Bitcoin continues to face resistance near $29,000 and Ether has decided to take over the bullish momentum of the broader crypto markets.
Bitcoin (BTC) remains anchored below the psychologically crucial $30,000 level as cryptocurrency investors look for positive triggers. That hasn’t stopped business intelligence firm MicroStrategy from adding 1,045 Bitcoin to its treasury, which has now grown to 140,000 Bitcoin.
Even after the strong recovery from the November 2022 low, Monitoring Material Resource Indicators believes the current upward move is a bear market rally.
Typically, a bear market rally does not change until the last bear has thrown in the towel. This suggests that the Bitcoin rally may have a few more legs before it turns down to shake off weaker hands.
A survey by financial services firm Brown Brothers Harriman shows that institutional investors remain interested in the cryptocurrency space despite the crypto winter. It found that 74% of institutional investors were “extremely/very interested” in adding exposure to exchange-traded funds with cryptocurrency-related exposure.
Will Bitcoin Continue Its March North and Break Above $30,000? Will that move drive altcoins higher? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
The bulls again tried to push Bitcoin above $29,000 on April 5, but the long wick of the candle shows aggressive selling by the bears at higher levels.
The bears will try to use their advantage by pulling the price below the 20-day exponential moving average ($27,273), which is an important level to watch. If this support breaks, several short-term bulls may exit their positions. That could open the doors for a retest of the inverse head and shoulders (H&S) neckline at $25,250.
Conversely, if the price bounces off the 20-day EMA, it will suggest that the bulls continue to defend this level with all their might. That may improve the prospects for a break above the overhead resistance at $29.185. If that were to happen, the BTC/USDT pair could rally to $30,000 and then $32,500.
Ether Price Analysis
Ether (ETH) rallied from the 20-day EMA ($1,778) on April 3 and broke above the overhead resistance at $1,857. This suggests the beginning of the next leg of the upward movement.
The way is clear for a potential rally to $2,000. This level is likely to act as strong resistance, but if the bulls turn the $1,857 level into support during the next dip, it will suggest that the buyers are in control. The ETH/USDT pair could then attempt a rally to $2,200.
Time is running out for bears. If they want to come back, they will have to stop the rally and push the price below $1,857. If they manage to do that, aggressive bulls can get trapped. The pair could drop to the 20-day EMA first, and then to $1,680.
BNB Price Analysis
The drop in BNB (BNB) below the $306 support was aggressively bought by bulls, as seen in the long tail of the April 3 candle.
The bulls are trying to further strengthen their position by pushing the price above the overhead resistance at $318. If they manage to do so, it will suggest that the corrective phase may be over. The BNB/USDT pair could rally to $330 first and then to the strong resistance of $338.
Conversely, if the price fails to clear the $318 hurdle, it will suggest that the bears are using every minor rally to sell. That can take the pair to the 200-day SMA ($291), which is likely to act as strong support.
XRP Price Analysis
XRP (XRP) fell below the 38.2% Fibonacci retracement level of $0.49 on April 3, but the long tail of the candle shows solid buying at the lower levels.
The price rallied on April 4 and the bulls tried to push the price towards the overhead resistance at $0.56, but the long wick on the April 5 candle shows that the sellers are offering a formidable challenge to the bulls near $0, 53.
If the price continues lower, the bears will again try to sink the price below the 20-day EMA ($0.47). If this level gives way, the XRP/USDT pair can slide to $0.43.
On the other hand, if the buyers push the price above the upper $0.56 zone to $0.58, the pair can rally to $0.65 and then $0.80.
Cardano Price Analysis
Cardano (ADA) price is compressing between the 20-day EMA ($0.37) and the neckline of the inverse H&S pattern.
The rising 20 day EMA and the RSI above 59 indicate that the bulls are in command. A breakout and close above the neckline will complete the reversal pattern. The ADA/USDT pair could start a new uptrend that has a pattern target of $0.60.
If the bears want to take control, they will have to push the price below the moving averages. If they do, several short-term bulls may close their positions, resulting in a long sell-off. Then the pair can fall to $0.30.
Dogecoin Price Analysis
Dogecoin (DOGE) bounced off the 20-day EMA ($0.08) on April 3 and spiked above the stiff resistance at $0.10.
The long wick on the April 3-4 candle shows that the bears are trying to vigorously defend the $0.10 level. A minor positive in favor of the buyers is that they have not given up ground to the bears.
If the price sustains above $0.09, the possibility of a rally to $0.11 increases. This is the last major barrier for the bulls because a break above could open the doors for a possible rally to $0.16.
Alternatively, if the price turns below $0.11, it will suggest that the bears are active at higher levels. The DOGE/USDT pair can then oscillate within a wide range between $0.11 and $0.07 for a while longer.
Polygon Price Analysis
Polygon (MATIC) tight consolidation near the 20-day EMA ($1.11) resolved to the upside on April 4, but the bulls are struggling to take advantage of this advantage.
The bears will try to push the price back below the 20 day EMA and trap the aggressive bulls. If successful, the MATIC/USDT pair could drop to $1.05 and subsequently to life support at the 200-day SMA ($0.98).
Instead, if the price bounces off the 20-day EMA, it will suggest that the bulls are trying to turn this level into support. There is minor resistance at $1.17, but if the bulls break through this barrier, the MATIC/USDT pair could rally to $1.25 and then $1.30.
Related: Latest Bitcoin Price Data Suggests a Double Top Above $200K in 2025
Solana Price Analysis
Solana (SOL) continues to trade within a tight range. Generally, periods of low volatility are followed by increased volatility.
If the price breaks out and closes above the downtrend line, it will suggest that the bulls have beaten the bears. That could start a new move up, which could go to $27.12 first. If this level is scaled, the SOL/USDT pair is likely to pick up momentum and shoot towards $39.
Another possibility is that the price turns down from the downtrend line or fails to hold above it. In that case, the bears will try to sink the price below $18.70 and challenge the critical support near $15.28.
Moles Price Analysis
Polkadot (DOT) has continued to rally towards the 61.8% Fibonacci retracement level of $6.85. This level could see strong selling by the bears.
The 20-day EMA ($6.22) remains an important level to watch. If the price turns below $6.85 but bounces off the 20 day EMA, it will suggest that sentiment has turned positive and traders are buying the dips.
That will increase the chance of a break above $6.85. The DOT/USDT pair may then attempt a rally to the neckline of the inverse H&S pattern. The sellers will have to drive the price below $5.70 to gain an advantage.
Litecoin Price Analysis
Litecoin (LTC) jumped off the 20-day EMA ($89) on April 1 and broke above the downtrend line. However, the bulls are facing stiff resistance from the bears at the higher levels, as seen in the long wick of the April 3-5 candlesticks.
The upsloping 20-day EMA and the RSI in the positive territory indicate an advantage for buyers. There is a minor resistance at $96, but if crossed, the LTC/USDT pair can rally to the stiff overhead resistance at $106.
If the bears want to avoid the move to the upside, they will have to quickly drop the price below the 20 day EMA. The pair could drop to $85. This is an important level to watch because a break below it will indicate that the bears are back in the game.
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