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Altcoins retraced to key lower support levels after Bitcoin price dropped below $56,000, but will traders view the dip as a buying opportunity?

According to CoinShares, the institutional inflow into crypto products hit $4.5 billion in Q1, which is 11% higher than the intake seen in Q4 2020. This shows that institutional interest is on the rise but the quarter-on-quarter growth has slowed down from the 240% recorded in Q4 2020. 

As Bitcoin price moves higher, more funds are needed to sustain the levels. Therefore, if institutional inflows do not pick up in the next few days, Bitcoin (BTC) and other altcoins could witness a major correction.

The next correction could test the resolve of institutional investors and even though these investors have deep pockets, some may have jumped into crypto only for quick speculative gains. There is always the possibility that investors may dump their positions if Bitcoin starts a correction.

While this may accelerate the fall, lower levels are likely to attract investors who may have missed the bus earlier. If this assumption plays out, volatility throughout the market may remain high in the next few days.

Let’s analyze the charts of the top-10 cryptocurrencies to see if it also projects a possible correction.

BTC/USDT

Bitcoin’s failure to cross the stiff overhead resistance zone at $60,000 to $61,825.84 seems to have attracted profit-booking from short-term momentum traders. This has pulled the price back below the 20-day exponential moving average ($56,863) today.

If the price sustains below the 20-day EMA, the bears may sense an opening and are likely to challenge the critical support at the 50-day simple moving average ($54,333). If this support cracks and the bears manage to sustain the price below the 50-day SMA, the selling could intensify.

The next support on the downside is $50,460. If this level also gives way, the BTC/USDT pair could plummet down to $43,006.77. The flattening moving averages and the relative strength index (RSI) dropping below 52 suggest that the bulls may be losing their grip.

Contrary to this assumption, if the price rebounds off the 50-day SMA, the bulls will make one more attempt to push the pair to a new all-time high. If they succeed, the pair could start its journey to the next target objective at $69,540 and then $79,566.

ETH/USDT

Ether (ETH) broke to a new all-time high on April 2 but could not take off and continue its climb. This showed hesitation among the bulls and even though they managed to push the price to a new all-time high at $2,150 on April 6 the rally has since stalled.

That may have frustrated the momentum traders who seem to have dumped their positions today, resulting in a drop to the 20-day EMA ($1,904). If the ETH/USDT pair rebounds strongly from the 20-day EMA, it will indicate demand at lower levels.

The bulls will then make one more attempt to drive the price above $2,150. If they succeed, the pair could start its journey to the next target objective at $2,618.14.

This positive view will invalidate if the bears sink and sustain the price below the 20-day EMA. Such a move will suggest a possible change in sentiment and that could drag the price down to the trendline.

BNB/USDT

Binance Coin (BNB) is in a strong uptrend. The bears tried to pull the price back below the breakout level at $348.69 today but the long tail on the candlestick shows the bulls purchased this dip aggressively.

The rising moving averages and the RSI near the overbought zone suggest the bulls are firmly in command. If the buyers can flip $348.69 into support, then the BNB/USDT pair could start the next leg of the uptrend that could take it to $500 and then $530.

On the other hand, if the price dips below $348.69, it will suggest that higher levels are attracting profit-booking from traders. The bullish momentum may weaken if the bears sink the price below the 20-day EMA ($314).

XRP/USDT

XRP’s breakout above $0.65 on April 5 completed an inverse head and shoulders pattern, which had a target objective at $1.11. The altcoin met this target on April 6 when it reached an intraday high at $1.11.

Traders who follow technical analysis seem to have booked profits near the target objective, resulting in a sharp pullback today.

The bulls are attempting to stall the correction near the 50% Fibonacci retracement level at $0.84 as seen from the long tail on the candlestick. If the buyers can sustain the rebound, it will suggest accumulation at lower levels and keep the prospects of a break above $1.11 alive.

On the other hand, if the XRP/USDT pair breaks below $0.84, the correction could deepen to the 61.8% Fibonacci retracement level at $0.77. Such a deep correction may delay the start of the next leg of the uptrend.

ADA/USDT

Cardano (ADA) attempted an up-move on April 6, but the long wick on the day’s candlestick suggests a lack of demand at higher levels. The bears have latched on to the opportunity today and are attempting to sink the price to $1.03.

The bulls are likely to defend the $1.03 support aggressively. If the price rebounds off this level strongly, the bulls will try to push the price above the moving averages. If they can do that, the ADA/USDT pair could remain range-bound for a few more days.

The flat 10-day EMA ($1.18) and the RSI near the midpoint suggest a balance between supply and demand.

This neutral view will invalidate if the $1.03 support cracks. In such a case, the pair could start its journey toward the support at $0.80 and then $0.70.

DOT/USDT

The failure of the bulls to push the price above the all-time high at $146.80 on April 5 and 6 could have attracted profit-booking from the short-term traders. That may have pulled Polkadot (DOT) back below the breakout level at $42.28 today.

