Bitcoin Nears Halving with Bullish Market Sentiment and Record Inflows

As the Bitcoin halving nears, the market remains bullish, with traders capitalizing on dips and digital investment products seeing significant inflows. On-chain analytics suggest sustained inflows into spot Bitcoin exchange-traded funds, while analysts maintain a long-term bullish outlook despite potential post-halving volatility. Technical analysis of top cryptocurrencies, including Bitcoin, shows varying price action, with some poised for further gains and others facing resistance levels.

Bitcoin Nears Halving with Bullish Sentiment and Record Inflows

With less than 11 days remaining until the highly anticipated Bitcoin halving event, the cryptocurrency market exudes confidence, and traders appear undeterred by temporary price dips. According to data from CoinShares, digital investment products witnessed a remarkable $646 million influx last week, bringing the year-to-date inflows to an astounding $13.8 billion. This figure significantly surpasses the $10.6 billion recorded in 2021, underscoring the sustained interest in Bitcoin.

Analysts Project Bullish Outlook Despite Unknown Post-Halving Dynamics

On-chain analytics firm Santiment suggests that inflows into spot Bitcoin exchange-traded funds (ETFs) will likely maintain their momentum until the halving event. However, the firm acknowledges that it remains to be seen whether a subsequent decline in ETF volume and on-chain volume will follow.

Despite the uncertainty surrounding the immediate post-halving market behavior, analysts remain optimistic about Bitcoin's long-term prospects. In an interview with CNBC, Anthony Scaramucci, CEO of SkyBridge Capital, expressed his belief that Bitcoin could reach $170,000 during the current cycle. Scaramucci envisions Bitcoin eventually trading at "half the valuation of gold" but cautions that significant volatility is to be expected along the way.

Technical Analysis Highlights Key Resistance and Support Levels

S&P 500 Index: The S&P 500 Index has exhibited indecision with outside-day and inside-day candlestick patterns. A break below 5,146 could indicate the start of a corrective phase, while a breakout above 5,265 would resume the uptrend.

U.S. Dollar Index: The U.S. Dollar Index has encountered resistance at 105, suggesting bearish sentiment. However, the lack of a decline below moving averages indicates some support. Range-bound action is likely between 104 and 105.

Bitcoin: Bitcoin has broken above a symmetrical triangle pattern, signaling bullish momentum. The all-time high of $73,777 poses as a critical resistance. If overcome, the next target is around $84,000.

Ether: Ether is trading within a range between $3,056 and $3,679, with $3,679 acting as a key resistance level. A break above this level could lead to a rally towards $4,488.

BNB: BNB remains within a symmetrical triangle pattern, with a balance between supply and demand. A breakout above the downtrend line could retest the March 16 high at $645.

Solana: Solana is struggling to maintain above the 20-day EMA, indicating bearish pressure. A drop below this level could lead to a fall towards $162.

XRP: XRP has rebounded after falling below an uptrend line, with buyers pushing the price above moving averages. The pair could swing between $0.56 and $0.69 before attempting a break higher.

Dogecoin: Dogecoin has regained momentum above the 20-day EMA and is targeting $0.23. A break above this level would signal an uptrend resumption.

Cardano: Cardano has recovered above $0.57 and is facing resistance at the 20-day EMA. A break above this level could lead to a rise towards $0.68.

Toncoin: Toncoin has broken above $5.69, initiating the next leg of the uptrend. The pair aims for $7.09, with support at the 20-day EMA.

Disclaimer: This article does not provide investment advice or recommendations. Trading and investing involve risk, and individuals should conduct thorough research before making any decisions.