Crypto currency market is exhibiting calmer price movements today. The largest cryptocurrency, Bitcoin (BTC), rose after the halving event but the momentum was not strong enough to sustain gains above $67,000.
ETH and SOL Competition
For many in the market, BTC‘s lack of direction and major altcoins like Ethereum (ETH) and Solana (SOL) are moving in tight ranges. For instance, Ethereum traded above $3,000 but is currently around $3,200. A similar situation is depicted by Solana, which rose above $150 after a correction to $120, but has not surpassed the $160 barrier.
The two fiercely competitive smart contract tokens, ETH and SOL, are trading at $3,184 and $154 respectively during US business hours. Bitcoin‘s price was above $66,000 when this article was written, a level considered critical by experts, possibly indicating its directional struggles. The 200-day exponential moving average (EMA) provides critical support below the $66,000 level.
Expert Commentary on BTC
Just below this, two other important moving averages, the 20-day EMA and the 50-day EMA, are positioned. The Relative Strength Index (RSI) in the neutral zone at 58 suggests a short-term bullish outlook could continue. However, sellers are not very influential, especially as investors are likely to hold onto their cryptocurrencies expecting a post-halving rise.
According to a chart shared by popular crypto analyst Ali Chart, Bitcoin’s current supply has dropped to about 4.6 million for the first time since before the last halving cycle began. With mining rewards halved to 3.125 BTC, the supply is expected to continue decreasing, potentially intensifying Bitcoin’s scarcity and promising significant impact on BTC prices.