The bulls are currently attempting to defend the 20-day EMA ($38). If they can achieve a strong rebound off this support, it will suggest accumulation at lower levels. The buyers may then make one more attempt to clear the all-time high. If they succeed, the DOT/USDT pair could rally to $53.50.

On the contrary, a weak rebound will suggest weakness and a lack of urgency among traders to buy aggressively. That will open the chances for the bears to pull the price below the moving averages. If that happens, the pair could drop to $26.50.

UNI/USDT

Uniswap (UNI) attempted to rise above the $32.50 resistance but failed. This shows a lack of buyers at higher levels. The bears are now attempting to sink the pair below the $27.97 to $25.50 support zone.

If they succeed, the UNI/USDT pair could start its journey toward the next support at $22 and then $18.

However, the flat 20-day EMA ($29.59) and the RSI near the midpoint suggest a balance between supply and demand. If the bulls can defend the support zone, the pair is likely to extend its range-bound action for a few more days.

LTC/USDT

Litecoin (LTC) broke above the resistance line of the symmetrical triangle on April 5 and followed it up with another up-move on April 6 that took the price to the stiff resistance at $246.96.

The failure of the bulls to clear the hurdle at $246.96 may have attracted profit-booking from short-term traders and selling by aggressive bears. That pulled the price down to the breakout level from the triangle today.

If the LTC/USDT pair rebounds off this level aggressively, it will suggest that the bulls are accumulating on dips. The buyers will then make one more attempt to climb the wall at $246.96. If they manage to do that, the pair could start its journey to $307.42.

On the contrary, if the bears sink the price below the moving averages, the pair could drop to the support line of the triangle.

LINK/USDT

Chainlink (LINK) broke above the $32 resistance on April 5 and followed it with another up-move on April 6 but the bulls could not challenge the all-time high at $36.93. This suggests the bears have not given up and are active at higher levels.

The LINK/USDT pair has dipped back below the $32 level today. The bulls are attempting to defend the 20-day EMA ($29.85). If they manage to do that and push the price back above $32 within the next couple of days, it will suggest accumulation at lower levels.

The bulls may then again try to propel the price above $36.93. Conversely, if the bears sink the price below the moving averages, it will suggest that the recent breakout above $32 was a bull trap. The pair could then drop to $24.

THETA/USDT

After trading in a tight range for the past few days, THETA surged today and attempted to break out of the $14 to $14.96 overhead resistance. However, the bears thwarted this attempt as seen from the long wick in today's candlestick.

If they succeed, the THETA/USDT pair could start the next leg of the uptrend that has a target objective at $17.65 and then $22.50. The 20-day EMA ($11.13) has started to turn up once again and the RSI has risen above 68, suggesting the momentum favors the bulls.

However, the bears are unlikely to give up easily. They will try to stall the uptrend in the overhead resistance zone. If they manage to do that, the pair could extend its stay inside the range for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin and most major altcoins have bounced off their immediate support levels, indicating an increase in bullish sentiment.

The total crypto market capitalization reached the important milestone of $2 trillion on April 5. As cryptocurrencies increase in value, they are likely to attract further investments from institutional investors because they can no longer afford to neglect it. 

Less than three months ago, the crypto market had reached the $1 trillion in market cap for the first time ever. This rate of growth shows that investors are hugely bullish on the potential of the sector and the ones who delay their investment decisions may have to enter at much higher levels.

Ark Invest founder and CEO Cathie Wood is well known for identifying disruptive technologies and the firm is backing Bitcoin (BTC) to do just that. Yassine Elmandjra, a crypto asset analyst at Ark, said Bitcoin was “100 times better” than gold, hence he believes Bitcoin will rise 10-fold from the current market capitalization of $1 trillion to match gold’s $10-trillion market cap.

For Bitcoin to continue its northward journey, the institutions will have to continue pumping money into it. Purpose Bitcoin ETF, Canada’s first licensed Bitcoin exchange-traded fund (ETF) launched two months ago and currently, it holds 16,462 BTC.

If a Bitcoin ETF gets the approval of the regulators in the United States, it could attract huge investments, dwarfing the inflows into the Purpose Bitcoin ETF.

The crypto story has widened beyond Bitcoin. Data from business analytics firm CB Insights showed crypto and blockchain technology-focused startups received $2.6 billion in funding in Q1 2021. This is way above the total funding of $2.3 billion received in 2020, indicating the growing interest in the sector.

So the question on the minds of most investors is whether or not the crypto market will be able to sustain its current momentum. Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has bounced off the 20-day exponential moving average ($56,750) today, which suggests that the sentiment remains positive and the bulls are buying on every minor dip.

The buyers will now try to push the price above the $60,000 to $61,825.84 overhead resistance zone. If they succeed, it could open the doors for a rally to $69,540 and then $79,566.

However, the bears are unlikely to give up easily. They will once again try to stall the rally in the resistance zone. If that happens, the possibility of a break below the 20-day EMA increases.

