According to Cointelegraph: Following the halving event, Bitcoin showed a robust recovery, possibly setting a bullish trend for other cryptocurrencies like BNB, and NEAR. Spot Bitcoin exchange-traded funds experienced an inflow of $30.4 million a day before the halving, ending a five-day outflow streak.
Bitcoin (BTC) Price Analysis
The GBTC saw maximum outflows, while BlackRock’s iShares Bitcoin Trust (IBIT) continued to attract investments. Bitwise CEO, Hunter Horsley suggested that the clientele of Bitcoin ETFs will primarily be "long only" wealth management firms by the end of 2024, making them an “amazing new constituent in the Bitcoin space."
On the charts, Bitcoin (BTC) is currently oscillating around the 20-day exponential moving average (EMA) of $65,850. Should it drop significantly from the EMAs, it could signal a bearish trend leading to a retest of the $60,775 to $59,600 support zone. However, if it breaks above the EMAs, it could indicate an upward trend with possible resistance at $73,777.
BNB Price Analysis
Binance Coin (BNB) has been oscillating between $495 and $635 in recent days, suggesting a balance between supply and demand. The cryptocurrency rose above moving averages on April 20, signalling a reduction in selling pressure. The BNB/USDT pair is potentially heading towards the stiff resistance of $635, where a strong selloff is expected. Should the price experience a sharp decrease from $635, Binance Coin (BNB) could continue to operate in this range for a prolonged period.
A momentum shift, either upwards or downwards, is likely to occur if the price breaks beyond the $635 ceiling or below the $495 floor. If Binance Coin (BNB) surpasses $635, it may be on course to reach $692. Conversely, a decline below $495 could potentially pull the pair down to $460.
On the 4-hour chart, the 20-day EMA is tilting upwards, and the RSI is currently in a positive zone, suggesting that the bulls are staging a comeback. If BNB can exceed the minor resistance at $585, a rise to $600 and subsequently to $635 is likely, where fierce defense by the bears is anticipated.
NEAR Protocol (NEAR) Price Analysis
Near Protocol saw a price decline within a descending channel pattern, evidencing the current dominance of the bears. Nevertheless, a short-term alleviation of selling pressure is reflected by NEAR's ascend above the 20-day EMA of $6.15. Currently, the NEAR/USDT pair is expected to attempt scaling towards the resistance line, where it may face vigorous selling.
A sharp price drop from the resistance line will hint that the pair might stay within the channel. However, to convert bearish sentiment to bullish, buyers need to thrust the pair out of the channel, signifying a trend switch. This could see NEAR rally first to $8, then to $9.
NEAR has succeeded in crossing the $5.90 level following a long battle, suggesting a minor advantage for bulls. It may retest this level, but if it flips in favor of the bulls into support, NEAR could reach the resistance line.
However, if the price witnesses a steep fall and penetrates the moving averages, the previous breakout above $5.90 might have been a bull trap. Under this circumstance, the price could drop to $5 before hitting the channel's support line.