The cryptocurrency market witnessed sharp volatility on April 26 on rumors that large sums of Bitcoin (BTC) were on the move from the wallets linked to the defunct cryptocurrency exchange Mt. Gox and the United States government. A minor positive is that Bitcoin and select altcoins held their respective support levels.

After Bitcoin’s sharp rally in 2023, some traders seem to be planning to book profits. Coinglass reported that the Bitcoin balance held at Binance soared by 50,000 Bitcoin in the past 30 days.

While this could add to short-term pressure, bulls can take solace because the increase is not identical across exchanges. Coinglass said that the aggregate increase of Bitcoin balance across exchanges was 14,000 Bitcoin.

The next major event for the market is likely to be the U.S. Federal Reserve’s meeting on May 2 and 3. The FedWatch Tool projects a 90% probability of a 25 basis point rate hike in the meeting. Most analysts expect this to be the final rate hike before a pivot later in the year.

Could Bitcoin and select altcoins break above their respective resistance levels and resume the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin formed a long-legged Go to Source to See Full Article
Author: Rakesh Upadhyay

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