That could result in a drop to the critical support at the 50-day simple moving average ($53,978). If the bears sink the price below the 50-day SMA, the pair could drop to the next support at $50,460.02.

ETH/USDT

Ether (ETH) made a new all-time high at $2,144.59 on April 2. However, the bulls could not build upon this move as the bears sold aggressively and pulled the price back below the breakout level at $2,040.77 on April 3.

Since then, both the bulls and the bears have been battling it out near $2,040.77. While the bulls are attempting to flip this level into support, the bears are trying to pull the price below it and trap the bulls.

The rising 20-day EMA ($1,872) and the relative strength index (RSI) above 65 suggest the bulls have the upper hand. If the buyers succeed in pushing the price above $2,144.59, the ETH/USDT pair could start the next leg of the uptrend that may reach $2,618.14.

Contrary to this assumption, if the bears pull the price below $1,977, the pair could drop to the 20-day EMA. A break below this level will suggest the bullish momentum has weakened and could result in a decline to the trendline.

BNB/USDT

Binance Coin (BNB) cleared the $348.69 to $356.98 overhead resistance zone today and made a new all-time high. Whenever an asset class hits a new all-time high, it is a sign of strength because it shows that traders are buying at higher levels as they expect the rally to extend further.

Both moving averages are sloping up and the RSI has risen into the overbought territory, indicating the path of least resistance is to the upside. The BNB/USDT pair could now rally to its target objective at $400 and then $430.

This positive view will invalidate if the price reverses direction and breaks below the 20-day EMA ($297). Such a move will suggest that traders are aggressively booking profits at higher levels and supply exceeds demand.

That could pull the price down to the 50-day SMA ($258) and a crack below this support may extend the decline to $220.

DOT/USDT

The bears tried to trap the bulls on April 3, as seen from the long wick on the day’s candlestick. However, the bulls were not ready to surrender their advantage and they again pushed Polkadot (DOT) above $42.28 on April 4.

There is a tough tussle between the bulls and the bears near the $42.28 level. The buyers are trying to flip this level to support and launch the next leg of the uptrend, which could reach $53.50.

The upsloping 20-day EMA ($37.30) and the RSI near the overbought territory suggest the path of least resistance is to the upside.

This bullish view will invalidate if the bears can pull the price back below $40. If that happens, the ADA/USDT pair could drop to the moving averages and a break below the 50-day SMA ($35.34) could start a deeper correction to $26.50.

ADA/USDT

Cardano (ADA) has been trading near the 20-day EMA ($1.17) for the past few days. Attempts by the bulls to start an up-move on April 2 and 3 did not find buyers at higher levels as seen from the long wick on the candlesticks.

Usually, every low volatility phase is followed by a sharp increase in volatility but it is difficult to predict the direction of the breakout. Therefore, it is better to wait for the breakout to happen before initiating any trades.

If the bulls can push and sustain the price above $1.30, the ADA/USDT pair may challenge the stiff resistance at $1.48. This will be the third attempt to clear the overhead resistance, hence the possibility of a break above it is high. The next target objective is $2.

On the other hand, if the indecision resolves to the downside, the bears will try to sink the price below $1.03 and start a deeper correction to $0.80 and then $0.70.

XRP/USDT

XRP broke above the stiff overhead resistance at $0.65 today, which completed an inverse head and shoulders pattern. The altcoin picked up momentum and cleared the minor resistance at $0.75 and $0.78.

The sharp pace of the rally suggests that several bears may have been caught off guard, resulting in a massive short squeeze. This opens the possibility for a rally to the pattern target at $1.11.

The rising 20-day EMA ($0.57) and the RSI above 80 suggest the bulls are back in command.

However, the XRP/USDT pair may not rally to the target objective in a straight dash as short-term traders may book profits after the sharp rally today. That may pull the price down to the $0.75 to $0.65 support zone.

The strength of the rebound off this support zone will give a better insight into the next leg of the rally.

UNI/USDT

Uniswap (UNI) rose above the 20-day EMA ($29.52) on April 2 but the bears did not allow the price to run away. They sold at higher levels and pulled the price back to the 20-day EMA on April 3.

The positive sign is that the bulls have held the 20-day EMA successfully for the past three days. If the bulls can drive the price above $32.50, the UNI/USDT pair could rally to the $35.20 to $36.80 resistance zone.

The flattish 20-day EMA and the RSI below 56 suggests a lack of strong momentum in favor of the bulls. This could keep the pair range-bound for a few more days. The next trending move could start on a break above $36.80 or a break below $25.52.

LTC/USDT

Litecoin (LTC) had broken out of the resistance line of the symmetrical triangle on April 3 but the bulls could not sustain the higher levels. The altcoin quickly reversed direction and dropped back into the triangle.

However, the positive sign is that the buyers did not allow the price to break below the moving averages. This shows that the bulls are accumulating on dips. They will again attempt to push and sustain the price above the triangle.

If they succeed, the LTC/USDT pair could rally to $230 and then to $246.96. Above this level, the pair could rise to the pattern target at $307.42.

