BTC is looking for buyers as investors are hoping for a price spike up to $52K. Meanwhile, bears are clawing back at ETH, DOT, and AVAX.
) has been stuck between $45,400 and $47,500 for the past two days, indicating a tough tussle between the buyers and sellers as both attempt to establish control over the trend.in March. These large quantities of withdrawals have only happened twice in the history of Bitcoin with the largest being in March 2020. However, this does not mean the price will rally immediately. In 2020, the momentum picked up only by the fourth quarter of the year.
Could Bitcoin and altcoins bounce off their support and extend the recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.The long wick on the candlestick of the past two days suggests that bears are selling near the 200-day simple moving average . A minor positive has been that the bulls have not allowed Bitcoin to break below the important support at $45,400.However, this tight-range trading is unlikely to continue for long.
Conversely, if the price rises from the current level or the 20-day EMA, it will suggest that traders continue to buy on dips. That could enhance the prospects of a break above the 200-day SMA. If that happens, the pair could rally to $52,000.
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