Bitcoin price bounce gives BNB, TON, VET and BGB a boost — Will it last?

Bitcoin finds support slightly above $60,000, possibly giving altcoins the green light to move higher in the short term.

After staying range bound for a large part of the week, Bitcoin (BTC) plummeted on April 12 and April 13. The fall resulted in cryptocurrency liquidations worth about $2.5 billion, with more long than short liquidations. The fall has dealt a severe blow to the short-term leveraged long positions that expected the rally to continue leading up to and after the Bitcoin halving.

Bitcoin’s fall has severely affected the altcoins, with some in the top 20 cryptocurrencies by market capitalization falling roughly 20%. That sent Bitcoin’s market cap dominance to 56.3% on April 12, the highest level in three years.

Although Bitcoin’s fall has rattled the short-term traders, a positive sign is that the price has not even broken below the crucial $60,000 support. This suggests that the fall is a normal pullback in a bull phase. Traders need to remain cautious, but there doesn’t seem to be a reason for panic.

What are the important support levels on Bitcoin that need to hold for the relief rally to begin. Let’s study the top 5 cryptocurrencies that look strong on the charts and may lead the recovery higher.

Bitcoin price analysis

Bitcoin has been volatile but range bound between $60,775 and $73,777 for many days. This suggests indecision about the next directional move.

The BTC/USDT pair slipped below the 50-day simple moving average ($66,743) on April 13 and plunged below the $60,775 support. However, the long tail on the candlestick shows the bulls are defending the $60,775 level.

Any recovery attempt is likely to face selling at the 20-day exponential moving average ($67,807). If the price turns down from this resistance, the bears will again attempt to sink the pair below $60,775. Alternatively, a break above the 20-day EMA will clear the path for a rally to $73,777.

The downsloping 20-EMA and the relative strength index (RSI) in the negative zone indicate that bears are in command. The relief rally is likely to face selling at the 20-EMA. If the price turns down from the 20-EMA, the bears will have another go at the $60,775 support. If this level cracks, the pair may start a down move to the 61.8% Fibonacci retracement level of $54,298.

On the other hand, a rise above the 20-EMA will be the first sign that the pair may oscillate between $60,775 and $73,777 for some more time. The bulls will have to shove the price above $73,777 to indicate the start of the next leg of the uptrend to $80,000 and then $84,000.

Binance Coin price analysis

Binance Coin’s (BNB) price action of the past few days has formed a large range, indicating indecision between the bulls and the bears.

The price dropped near the support of the range at $495 on April 13, but the long tail on the candlestick shows aggressive buying at lower levels. The bulls will try to sustain the momentum and push the BNB/USDT pair to the overhead resistance of $635. Sellers are likely to defend this level with vigor.

The crucial support to watch on the downside is $495 and then $460. Buyers are expected to fiercely defend this support zone because a break below it may start a downtrend toward $400.

The 4-hour chart shows that the bears pulled the price below the uptrend line of the developing ascending triangle pattern. That invalidated the bullish setup, which is a negative sign. The price fell to $508 but quickly bounced back, indicating solid buying at lower levels. The recovery is likely to face selling at the uptrend line.

If the price turns down sharply from the uptrend line, it will suggest that bears have flipped the level into resistance. That could result in a fall to $495. Contrarily, a rise above the uptrend line will open the doors for a possible rise to $600 and then $635.

Toncoin price analysis

Toncoin (TON) has been rising inside an ascending channel pattern, indicating that bulls continue to buy on dips.

The bears tugged the price below the channel on April 12 and 13, but the long tail on the candlesticks shows strong buying near the support line. The failure to sustain the lower levels may have attracted buyers, who are trying to propel the price to the resistance line near $7.50.

Both moving averages are sloping up, and the RSI is in the positive zone, suggesting that buyers hold the edge. This optimistic view will be negated if the TON/USDT pair turns down sharply and closes below the support line. That could start a descent to the 50-day SMA ($4.28).

The recovery on the 4-hour chart may face selling at the 20-EMA and again at the downtrend line. If the price turns down from the overhead resistance and breaks below $5.71, the pair may tumble to $5.

On the contrary, if the bulls drive the price above the downtrend line, it will suggest that the correction may be over. The pair could then attempt a rally to the stiff overhead resistance at $7.67.

Related: Solana open interest sheds nearly $440M as price slumps 11%

VeChain price analysis

VeChain (VET) has been consolidating inside a large range between $0.036 and $0.051 for several days, indicating a balance between supply and demand.

Usually, traders buy the dip to the support of the range and sell near the overhead resistance. The long tail on the April 13 candlestick shows that the bulls are trying to protect the $0.036 support. If the price continues higher and breaks above the moving averages, it will signal that the range-bound action may extend for a few more days.

Instead, if the VET/USDT pair turns down sharply and breaks below $0.035, it will indicate that the bears are trying to seize control. That could start a downtrend toward the major support at $0.025.

The 20-EMA is falling, and the RSI is in the negative territory, indicating an advantage to sellers. If the price turns down from the current level or the 20-EMA, the bears will make another attempt to sink the pair below the $0.036 support. If they succeed, the pair may start a new downtrend.

On the other hand, if the price rises above the 20-EMA, it will signal strong buying at lower levels. The pair may then remain range-bound between $0.036 and $0.051 for a while longer.

Bitget Token price analysis

Bitget Token (BGB) has pulled back in a strong uptrend, indicating profit booking by short-term traders.

The bears yanked the price below the 20-day EMA ($1.17) on April 13, but they are struggling to sink the BGB/USDT pair to the 50-day SMA ($1.02). This suggests that bulls continue to buy the dips.

If buyers drive the price back above the 20-day EMA, it may trap the aggressive bears. The pair could then attempt a rally to the stiff overhead resistance of $1.38. If the price turns down from this level, the pair may consolidate between the 20-day EMA and $1.38 for a few days.

The 4-hour chart shows that the pair has dipped below the $1.20 to $1.38 range, signaling the start of a downward move. The downsloping 20-EMA and the RSI in the negative territory suggest that bears have the upper hand.

If the price turns down from $1.20 and breaks below $1.11, the next stop is likely to be $1. This negative view will be invalidated in the near term if the price turns up and breaks above the 20-EMA. That could clear the path for a rally to $1.28 and then $1.35.