Conversely, if the price once again turns down from the resistance line, then the possibility of a break below the moving averages increases. If that happens, the pair could drop to the support line of the triangle.

LINK/USDT

Chainlink (LINK) broke above the $32 resistance on April 2 but the bulls could not build upon this breakout and the bears pulled the price back into the range on April 3. This suggests the bears are aggressively defending the overhead resistance at $32.

However, the strong rebound off the 20-day EMA ($29) on April 4 shows the bulls are buying the dips. The bulls will now try to thrust the price above the $32 to $33.17 overhead resistance zone.

If they can achieve that, the LINK/USDT pair may retest the all-time high at $36.93. If this level is also conquered, the rally may extend to $40.

On the contrary, if the price again turns down from the overhead resistance zone and plummets below the moving averages, it will suggest that the range-bound action may continue for a few more days.

THETA/USDT

THETA has been stuck inside the $10.35 to $14 range for the past few days. The bears are trying to sink the price to the support of the range but the bulls have not allowed the altcoin to dip below $11.20.

The 20-day EMA ($10.81) is gradually flattening out and the RSI has dropped below 61, pointing to a possible range-bound action in the next few days.

Contrary to this assumption, if the bulls can drive the price above $12.58, the THETA/USDT pair could rally to $14. A breakout of this resistance will be the first sign that bulls have the upper hand.

However, if the pair turns down from the current level and slips below $11.20, a drop to $10.35 is possible. A break below this support could intensify selling.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Select altcoins could rally higher if Bitcoin and Ethereum hold on to their recent gains.

According to a recent research note by JPMorgan, institutional investors have withdrawn about $20 billion from their gold investments since mid-October and during the same time frame, institutional inflows into Bitcoin (BTC) have increased by $7 billion. 

The bank said, “any such crowding out of gold as an 'alternative' currency implies big upside for Bitcoin over the long term."

JPMorgan believes that Bitcoin’s declining volatility could increase adoption from institutional investors. If that happens, the value of the private investments in Bitcoin may mirror that of gold and this gives Bitcoin an upside target of $130,000 in the long term, added the bank.

In other news, billionaire investor Mark Cuban said his crypto portfolio consists of 30% Ether (ETH) because he believes it is the closest thing to being a true currency. Cuban said the remainder of his crypto portfolio consists of 60% Bitcoin and 10% in other crypto investments.

CryptoQuant CEO Ki Young Ju recently highlighted that 400,000 Ether had left Coinbase, a sign that institutional investors may have started accumulating the top altcoin.

The increased adoption of cryptocurrencies by legacy financial institutions and investors is a positive sign but will this newsflow act as a tailwind and boost the price of the top-10 cryptocurrencies?

Let’s analyze the charts to find out.

BTC/USDT

Bitcoin formed a Doji candlestick pattern on March 31 and April 1, which suggests indecision among the bulls and the bears. However, the positive sign is that the bulls have not given up much ground. The bulls are again trying to push the price above the $60,000 resistance.

A strong breakout above the $60,000 to $61,825.84 overhead resistance zone will suggest that bulls are back in the driver’s seat. That could signal the start of the next leg of the uptrend, which has a target objective at $69,279 and then $79,566.

Traders can keep an eye on the relative strength index because a break above the downtrend line will indicate a pick-up in momentum.

Contrary to this assumption, if the price once again reverses direction from the overhead resistance zone, the BTC/USDT pair could drop to the 50-day simple moving average ($53,362). A break below this critical support could attract profit-booking from short-term traders and that could pull the price down to $50,460.02 and then $43,006.77.

ETH/USDT

Ether broke out of the symmetrical triangle on March 31 and has continued its journey higher. Today, the bulls have pushed the biggest altcoin above the all-time high at $2,040.77.

The 20-day exponential moving average ($1,798) has turned up and the RSI is near the overbought territory, indicating advantage to the bulls.

If the buyers can sustain the price above $2,040.77, the ETH/USDT pair could start the next leg of the up-move. The pattern target of the breakout from the triangle is $2,618.14.

Contrary to this assumption, if the price turns down from the current level, a drop to the 20-day EMA is possible. A strong bounce off it will signal strength and the bulls will again try to resume the uptrend.

This bullish view will invalidate if the bears sink the price below the trendline. Such a move could pull the price down to $1,289.

BNB/USDT

After some hesitation on March 31, Binance Coin (BNB) broke above the $315 resistance on April 1 and has followed it up with a breakout above the all-time high at $348.69 today. If the bulls can sustain the breakout, the altcoin could rally to $400 and then $430.

The upsloping moving averages and the RSI in the overbought territory suggest that bulls are in command.

However, if the bulls fail to defend the price above $348.69, the BNB/USDT pair could drop to $315. If the bulls can flip this level into support, it will increase the possibility of the resumption of the uptrend.

This bullish view will invalidate if the pair turns down and breaks below the moving averages. Such a move will suggest that the current breakout was a bull trap.

