Bitcoin’s Price Bounce Boosts BNB, TON, VET, and BGB — But Will the Rally Hold?

Bitcoin experienced a significant drop in value on April 12 and 13, resulting in $2.5 billion worth of cryptocurrency liquidations. This fall has particularly affected short-term leveraged long positions that were expecting Bitcoin’s rally to continue after the halving event. The decline has also had a severe impact on altcoins, causing some of the top 20 cryptocurrencies to fall around 20%. As a result, Bitcoin’s market cap dominance rose to 56.3% on April 12, the highest level in three years. Despite the volatility, Bitcoin has not broken below the crucial $60,000 support level, suggesting that the fall may be a normal pullback within a bullish phase.

Traders are advised to exercise caution but not panic, as there is no reason to believe that a major downturn is imminent. In order for a relief rally to begin, it is important for certain support levels to hold for Bitcoin. Moving on to the top 5 cryptocurrencies that appear strong on the charts, Bitcoin’s price analysis shows that the digital asset has been range-bound between $60,775 and $73,777 for several days. The recent drop has taken it below the 50-day moving average, but the bulls have defended the $60,775 support level. A recovery attempt is likely to face resistance at the 20-day moving average. If the price breaks above this resistance, it could pave the way for a rally to $73,777 and beyond.

Binance Coin (BNB) has been experiencing a period of indecision, with its price forming a large range between the support at $495 and the overhead resistance at $635. The recent drop saw aggressive buying at lower levels, indicating support at $495 and $460. The bearish setup invalidation and the subsequent bounce back will likely face resistance at the uptrend line. A break below the support levels may trigger a downtrend towards $400.

Toncoin (TON) has been rising within an ascending channel pattern, indicating continuous buying from bulls. The recent drop below the channel was met with strong buying near the support line, suggesting that buyers are aiming to push the price higher towards the resistance line at $7.50. Both moving averages are sloping up, indicating a positive trend, but a failure to sustain the lower levels may lead to a descent towards the 50-day simple moving average. The recovery on the 4-hour chart may face selling at the 20-EMA and the downtrend line.

VeChain (VET) has been consolidating in a large range between $0.036 and $0.051, indicating a balance between supply and demand. The recent long tail on the candlestick indicates that the bulls are trying to defend the $0.036 support level. If the price breaks above the moving averages, it may prolong the range-bound action. A sharp downturn and a break below $0.035 would suggest a potential downtrend towards the major support at $0.025.

Bitget Token (BGB) has experienced a pullback within its strong uptrend, indicating profit taking by short-term traders. The bears have managed to bring the price below the 20-day exponential moving average, but the bulls are defending the 50-day simple moving average. If the price bounces back above the 20-day EMA, it could result in a rally towards the resistance at $1.38. A downturn from the current levels may indicate a downward move towards $1.