Bitcoin (BTC) is approaching the $95,000 resistance level as of April 23, fueled by strong inflows into spot Bitcoin ETFs and a series of positive signals from the U.S. macroeconomic environment. According to data from Farside Investors, these ETFs recorded net inflows of $381.3 million on April 21, which surged to $912.7 million just one day later.
Analysts from Standard Chartered and Intellectia AI suggest that growing institutional demand for Bitcoin ETFs, coupled with BTC’s increasing role as a macro risk hedge, could serve as a springboard for Bitcoin’s price to reach $200,000 by 2025.
However, not all perspectives are optimistic. Markus Thielen, Head of Research at 10x Research, expressed caution in a market report dated April 23, questioning the sustainability of the current rally. He pointed out that the issuance of stablecoins—a key market indicator—has not yet recovered to previous highs.
Can Bitcoin break through the $95,000 barrier and generate a spillover effect on altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Technical Analysis
Bitcoin formed a Doji candlestick pattern on April 23, indicating indecision between bulls and bears near the $95,000 resistance zone.
The 20-day Exponential Moving Average (EMA) at $85,773 has started to slope upward, and the Relative Strength Index (RSI) is near the overbought territory, suggesting that the broader trend may be bullish. If bulls do not relinquish much ground to the bears, the likelihood of BTC breaking above $95,000 increases. In that scenario, the BTC/USDT pair could rally toward $100,000 and even $107,000.
This positive outlook would be invalidated in the short term if the price retreats sharply from the $95,000 zone and breaks below the moving averages.
Ethereum (ETH) Technical Analysis
Ethereum surged strongly on April 22, breaking above the 20-day EMA at $1,676. Bulls will attempt to push the price above the 50-day Simple Moving Average (SMA) at $1,830.
If successful, the ETH/USDT pair could advance toward the resistance zone at $2,111. Bears are expected to defend this level vigorously, but if bulls prevail, the price may climb toward $2,550—suggesting that the corrective phase may be over.
Conversely, if the price declines sharply from $2,111, it would signal that sellers remain active at higher levels. In that case, the pair may continue to trade sideways between $2,111 and $1,368 for some time.
XRP Technical Analysis
XRP broke above the 50-day SMA at $0.52, but the long wick on the daily candle indicates selling pressure at higher levels.
Bears are likely to defend the $0.58 resistance level aggressively because a breakout and close above it would signal a potential trend reversal. The XRP/USDT pair could then move toward the $0.65 level.
If the price reverses and breaks below the moving averages, it would suggest that bears are still in control. The pair could then decline to the strong support zone between $0.46 and $0.50, where buying interest may emerge.
BNB Technical Analysis
BNB broke above the descending trendline on April 21, but the rally attracted strong selling from bears at higher levels.
The BNB/USDT pair may retest the moving averages, which are expected to act as strong support. A strong rebound from this area would solidify the chances of a further rally to $644 and then $680.
If the price breaks and closes below the moving averages, it would indicate that the earlier breakout may have been a bull trap. The pair could then slide to $566.
Solana (SOL) Technical Analysis
Solana rebounded from the 20-day EMA at $133 on April 22 and is attempting to break above the overhead resistance at $153.
The 20-day EMA is rising, and the RSI is in positive territory, indicating that bulls have the upper hand. A close above $153 could open the doors for a rally to $180. This would increase the possibility of a larger range expansion between $110 and $260.
Bears must quickly pull the price below the moving averages to gain the upper hand. If they succeed, the pair could drop to the support zone between $120 and $110.
Dogecoin (DOGE) Technical Analysis
Dogecoin broke above the moving averages on April 22, signaling that bulls are making a strong comeback.
The price could rise to the overhead resistance at $0.21, where bears may mount a strong defense. A rejection from this level and a break below the moving averages would suggest range-bound action in the near term. The DOGE/USDT pair may then oscillate between $0.21 and $0.14 for some time.
Conversely, if the price breaks and closes above $0.21, it will complete a double-bottom pattern. The pair could then start a new uptrend toward the target objective at $0.28.
Cardano (ADA) Technical Analysis
Bulls pushed Cardano above the 20-day EMA at $0.46 on April 22 and are trying to sustain the price above the 50-day SMA at $0.50.
The 20-day EMA is flattening out, but the RSI has climbed into positive territory, indicating that momentum is shifting in favor of the bulls. A close above the 50-day SMA could open the doors for a rally to $0.58.
Bulls are likely to defend the support zone between the 20-day EMA and $0.42. If bears sink the price below $0.42, they will regain control. The ADA/USDT pair could then slide to $0.40.
Chainlink (LINK) Technical Analysis
Chainlink rebounded from the 20-day EMA at $13.16 on April 22 and broke above the 50-day SMA at $13.62.
The LINK/USDT pair could rise to $16, where bears may pose a strong challenge. If bulls do not allow the price to slip back below the 20-day EMA, the chances of a break above the resistance line of the descending channel will increase. A breakout from the channel would signal a potential trend change.
The 20-day EMA is the key support to watch on the downside. A break below it could open the doors for a decline to $11.89 and then to the support line.
Avalanche (AVAX) Technical Analysis
Avalanche broke above the descending trendline on April 22, indicating that bears are losing their grip.
Bears will try to halt the relief rally at $40 because a break above it would complete a double-bottom pattern. This bullish setup has a target objective of $50.
If the price turns down from $40, bulls will try to accumulate on dips to the 20-day EMA at $35. A bounce from this level would increase the possibility of a break above $40. Conversely, if the price breaks below the moving averages, it would suggest that the pair may enter a period of consolidation between $30 and $40.
SUI Technical Analysis
Sui broke strongly above the moving averages on April 22 and cleared the key overhead resistance at $1.20 on April 23.
The long wick on the day’s candle shows selling at higher levels, but if bulls do not give up much ground, the likelihood of a break above $1.20 increases. That could start a rally to $1.40 and then to $1.60.
The 20-day EMA at $1.10 is expected to act as strong support during pullbacks. A break and close below the 20-day EMA would suggest that the bullish momentum has weakened. The pair may then enter a consolidation phase in the near term.
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Frequently Asked Questions
What is a Doji candlestick pattern?
A Doji forms when the opening and closing prices of an asset are nearly equal. It indicates indecision in the market and often signals a potential trend reversal, especially when it appears after a strong rally or decline.
How does the RSI indicator work?
The Relative Strength Index (RSI) measures the speed and change of price movements. It ranges from 0 to 100. Readings above 70 suggest overbought conditions, while readings below 30 indicate oversold conditions. Traders use it to identify potential reversal points.
Why are moving averages important?
Moving averages smooth out price data to identify trends. The 20-day EMA reacts quickly to recent price changes, while the 50-day SMA provides a broader trend perspective. Crossovers and bounces from these levels often signal entry or exit points.
What is a double-bottom pattern?
A double-bottom is a bullish reversal pattern that forms after a downtrend. It consists of two distinct lows at roughly the same level. A break above the resistance confirms the pattern, with a price target equal to the distance from the lows to the resistance level.
How do ETF inflows affect Bitcoin’s price?
Significant inflows into Bitcoin ETFs indicate growing institutional demand. This buying pressure can drive up Bitcoin’s price, especially when combined with positive macroeconomic factors or regulatory developments.
What is a bull trap?
A bull trap occurs when a declining asset shows a false signal of reversal, luring in buyers. The price then reverses and continues its downtrend, trapping bullish traders in losing positions. It often happens during weak market recoveries.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct thorough research before making decisions. We assume no liability for any investment choices.