently stuck in a trading range between $495 and $635. A breakout above this range, especially if accompanied by strong trading volume, could push BNB towards $692.
Check Market: Buying and Selling & Trading BNB/IDR
Conversely, a drop below $495 would indicate a bearish shift and potentially trigger a drop to $460.
Analisis Near Protocol (NEAR)
NEAR has been struggling in a descending channel pattern for some time. However, the recent increase suggests a potential breakout. If NEAR can overcome this channel's resistance line, it could start a journey towards $8 and even $9.
Check the Market: Buying and Selling & Trading NEAR/IDR
Bulls need to maintain control and keep price above the moving averages to strengthen this bullish outlook.
Also Read How To Buy Crypto:
Mantle (MNT) and Render (RNDR) Analysis
Both MNT and RNDR are trying to reverse their downtrend.
MNT recently secured a key breakout above the 20-day EMA, but faced significant resistance at the 61.8% Fibonacci retracement level ($1.32).
Overcoming this resistance could pave the way for a rise to $1.51.
Check Market: Buying and Selling & Trading MNT/IDR
Check Market: Buying and Selling & Trading RNDR/IDR
Similarly, RNDR pushed above its falling trend line, with the 50-day SMA ($9.95) acting as the next target.
A successful breakout above this level could see RNDR reach $12.
Looking ahead
While the immediate future looks bright for these altcoins, it is important to remember that the crypto market remains highly volatile. Monitoring technical indicators, relevant news and broader market trends will be critical to making informed investment decisions.
With Bitcoin seemingly recovering its footing, the altcoin market could be on the verge of an interesting breakout in the coming weeks.
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How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
What is Bitcoin Halving and How Does It Affect Bitcoin?
The Future of Spatial Computing, Rendering (RNDR), and XR
Binance Coin Rises as the Backbone of Global DeFi
Mantle (MNT) Prediction According to Crypto Academy: Will MNT Continue Its Rise?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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