Bitcoin price analysis: The crypto market depicts a calm environment on Tuesday heading into the American session. Bitcoin, the largest cryptocurrency, jolted upward after halving but the momentum garnered was not strong enough to uphold gains above $67,000.

For many people in the market, it might be imperative to say that BTC lacks direction, leaving altcoin majors like Ethereum (ETH) and Solana (SOL) oscillating in tight ranges.

Ethereum, for instance, steadied above $3,000 but currently pivots around the $3,200 mark. A similar outlook is depicted by Solana which climbed above $150, following the correction to $120, but failed to break above the hurdle at $160.

The two competitive smart contracts tokens ETH and SOL, are trading at $3,184 and $154 during US business hours.

1. Bitcoin Price Analysis: Assessing BTC’s Future Above $66,000 Support

Bitcoin price holds above the $66,000 level at the time of writing, but is seemingly pivotal — suggestive of the inability to find direction.

The 200-day Exponential Moving Average (EMA) (the line in purple on the chart) provides the next immediate support below the $66,000 level. Slightly under it are the other two key moving averages, the 20-day EMA and the 50-day EMA (the blue and red lines overlaying the chart).

Based on the outlook of the Relative Strength Index (RSI) in the neutral region at 58 bulls may continue with the struggle for a breakout in the short-term. However, sellers do not have a lot of influence, especially with investors likely to be holding onto their coins anticipating a post-halving rally.

Bitcoin price analysis chart | Tradingview

Bitcoin price has continued to exhibit strong fundamentals, pointing to a parabolic post-halving rally in 2024 and 2025. According to a chart shared by @ali_charts, its available supply shrunk to approximately 4.6 million for the first time ever before the recent halving cycle started.

For the first time ever, the available #Bitcoin supply decreased to about 4.6 million $BTC before this halving cycle began.

Why does this matter? The halving further slashes miner rewards, accelerating the scarcity of new #BTC. As supply tightens, and even if demand remains the… pic.twitter.com/wGVmsW0K8t

— Ali (@ali_charts) April 22, 2024

With miner rewards slashed by half to 3.125 BTC, supply is expected to keep decreasing, further driving Bitcoin’s scarcity. It is this fundamental quality that shrinks supply, as demand remains the same or increases which promises a significant impact on the price of BTC.

Breaking above $68,000 and $70,000 may trigger FOMO and create a clear path to a new all-time high eyeing $80,000 in the short term and $100,000 toward the end of the year.

2. Ethereum Price Hangs At The Edge Of A Cliff

Ethereum like Bitcoin, is unable to move past its immediate resistance at $3,250. On the downside, the oscillatory movement at $3,200 shows a lack of direction.

The confluence support created at $3,160 by the 20-day EMA and the 50-day EMA limits downward movement at the moment.

However, with the RSI neutral and retreating toward the midline (50) and the oversold area (below 30), sellers may regain control, and trigger more losses to $3,000 this week.

Ethereum price chart | Tradingview

Ethereum price tested support at $2,900 last week as geopolitical tensions thawed in West Asia between Israel and Iran. Such a move cannot be ruled out yet, especially with the expiry of Bitcoin and Ether options around the corner.

On the upside, breaking above the the yellow resistance band or the 200-day EMA could fuel the next uptick in Ethereum price targeting highs above $4,000.

3. Solana Price As Correction Lingers

The Money Flow Index (MFI) has about turned on the four-hour chart, hinting at a brewing correction in Solana price. Movement on the upside has been capped under the previous day’s open of $157 and slightly above it is the 200-day EMA.

Solana price chart | Tradingview

It is worth noting that, the presence of the above resistance levels does not imply immediate losses in SOL. Traders should be aware of the 20-day EMA and the 50-day EMA catching up to Solana price and aligning to support and prevent correction below the $150 level.

If the MFI stabilizes at 60, and bulls take up more long positions in SOL, a recovery may ensue within the American session and continue to Wednesday’s Asian session for a debut above $160.

The post Solana, Ethereum, Bitcoin Price Analysis — American Roundup April 23 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am