Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
The U.S. dollar currency index (DXY) turned down sharply after rising above 101 on April 20 but this weakness in the dollar has not helped Bitcoin (BTC), possibly because the S&P 500 is struggling to build upon its strong rally on April 19. This indicates that Bitcoin remains tightly correlated with the U.S. equity markets.
Irrespective of the lackluster price action, research projects several positives for Bitcoin this year. A report by Insider Intelligence shows that the number of adult crypto users in the U.S. could surge from 28.3 million in 2021 to 33.7 million in 2022. Along with the growth in the number of crypto users, the firm also expects the use of cryptocurrencies to make purchases by U.S. adults to increase to 3.6 million, a growth of 70 percent this year
In another positive sign which could lead to increased adoption, Australian financial regulators have approved the first Bitcoin exchange-traded fund which will begin trading on April 27. The Australian Financial Review expects the fund to attract about $1 billion in inflows.
Could the higher levels in Bitcoin and select altcoins continue to attract selling by the bears? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned around sharply from $38,536 on April 18, indicating strong buying at lower levels. The buyers continued their purchase and pushed the price to the 50-day simple moving average ($42,104).
The 20-day exponential moving average ($41,811) has flattened out and the relative strength index (RSI) is just below the midpoint, suggesting a balance between supply and demand.
This equilibrium could tilt in favor of the buyers if the price rises and sustains above the 50-day SMA. That will increase the possibility of an up-move
Read more on cointelegraph.com
