It is difficult to determine how the markets will behave just after halving, but analysts remain bullish on the long term. What are the important resistance levels to watch out for in Bitcoin and altcoins? SkyBridge Capital CEO Anthony Scaramucci said in an interview with CNBC that Bitcoin could soar to $170,000 during the cycle. Eventually, he expects Bitcoin to trade at “half the valuation of gold” but warns of volatility en route.
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Bitcoin’s range break above the $70,000 level boosted altcoin prices and hints at the possibility of a new BTC all-time high. Bitcoin (BTC) is approaching the event with strength. The Bitcoin halving is less than 11 days away. This shows that the sentiment remains positive, and traders are buying on dips. On-chain analytics firm Santiment said in a X post that inflows into spot Bitcoin exchange-traded funds (ETFs) are likely to remain high until the Bitcoin halving. CoinShares data shows digital investment products saw $646 million in inflows last week.
The flattish moving averages and the RSI just above the midpoint suggest a range-bound action in the near term. Close above the 20-day EMA. 0.69 for a few more days. If the price turns down from the 20-day EMA, it will signal that the bears are in command. On the contrary, if the price slips back below the 20-day EMA, it will suggest that bears remain active at higher levels. 0.57. If they manage to do that, the ADA/USDT pair will complete a bearish head-and-shoulders pattern. 0.23. A break and close above this level will signal the resumption of the uptrend. 0.46. The first sign of strength will be a break.
The BNB/USDT pair has reached the downtrend line of the triangle. On the contrary, if the price turns down from the downtrend line, it will suggest that the pair may remain inside the triangle for a few more days. The bulls are struggling to sustain Solana (SOL) above the 20-day EMA ($181), indicating that the bears are defending the level. If this resistance is overcome, the pair could retest the March 16 high at $645. The bears will be in a commanding position if the price plunges below the triangle.
Let’s analyze the charts to find out. The S&P 500 Index made an outside-day candlestick pattern on April 4 and an inside-day candlestick pattern on April 5, indicating uncertainty about the next directional move. If the price turns lower and breaks below 5,146, it will signal the start of a corrective phase. The 20-day exponential moving average (5,184) has flattened out, and the relative strength index (RSI) is in the positive zone, indicating a balance between supply and demand. The 50-day simple moving average (5,089) may try to arrest the decline, but it is likely to be broken.
