The market witnessed a major banking crisis in March as Silicon Valley Bank and Signature Bank failed and Silvergate Bank entered liquidation as a result of dire financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Still, the United States equities markets and the European stock markets closed the month on a positive note.
The cryptocurrency market was also shaken by volatility, but Bitcoin (BTC) gained about 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April and data from Coinglass suggests that the month has largely favored the buyers.
Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders might focus on the movers rather than the laggards.
Let’s study the charts of five cryptocurrencies that look positive in the near term. If they break above their resistance levels, they may offer short-term trading opportunities.
Bitcoin price analysis
Bitcoin is facing stiff resistance at the $29,000 level but the bulls have not allowed the price to lose ground. This suggests that the bulls are being patient, anticipating a move higher.
The 20-day exponential moving average ($27,012) is trending up and the relative strength index (RSI) is above 61, indicating that the buyers are in control. The bullish momentum is likely to pick up after buyers overcome the obstacle at $29,200. That could sta
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Author: Rakesh Upadhyay
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