ADA/USDT

Cardano (ADA) has been stuck in a tight range for the past few days but the positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1.17). This suggests a lack of buying but does not show an urgency among traders to dump their positions.

The bulls may now attempt to push the price above $1.30. If they succeed, the ADA/USDT pair could rally to $1.48. This is an important resistance because the price had turned down from it on Feb. 27 and March 18.

If that happens once again, the pair could extend its stay inside the range for a few more days. However, if the bulls propel the price above $1.48, the pair could resume its uptrend that may reach $2. This bullish view will invalidate on a break and close below $1.03.

DOT/USDT

Polkadot (DOT) had turned down from the downtrend line on April 1 but the bulls did not give up much ground. This shows that traders did not close their positions in a hurry. The buyers have pushed the price above the downtrend line today.

The 20-day EMA ($35.06) has started to turn up and the RSI is in the positive zone, indicating advantage to the bulls. If the buyers can sustain the price above the downtrend line, the DOT/USDT pair could challenge the all-time high at $42.28.

A breakout and close above $42.28 could resume the uptrend with the next possible move to $53.50. This bullish view will invalidate if the price turns down from the current level or the all-time high and slips below the moving averages. That could pull the price down to $26.50.

XRP/USDT

After hesitating near $0.60 for the past few days, the bulls are currently attempting to propel XRP to the $0.65 overhead resistance. This level is likely to act as a stiff resistance because the price has turned down from it on five previous occasions.

However, the rising 20-day EMA ($0.53) and the RSI above 65 suggest the path of least resistance is to the upside. If the bulls can push and sustain the price above $0.65, the XRP/USDT pair could rally to $0.78 and then $1.

This bullish view will invalidate if the price turns down and breaks below the moving averages. Such a move will indicate that traders are selling on rallies. That could keep the pair range-bound between $0.42 and $0.65 for a few more days.

UNI/USDT

Uniswap (UNI) has been stuck between both the moving averages for the past few days. The bears could not sink and sustain the price below the 50-day SMA ($27.59) on March 31 and the bulls could not sustain the price above the 20-day EMA ($29.13) on April 1.

The flat 20-day EMA and the RSI just above the midpoint suggest a balance between supply and demand.

This neutral view could tilt in favor of the bulls if they propel and sustain the price above $30.31 today. If that happens, the UNI/USDT pair could start to move up toward the $35.20 overhead resistance.

On the other hand, if the price turns down and breaks below $25.50, the pair could witness increased selling pressure, which may pull the price down to $18.

LTC/USDT

Litecoin (LTC) recovered sharply from its intraday low on March 31 and broke above the 50-day SMA ($197) on April 1. The bulls will now try to push the price above the resistance line of the symmetrical triangle.

If they manage to do that, the LTC/USDT pair could rally to $230 and then to $246.96. The pattern target of the breakout from the triangle is $307.42. However, the marginally rising 20-day EMA ($193) and the RSI at the downtrend line suggest a weak bullish momentum.

If the price turns down from the resistance line, the pair may extend its stay inside the triangle for a few more days. The bears will gain the upper hand on a break below the trendline of the triangle.

LINK/USDT

Chainlink (LINK) reversed course from $26.18 on March 31 and rose above the downtrend line of the descending triangle. This move invalidates the bearish setup and the bulls will now try to propel the price above the overhead resistance at $32.

If they succeed, the LINK/USDT pair could start its march toward the all-time high at $36.93. The 20-day EMA ($28.45) has started to turn up and the RSI has risen above 59, indicating a minor advantage to the bulls.

However, if the bulls fail to propel the price above $32, then the pair could drop to the moving averages. If the price rebounds off the moving averages, it will indicate that traders are buying on minor dips. The bulls will then make one more attempt to push the price above $32.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the moving averages, then the pair could remain stuck inside the $24 to $32 range for a few more days.

THETA/USDT

THETA is currently range-bound in an uptrend. The price action of the past few days has formed a symmetrical triangle, which usually acts as a continuation pattern.

Both moving averages are sloping up and the RSI is at 63, indicating the path of least resistance is to the upside.

If the bulls can propel the price above the triangle, the THETA/USDT pair could rally to the all-time high at $14.96 and then to the pattern target at $17.85.

This bullish view will invalidate if the price turns down and breaks below the triangle. Such a move will increase the possibility of a break below the critical support at $10.35, signaling a deeper correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin’s recovery from its recent lows and the stellar performance from altcoins signal that bulls are confident BTC will retest its all-time high.

Following in the footsteps of Morgan Stanley, Goldman Sachs has announced plans to allow its wealth management clients to trade in cryptocurrencies and other digital assets. In an interview with CNBC, Mary Rich, the global head of digital assets for Goldman Sachs private wealth management division, said that the rollout may happen sometime in the second quarter of 2021.

Bitcoin adoption by two of the world’s preeminent investment banks is likely to force other banks to walk down the crypto path sooner than later. The arrival of fresh money from the clients of these legacy institutions may further increase demand and boost prices higher.

