Price analysis 4/15: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
Bitcoin (BTC) remains closely correlated with the S&P 500 but the institutional investors do not seem to be waiting for a turnaround in the United States' equities market or decoupling to happen before buying more Bitcoin.
Notably, 30,000 Bitcoin moved out of Coinbase Pro in a single day, suggesting strong institutional demand.
MicroStrategy, the publicly listed company which is the largest single-wallet holder of Bitcoin, does not seem to be content with its stash of 129,219 Bitcoin. In a letter to shareholders, the firm’s CEO Michael Saylor said that the company aims to “vigorously pursue” and “increase awareness” about its Bitcoin strategy.
Another entity that has been at the forefront of Bitcoin purchases in the past few days has been the Luna Foundation Guard (LFG), a nonprofit organization attached to Terra, which owns 42,530 Bitcoin. LFG was recently gifted $820 million worth of LUNA tokens by Terraform Labs, which some believe may be used to buy more Bitcoin.
Do the huge BTC outflows from a pro-trader crypto exchange suggest that a bottom may be close by? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin’s recovery fizzled out at $41,561 on April 13, indicating that higher levels continue to trigger selling. The buyers are currently attempting to defend the psychological level at $40,000.
The 20-day exponential moving average ($42,419) is sloping down and the relative strength index (RSI) is in the negative territory, indicating that the path of least resistance is to the downside.
If the price plummets below $39,200, the selling could intensify and the BTC/USDT pair could drop to the support line of the ascending channel. The bulls are likely to defend this level aggressively.
Contrary to this
Read more on cointelegraph.com
