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Home»TRADING NEWS»Can Bitcoin challenge lifetime highs again?
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Can Bitcoin challenge lifetime highs again?

By Crypto FlexsMay 15, 20246 Mins Read
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Can Bitcoin challenge lifetime highs again?
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Bitcoin continues to see sideways price action as bears sell off the rally while bulls defend the psychological support of $60,000. A sideways move near a high is generally a positive sign because it shows that bulls are in no rush for an exit. However, if the price falls below the support line, it indicates a range distribution, so confirmation will only occur after the price breaks the resistance line.

Due to uncertainty about the next direction of movement, spot Bitcoin exchange-traded funds are showing a muted response. Market research firm Santiment told X: post That fear and indecision has caused Bitcoin’s on-chain activity to fall to historic lows.

Analysts at research and brokerage firm Bernstein expect Bitcoin’s flat price action between the high of 50,000 and the low of 60,000 to continue for some time. As institutional investors increase their allocations, analysts expect Bitcoin to hit new all-time highs.

Hedge fund Bracebridge Capital holds about $434 million worth of physical Bitcoin ETFs, excluding options, according to filings with the Securities and Exchange Commission (SEC). Separately, quantitative trading firm Susquehanna International Group disclosed that it had purchased more than $1 billion worth of shares in a Bitcoin ETF. Several other companies have also reported owning Bitcoin ETFs, including Swiss banking giant UBS and JPMorgan Chase.

In particular, Tokyo-listed Metaplanet stated in a press release that it had “adopted Bitcoin as a strategic reserve asset” in response to the Japanese government’s high debt level, long-term negative interest rates, and the resulting weakening yen. The company has purchased 117.7 Bitcoin since April.

Bitcoin’s long-term strength remains positive for the future prospects of the largest cryptocurrency by market capitalization. Twitter co-founder Jack Dorsey said in an interview with journalist Mike Solana that Bitcoin could soar to “at least $1 million” and “more” by 2030.

What are the important support levels to watch out for in Bitcoin and major altcoins? Let’s study the chart to find out.

BTC/USD market analysis

Bitcoin plunged below the $59,224 support level on May 1, but the bears were unable to sustain it lower. The bulls pushed prices back above the breakdown level on May 3rd.

But the Bears haven’t given up yet. They stopped recovering at the 50-day simple moving average (SMA) on May 6th. Since then, the BTC/USD pair has been oscillating between the 50-day SMA and solid support at $59,224.

The 20-day exponential moving average (EMA) has become flat, and the relative strength index (RSI) is also close to the midpoint, indicating a balance between supply and demand.

If the price continues to rise and goes above the 50-day SMA, the short-term advantage will be tilted in favor of the bulls. The pair may rise to the resistance level of $73,835.

Conversely, if the price declines and falls below $59,224, it is a sign that the bears are trying to take control. The pair may then decline towards $56,500 and later towards the essential support at $52,100.

ETH/USD market analysis

Ethereum fell below the support level of $2,850 on May 1, but the long candlestick tail on this day shows solid buying by buyers at lower levels. The bulls tried but could not overcome the resistance area between the 20-day EMA and the downtrend line.

This took the price back to the important support level of $2,850. The uptrend has leveled off over the past few days but has failed to begin a meaningful rebound. This indicates a lack of demand at higher levels.

A downward moving average and an RSI in negative territory indicate an advantage for sellers. If the price drops sharply and remains below $2,850, the next downtrend could begin.

The ETH/USD pair could collapse towards $2,700, and bulls will try to stop the decline. This negative view will be invalidated in the short term if the price rises and crosses the downtrend line. Such movement is a sign that fertilization may be over.

BNB/USD market analysis

Binance Coin has been trading above its moving average for several days, but bulls have been unable to push the price above the $635 overhead resistance. This shows that bears are active at higher levels as well.

A flat moving average and RSI near the midpoint offer no discernible advantage to either bulls or bears.

If buyers push the price beyond the immediate resistance of $606, a rise to $635 is likely. A break above this resistance and a closing price could begin the next phase of the uptrend towards $692.

Conversely, if bulls fail to start a rally, they could trend lower and slide below the moving average. If that happens, the BNB/USD pair could fall to $536 and then to the important support at $495.

Buyers are expected to defend this level vigorously. A strong bounce from $495 could keep the pair range-bound for some time.

XRP/USD market analysis

XRP was rejected at $0.57 overhead resistance on May 6th, indicating that bears are fiercely defending the level. The price fell near the important $0.48 support level on May 13, but the uptrend remained firm.

If buyers pass the overhead hurdle at the 20-day EMA, it suggests the XRP/USD pair could fluctuate between $0.57 and $0.48 over the coming days. A break above $0.48 indicates the bulls are back in the game.

On the other hand, if the price falls from the 20-day EMA, it is a sign that the bears are selling after each selling rally. This would increase the chances of a break below $0.48. If that happens, the pair could plummet to $0.42. Bulls are expected to buy aggressively in the area between $0.42 and $0.48.

ADA/USD market analysis

The price of Cardano is squeezed between the 20-day EMA and the rising trend line, suggesting a breakout is imminent in the coming days.

A downward moving average and an RSI in negative territory indicate a bearish trend. If the price falls and remains below the uptrend line, it means that the downside has outpaced the uptrend. The ADA/USD pair could fall as low as $0.40 and then plunge towards strong support at $0.35. This level is likely to attract buyers.

Conversely, if the price rises from current levels and breaks above the 20-day EMA, it would indicate that the bulls have been absorbing supply. This could set the stage for a rally to the 50-day SMA, where the bears may again see strong resistance.

Hopefully, you enjoyed reading today’s article. Check out our cryptocurrencies. blog page. Thanks for reading! Have a fantastic day! It will be live on the Platinum Crypto Trading Floor.

Import Disclaimer: The information found in this article is provided for educational purposes only. We do not promise or guarantee any earnings or profits. You should do some homework, use your best judgment, and conduct due diligence before using any of the information in this document. Your success still depends on you. Nothing in this document is intended to provide professional, legal, financial and/or accounting advice. Always seek competent advice from a professional on these matters. If you violate city or other local laws, we will not be liable for any damages incurred by you.

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