In response to a question about Bitcoin’s (BTC) future value, Kraken CEO Jesse Powell told Bloomberg that one Bitcoin, which currently buys a Tesla Model 3, will buy a Lamborghini by the end of the year and a Bugatti by 2023.

Another bullish voice was that of Galaxy Digital CEO Mike Novogratz who said in an interview with CNBC that Bitcoin “is on an inevitable path to having the same market cap and then a higher market cap as gold.”

However, not everyone is bullish on Bitcoin. Boris Schlossberg, the managing director of FX strategy at BK Asset Management, told CNBC said that Bitcoin was “very, very close to perhaps an intermediate-term top here.”

Let’s analyze the charts of the top-10 cryptocurrencies to determine the trend and the path of least resistance.

BTC/USDT

Bitcoin has been sustaining above the descending channel since breaking out of it on March 29, which is a positive sign. However, the bears have not given up yet as they are aggressively defending the $60,000 level.

The price had turned down from $59,789 today, but an encouraging sign is that the bulls purchased the dip and did not allow the BTC/USDT pair to re-enter the channel. The bulls will now make one more attempt to rise above the all-time high at $61,825.84.

If they succeed, the pair could resume the uptrend and start its northward march toward the first target at $69,279 and then $79,566. The upsloping moving averages suggest the bulls have the upper hand.

However, the relative strength index (RSI) has been showing a negative divergence for the past few days. If the indicator turns down sharply from the downtrend line, it will suggest that the new uptrend may have to wait for a few days.

The bullish view will invalidate if the price turns down and breaks below the moving averages. On the contrary, if the RSI rises above the downtrend line, it will indicate that the momentum has picked up, enhancing the prospects of a rally.

ETH/USDT

Ether (ETH) has been knocking on the resistance line of the symmetrical triangle. A tight consolidation near a resistance increases the possibility of a break above it. The 20-day exponential moving average ($1,743) has turned up and the RSI is in the positive zone, indicating advantage to the bulls.

If the buyers can drive the price above the triangle, the ETH/USDT pair could retest the all-time high. If the bulls clear this hurdle, the pair could then start its rally toward the pattern target at $2,618.14.

However, the bears are unlikely to give up easily. They will mount a stiff resistance at $2,040.77. If the price turns down from this overhead resistance but does not re-enter the triangle, then it will suggest that bulls are buying on dips. If that happens, the pair may have a good possibility of breaking above $2,040.77.

On the other hand, if the bulls fail to sustain the price above the triangle, it will suggest that traders are squaring up their positions at higher levels. That could keep the pair range-bound for a few more days. The first sign of weakness will be when the price dips below the trendline.

BNB/USDT

The bulls are trying to propel Binance Coin (BNB) above $315. Although the price turned down from the overhead resistance today, the long tail on the candlestick suggests the bulls are buying on every minor dip.

Both moving averages are sloping up and the RSI is in the positive territory, suggesting the path of least resistance is to the upside. If the bulls can drive the price above $315, the BNB/USDT pair could rally to $348.69.

A breakout and close above the all-time high could start the next leg of the uptrend that could reach $430. This bullish view will invalidate if the price turns down from the current level and plummets below the 20-day EMA ($265).

ADA/USDT

Cardano (ADA) has been sustaining above the 20-day EMA ($1.16) for the past few days but the bulls have not been able to push the price above $1.30. This suggests a lack of demand at higher levels.

The 20-day EMA has flattened out and the RSI is just above the midpoint, suggesting a balance between supply and demand. The bears will now try to sink the price below the moving averages.

If they do that, the ADA/USDT pair could drop to the $1.03 support. A break below this support will suggest the start of a deeper correction to $0.80.

Conversely, if the price rebounds off the 20-day EMA and the bulls push the price above $1.30, the pair could rally to $1.48.

DOT/USDT

After a minor hesitation near the 20-day EMA ($34.35), Polkadot (DOT) has broken above the moving averages today. This shows strong demand at higher levels. The bulls will now try to push the price above the downtrend line.

If they succeed, the DOT/USDT pair could retest the all-time high at $42.28. If the momentum can conquer this resistance, the pair could start the next leg of the uptrend that may reach $53.50.

However, if the price turns down from the downtrend line, it will suggest that bears are active at higher levels. That could keep the pair range-bound for a few more days. The flat moving averages and the RSI above 58 suggest a minor advantage to the bulls.

XRP/USDT

XRP once again turned down from near the $0.60 overhead resistance. However, the positive sign is that the bulls have purchased the dip to the 20-day EMA ($0.51) as seen from the long tail on today’s candlestick.

The rising moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. The bulls are now likely to make one more attempt to push the price above $0.60.

If they succeed, a rally to $0.65 is possible. This level may act as a stiff resistance, but if the bulls can thrust the price above it, the XRP/USDT pair could pick up momentum. This bullish view will invalidate if the price dips below the moving averages.

