Bitcoin turns bullish after the halving — Will BNB, NEAR, MNT and RNDR follow?

Bitcoin has pleased traders with a significant rally after halving, possibly paving the way for a bullish path for BNB, NEAR, MNT and RNDR.

Bitcoin has rebounded sharply from intraweek lows and is likely to end a halving week with a minor loss of around 1%. Bitcoin spot exchange-traded funds gained $30.4 million the day before the halving, ending five straight days of outflows, according to data from Farside Investors.

The largest outflow of funds was observed from the Grayscale Bitcoin Trust (GBTC), while BlackRock's iShares Bitcoin Trust (IBIT) steadily increased its investment volumes.

In 2024, inflows into Bitcoin ETFs are likely to increase every year. Bitwise CEO Hunter Horsley is confident that by the end of 2024, several wealth management firms will own Bitcoin ETFs. He emphasized that these companies have “exclusively long-term positions” and will be another “amazing new component in the Bitcoin space.”

Will Bitcoin and altcoins break through their respective resistance levels? Let's look at the top 5 cryptocurrencies that are currently showing powerful potential on the charts and have the potential to make this a reality.

Bitcoin price analysis

Bitcoin's recovery has reached the 20-day exponential average ($65,850), a particularly valuable level to watch.

If the price drops sharply from the average curves, this will signal that the bears are starting to sell on increases. This could lead to a re-examination of the $60,775 to $59,600 price stability zone. Buyers are expected to fight hard to defend this zone as a breakout could accelerate the sell-off. After this, the BTC/USDT pair may fall to the 61.8% Fibonacci retracement level at $54,298.

Conversely, if the price breaks above the average curves, it will mean that the pair may fluctuate between $60,775 and $73,777 for some time. The bulls will have to push the price above the upper resistance to create conditions for a further rise to $84,000.

On the 4-hour chart, the average variables have completed a bullish crossover, suggesting that the bulls will be favored in the near term. The pair may face resistance between $67,000 and $68,000, but if this area is broken, $71,000 could be the next limit.

This optimistic view will be negated if the price goes down and falls below the variable averages. This may be a signal for aggressive sales on growth. The pair could fall to $63,000 and then to $60,775.

Binance Coin Price Analysis

The Binance Coin to US dollar (BNB) price has fluctuated between $495 and $635 over the past few days, indicating a balance between supply and demand.

Buyers pushed the price above the variable average on April 20, indicating that selling pressure is easing. The BNB/USDT pair may move towards the upper resistance at $635, where the bears are likely to begin aggressive selling. If the price falls sharply from the $635 level, then fluctuations within the range may continue for some time.

Near Protocol Price Analysis

The NEAR protocol is falling within a downward movement pattern, indicating that the trend is on the side of the bears.

However, a rise above the 20-day EMA ($6.15) suggests that selling pressure may ease in the short term. The NEAR/USDT pair will try to rise to the price balance level line, where the bears are likely to begin aggressive selling. If the price drops sharply from the resistance line, this will be a signal that the pair may remain within the range.

If buyers want to gain the upper hand, they will have to take the pair outside the range. This will signal a short-term change in trend and the pair could rise to $8 and then $9.

Mantle price analysis

Mantle (MNT) price broke above the 20-day EMA ($1.18) on April 20 after spending several days between moving averages. This indicates that the bulls are trying to seize the initiative.

However, as of April 21, it is observed that the bears have not yet given up and are trying to return the price back below the 20-day SMA. If they succeed, it could stall the aggressive bulls and pull the price down towards the 50-day SMA ($1.09). A break below this level could cause the MNT/USDT pair to fall to $1.

Conversely, if the price holds above the 20-day SMA, it will mean that the bulls are defending this level. The pair could then rise to the 61.8% Fibonacci retracement level of $1.32, and if this level is overcome, then the next stop could be $1.51.

Render price analysis

Render (RNDR) has been in a correction phase for several days now, but the bulls are trying to come back, trying to push the price above the trend level line.

The 20-day EMA ($8.90) has leveled off and the RSI has risen towards the midpoint, indicating that the bears are losing control of the market. If the price 20-day EMA ($8.90) has leveled off and the RSI has risen to the midpoint, indicating that the bears are losing control of the market. If the price holds above the 20-day EMA, then the RNDR/USDT pair will likely rise to the 50-day SMA ($9.95) and then to $12.

However, if the price declines and remains below the 20-day EMA, this will indicate that the breakout could be a fake move. Then the bears will try to lower the price to $7, and then to $6.