Bitcoin and altcoins are picking up speed yearning to secure a daily close above $52k.
Latest Data from crypto market trackers shows that Bitcoin (BTC) has vanished in volume by about 20% in the past 12 months across centralized exchanges. This suggests a trend that investors are moving their Bitcoins out with a strategy of possibly holding them for the long term. This led to reduced supply even as the demand has continued to increase.
The introduction of exchange-traded funds could add to this supply crunch even further. Particularly, the approval of Bitcoin ETFs in Canada could encourage U.S. regulators to be more conducive towards evaluating BTC ETF proposals.
Meanwhile, companies across the globe have continued to buy Bitcoin. The latest being the Norwegian investment firm Aker ASA, which shows that the trend has only started and several companies worldwide could allocate a portion of their reserves to be held in Bitcoin.
Let’s view the charts of the top-10 cryptocurrencies to spot the critical support and resistance levels.
Chainlink (LINK) is currently stacked between $24 and $32.If the LINK/USD pair closes above $32 it might get at $43.191. However, if the price turns down below the trend line, it could break below the $24 or even could get pulled down to the price at $20.111.
Litecoin (LTC) stagnant in the $185.58 to $196.30 zone. A break below this could correct price to $152 and then to $120. If the price turns up from the current levels and rises above $196.30, the LTC/USD pair may rally to $246.96.
Bitcoin Cash (BCH) is stuck at $539 however expected to downslope at $531. If it sinks below the uptrend line, the BCH/USD pair could drop to $440 and then to $370. On the other hand, if the trend continues, the pair could start its journey toward $631.71.
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