UNI/USDT

Uniswap’s (UNI) rebound off the 50-day simple moving average ($27.26) on March 26 has not been able to clear the 20-day EMA ($29.12) hurdle. This shows that the sentiment has changed from buy on dips to sell on rallies.

If the bears now sink the price below the $25.50 support, the UNI/USDT pair could enter a corrective phase that could pull the price down to $20 and then to $18.

The marginally downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears.

This negative view will invalidate if the price turns up from the current level and rises above the 20-day EMA. Such a move could extend the stay of the pair inside the range for a few more days.

THETA/USDT

THETA turned down from $13.95 on March 29, which indicates the bears are aggressively defending the $14 to $14.96 resistance zone. The bears will now try to sink the altcoin to the 20-day EMA ($10.27).

In an uptrend, the bulls generally buy the dips to the 20-day EMA as it offers an attractive risk to reward ratio. Therefore, if the THETA/USDT pair rebounds off this support with strength, it will suggest the sentiment remains bullish and traders are buying on dips.

That could keep the pair range-bound between $10.35 and $14 for a few more days. On the contrary, if the bears sink the price below the 20-day EMA, it will suggest a possible change in sentiment. The pair could then drop to the 50% Fibonacci retracement level at $8.88.

LTC/USDT

Litecoin’s (LTC) relief rally seems to have hit a wall at the 50-day SMA ($196) as the bulls have not been able to sustain the price above it. The bears will now try to sink the price to the trendline of the triangle.

If the price rebounds off the trendline, it will indicate that the bulls continue to buy on dips. That could keep the LTC/USDT pair trading inside the triangle for a few more days.

The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand.

This neutral view will invalidate after the price either breaks above or below the triangle. That could signal the possible start of a trending move.

LINK/USDT

Chainlink (LINK) broke above the 20-day EMA ($27.79) on March 29 and 30 but could not climb the 50-day SMA ($29). Although the price turned down today, the bulls bought the dip as seen from the long tail on the candlestick.

The bulls may now make one more attempt to push the price above the 50-day SMA. If they manage to do that, the LINK/USDT pair could rise to $32. A break above this resistance will suggest advantage to the bulls.

On the contrary, if the price again turns down from the 50-day SMA, then a drop to $24 is likely. This is an important support to keep an eye on because if it cracks, the pair will complete a descending triangle pattern, which could signal a possible trend reversal. Such a move could open the doors for a decline to $14.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin’s renewed push above the descending channel trendline suggests bulls are preparing to push BTC and altcoins to new highs.

On Monday Visa announced that it had launched a pilot program with Crypto.com to enable its partners to settle fiat transactions by sending USD Coin (USDC) stablecoin to Visa’s Ethereum address at Anchorage digital bank. This step by Visa shows that legacy finance companies are increasing their adoption of cryptocurrencies.

According to a PwC report reviewed by Bloomberg, crypto mergers and acquisitions soared to $1.1 billion in 2020 compared to $481 million in 2019. The increase in these deals is likely to surpass the 2020 numbers on every single metric with the arrival of large investors and institutional players according to PwC global crypto leader Henri Arslanian.

Several investors who had previously been critical of cryptocurrencies are gradually taking the plunge. The latest to join is the Norwegian billionaire investor Øystein Stray Spetalen, who went from a Bitcoin (BTC) basher to a crypto adopter within one month. Spetalen recently announced that he has joined the board of Norway's top domestic crypto exchange MiraiEx and also purchased an undisclosed amount of Bitcoin.

The arrival of new investors has increased the demand whereas the HODLers sitting tight with their holdings has reduced the supply. Could this result in the resumption of the uptrend? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has broken out of the resistance line of the descending channel. If the bulls can sustain the price above the channel, it enhances the prospects of a retest of the all-time high at $61,825.84.

The 20-day exponential moving average ($55,090) has started to turn up and the relative strength index (RSI) has risen above 59, indicating the bulls have the upper hand. A breakout and close above $61,825.84 could open the doors for a rally to $69,279 and then $79,566.

However, the bears are unlikely to give up easily. They are likely to pose a stiff challenge at $61,825.84. If the BTC/USD pair turns down from this level but stays above the 20-day EMA, it will suggest the sentiment remains bullish as traders are buying the dips.

A break below the 50-day simple moving average ($52,376) will be the first sign that bears are making a comeback.

ETH/USDT

Ether (ETH) continues to trade inside the symmetrical triangle, which usually acts as a continuation pattern. The bulls have pushed the price above the moving averages today, indicating strong buying at lower levels.

The buyers will now try to push the price above the downtrend line of the triangle. If they manage to do that, the ETH/USD pair could move up to $2,040.77 and then to the pattern target at $2,618.14.

On the contrary, if the price turns down from the downtrend line, the pair could extend its stay inside the triangle for a few more days.

The indicators are giving a mixed signal. While the flat moving averages suggest a few more days of range-bound action inside the triangle, the RSI above 57 suggests the momentum is picking up in favor of the bulls.

