Bitcoin (BTC) attempted to initiate a slight rally this week but encountered strong selling pressure near $67,000. The largest cryptocurrency by market capitalization is on track to end the week with a small loss of around 2%.

Prominent analyst Rekt Capital believes that Bitcoin has “entered the ‘danger zone’ post-Halving, where it could fall further within the next two weeks. Another negative in the near term is net outflows from spot Bitcoin ETFs. Analysts at Farside report that ETFs saw net inflows of $218 million on April 25, following net outflows of $120 million the previous day.

When prices trade in a wide range, it is difficult to predict the direction of the breakout with certainty. Traders can buy near support and sell at resistance by keeping an appropriate stop loss or staying on the sidelines until a breakout occurs.

Will Bitcoin and altcoins sustain above their respective support levels and initiate a relief recovery?

Let's study the top 5 cryptocurrencies that look strong on the chart and could start to recover.

BTC technical analysis

Bitcoin has been range-bound between $59,600 and $73,777 for several days, showing indecision between bulls and bears over the next directional move.

BTC/USDT Daily Chart | Source: TradingView

In general, within a range, traders should buy near support and sell near resistance. The bulls are expected to aggressively defend the $59,600 level as a break below it could deepen the correction towards the 61.8% Fib retracement level at $54,298. Such a move would delay the start of the next leg of the uptrend.

Conversely, if the price turns up from the current levels or the $59,600 support, it will show that the bulls remain active at lower levels. The BTC/USDT pair could rise to $67,250 and then resistance to $73,777. A breakout and close above this level would signal the start of the next leg of the uptrend to $84,000.

BTC/USDT 4-hour chart | Source: TradingView

The flat moving averages and the RSI just below the midpoint suggest a balance between supply and demand. The first sign of strength will be a breakout and close above the downtrend line. That could pave the way for a rise to $68,000 and then to $71,500.

Alternatively, if the price turns down from the current levels or the downtrend line and breaks below $62,300, it will suggest that the bears are in command. The pair could then slide to the critical support at $59,600, where buyers are likely to jump in.

NEAR Technical Analysis

Near Protocol (NEAR) closed above a descending channel pattern on April 25, suggesting that the downtrend may be ending.

NEAR/USDT Daily Chart | Source: TradingView

However, the bears have not given up yet and are selling near the nearest resistance at $7.70. If the price drops back into the channel, it shows that the breakout could be a bull trap. That could drag the price down to $5.90.

Instead, if the price breaks out above $7.70, it will show that the bulls have the upper hand. The NEAR/USDT pair could then attempt to rally to $9, where the bears are likely to build a solid defense.

NEAR/USDT 4-hour chart | Source: TradingView

Both moving averages are sloping up and the RSI is in the positive zone, showing that the bulls have a slight advantage. Buyers may face selling in the zone  between $7.70 and $8.10, but if they manage to push through, the upside could be as high as $9.

This bullish view will be invalidated in the short term if the price turns down and breaks below $6.60. Such a move would indicate that bears continue to sell on relief rallies. The pair could then drop to $5.90.

AR technical analysis

Arweave (AR) rose above both moving averages on April 25, signaling that the bulls are attempting a comeback.

AR/USDT Daily Chart | Source: TradingView

The bears attempted to pull the price back, but the bulls bought the dip to the 20-day EMA ($32.19) on April 27. This shows a change in sentiment from selling on the rise to Buy when the price drops. There is a minor resistance at $40, but if it is surpassed, the AR/USDT pair could rise to strong resistance at $47.52.

If the bears want to stop the rally, they will have to quickly drag the price back below the 20-day EMA. If they do, the pair could drop to $22.

AR/USDT 4-hour chart | Source: TradingView

The pair shows the formation of an inverse head and shoulders pattern, which will complete on a breakout and close above the neckline. If that happens, the pair is likely to move towards the pattern's target at $50.

Conversely, if the price fails to sustain above the neckline, it indicates demand drying up at higher levels. The pair could then drop to the critical support at $30. A break below this level will tilt the advantage towards the bears.

CORE Technical Analysis

Core (CORE) has received support at the 20-day EMA ($2.23) twice in the past few days, showing positive sentiment.

CORE/USDT Daily Chart | Source: TradingView

If the price bounces from the current levels and breaks above $2.91, it will show that the bulls are back in the driver's seat. The CORE/USDT pair could then gain momentum and rally to $4.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will show that the bears are not ready to give up. That could open the door to a drop to the 50-day SMA ($1.72).

CORE/USDT 4-hour chart | Source: TradingView

The 4-hour chart shows the pair ranging between $1.83 and $2.91. The flat moving averages and the RSI near the midpoint give neither the bulls nor the bears a clear advantage.

If the price breaks out above the moving averages, the bulls will attempt to push the pair to $2.91. The bears are expected to defend this level vigorously as a break above it could initiate a fresh upward move.

Conversely, if the price turns down and breaks below $2.10, the pair could drop to the strong support at $1.83.

BONK technical analysis

Bonk (BONK) rose above the moving averages on April 23, signaling the correction may be coming to an end.

BONK/USDT Daily Chart | Source: TradingView

The bears tried to drag the price below the moving averages, but the bulls maintained their stance. This shows that the bulls are trying to turn the moving averages into support. If the price bounces from the current levels and breaks above $0.000030, the BONK/USDT pair will complete an inverse H&S pattern. This bullish setup has a sample target of $0.000048.

However, the bears may have other plans. They will try to drop the price below the moving averages and gain the upper hand. If successful, the pair could drop to $0.000019 and then to $0.000015.

BONK/USDT 4-hour chart | Source: TradingView

The 4-hour chart shows that the bulls are facing stiff resistance at $0.000030. The bears are trying to consolidate their positions by dragging the price below the moving averages. If they do that, the pair will complete the H&S pattern and drop to $0.000019.

On the other hand, if the price turns up from the current levels or the 50-day SMA, it will show that the bulls continue to buy on dips. A breakout and close above $0.000030 would be the first sign of strength. The pair could then rise to $0.000036.


Source: https://tapchibitcoin.io/near-ar-core-va-bonk-cho-thay-suc-manh-khi-bitcoin-sideway.html