BNB/USDT

The bulls pushed Binance Coin (BNB) above the downtrend line on March 27. The 20-day EMA ($256) has started to turn up and the RSI is in the positive territory, suggesting the bulls are trying to gain the upper hand.

There is a minor resistance at $280 but the bulls are likely to push the price above it. If they do that, the BNB/USD pair could rise to $309.50 where the bears may mount a stiff resistance. If the price turns down from this resistance, the pair may spend a few more days in consolidation.

Conversely, if the bulls can thrust the price above $309.50, a retest of the all-time high at $348.69 is possible. A breakout of this resistance will suggest the resumption of the uptrend, which has a target objective at $430.

ADA/USDT

Cardano (ADA) continues to consolidate in the $1.03 to $1.48 range. The bulls have been sustaining the price above the 20-day EMA ($1.15) for the past three days, which is a positive sign.

The 20-day EMA is rising gradually and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the bulls can propel the price above $1.30, the ADA/USD pair could rally to $1.48. A breakout of this resistance could start the next leg of the uptrend that may reach $2.

This positive view will be negated if the price turns down and breaks below the $1.03 support. Such a move could open the doors for a decline to $0.80.

DOT/USDT

Polkadot’s (DOT) rebound off the $26.50 support has risen above the 20-day EMA ($34) today. This suggests the bulls have overpowered the bears and will now try to push the price to the downtrend line.

If the bulls can drive the price above the downtrend line, the DOT/USD pair may retest the all-time high at $42.28. A breakout of this resistance could open the doors for a rally to $53.50.

On the other hand, if the price turns down from the downtrend line, the pair could remain stuck inside the $26.50 to $40 range for a few more days. A break and close below $26.50 could start a deeper correction.

XRP/USDT

XRP formed an inside day candlestick pattern on March 27 and a Doji candlestick formation on March 28, both indicating indecision among the bulls and the bears. Today, the bulls are trying to resolve the uncertainty in their favor.

If the bulls can propel the price above $0.58, the XRP/USD pair could rally to $0.65. There is a minor resistance at $0.60 but that is likely to be crossed. The upsloping moving averages and the RSI above 61 suggest the bulls have the advantage.

The pair is likely to pick up momentum after breaking above the $0.65 resistance. Contrary to this assumption, if the price turns down from the current level and breaks below the moving averages, a drop to $0.42 is possible.

UNI/USDT

The bulls faced a stiff resistance at the 20-day EMA ($29.31) on March 27 and 28 but the positive thing was that they did not allow the price to dip below the 50-day SMA ($26.91). Today, the bulls are again trying to push Uniswap (UNI) above the 20-day EMA.

If the buyers can sustain the price above the 20-day EMA, it will suggest the recent break below $27.97 on March 24 was a bear trap. The UNI/USD pair could then gradually move up to the overhead resistance at $35.20.

A breakout of the $35.20 to $36.80 overhead resistance zone could start the next leg of the uptrend. Alternatively, a break below $25.52 may indicate the start of a deeper correction. Until then, volatile range-bound trading is likely to continue.

THETA/USDT

THETA is consolidating between $14.96 and 10.35. In an uptrend, when the correction stalls at the 38.2% Fibonacci retracement level, it shows that traders are not rushing to the exit but are buying on dips.

The upsloping moving averages and the RSI in the overbought zone suggest the path of least resistance is to the upside. If the bulls can drive the price above $14.96, the THETA/USD pair may start its journey toward $19.

On the contrary, if the price turns down from $14.96, the pair may extend its stay inside the range. The bears will have to sink the price below the 20-day EMA ($9.81) to gain the upper hand.

LTC/USDT

Litecoin (LTC) broke below the symmetrical triangle on March 24 but the bears could not capitalize on this advantage. The bulls pushed the price back into the triangle on March 26 and this could have trapped several aggressive bears.

After defending the trendline of the triangle on March 27 and 28, the bulls have pushed the price above the 20-day EMA ($190.68) today. The price could now move up to the resistance line of the triangle where the bulls are likely to face stiff resistance from the bears.

If the price turns down from the resistance line, the LTC/USD pair could extend its stay inside the triangle for a few more days.

However, if the bulls drive the price above the triangle, the pair may rally to $246.96 and then to the pattern target at $309. This bullish view will invalidate if the price turns down and plummets below $168.

LINK/USDT

Chainlink (LINK) remains stuck in a range between $24 and $32. The rebound off the support of the range has reached the 50-day SMA ($29) where the bears may offer some resistance.

The flat moving averages and the RSI just above the midpoint do not project a clear advantage either to the bulls or the bears. The indicators suggest the continuation of the range-bound action for a few more days.

If the LINK/USD pair turns down from the 50-day SMA, the bears will make another attempt to sink the price below $24. If they succeed, the pair may drop to $20.11 and then to $18.

On the other hand, if the bulls can drive the price above the moving averages, the pair may rally to $32. A break above this level will increase the possibility of the resumption of the uptrend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.