Geopolitical Tensions Fuel Bitcoin's Erratic Swing

Market volatility surged on April 19 due to geopolitical tensions between Iran and Israel, leading to fluctuations in Bitcoin's (BTC) value. Despite a dip below $60,000, the bulls prevented further price decline, indicating an attempt to establish support at this level. CryptoQuant's research head, Julio Moreno, suggests that selling pressure may be easing as unrealized profit margins near $60,000 reach near zero. Traders appear to be prioritizing Bitcoin's long-term prospects post-halving, with significant transfers to accumulation addresses recorded within a 24-hour period between April 16 and 17.

Geopolitical Tensions Influence Erratic Bitcoin Price Swings

Amidst heightened geopolitical tensions between Iran and Israel, Bitcoin (BTC) experienced significant price fluctuations on April 19. Despite a brief dip below $60,000, buyers resisted further declines, hinting at a potential shift in market sentiment towards support at this level.

Bullish Sentiment Emerges as Selling Pressure Diminishes

CryptoQuant's Head of Research, Julio Moreno, observed a potential reduction in selling pressure, citing "basically zero" unrealized profit margins for traders near the $60,000 level. Historically, traders' realized price has served as a robust support during bull markets, Moreno added.

Long-Term Prospects Drive Bitcoin Accumulation

Data from CryptoQuant indicates a surge in Bitcoin accumulation, with over 27,700 Bitcoin transferred to accumulation addresses between April 16 and 17, setting a new record. Accumulation addresses represent wallets holding more than 10 Bitcoin without prior withdrawals.

Technical Analysis for Top 10 Cryptocurrencies

Bitcoin (BTC)

• The long-tailed April 19 candlestick suggests aggressive buying at support levels below $60,775.
• A rally towards the 20-day exponential moving average ($66,067) could encounter resistance, with a potential retest of support at $60,775.
• A break below $60,775 would complete a double-top pattern, targeting a price objective of $47,773.
• Conversely, a move above the moving averages could prolong sideways trading within the $60,775-$73,777 range.

Ether (ETH)

• Bears attempted to push ETH below $2,852 but were met with strong buying, as indicated by the long tail on the April 19 candlestick.
• A rally towards the 20-day EMA ($3,261) may face resistance, potentially leading to a retest of support at $2,852.
• A break below $2,852 could trigger a slide towards $2,717 and $2,200.
• Alternatively, a move above the 20-day EMA would suggest an end to the correction, paving the way for a potential rally to $3,679.

BNB (BNB)

• BNB has consolidated between $495 and $635 for several days, reflecting indecision between bulls and bears.
• A breakout above the 20-day EMA ($565) could signal a rally towards $635 and potentially $692.
• A break below $495 would complete a double top pattern, potentially triggering a decline towards $460 and $400.

Solana (SOL)

• SOL has found support at $126, indicating buying interest.
• A recovery towards the 20-day EMA ($158) is likely to face resistance.
• A sharp reversal from the 20-day EMA could result in a test of support at $126 or a further decline towards $100.
• A rise above the 20-day EMA would indicate a potential shift in momentum, with $185 as a potential target.

XRP (XRP)

• XRP has traded within a range of $0.46-$0.52, with bulls attempting to initiate a recovery.
• A rally towards the downsloping 20-day EMA ($0.55) could encounter selling pressure.
• A sharp reversal from the 20-day EMA would signal resistance and a potential retest of support at $0.46.
• A break above the 20-day EMA would suggest an end to the correction, potentially leading to a climb towards the 50-day SMA.

Dogecoin (DOGE)

• The long tail on DOGE's April 19 candlestick indicates support at $0.14.
• A recovery towards the 20-day EMA ($0.17) is possible, but it could face resistance from the downtrend line.
• A slide below $0.14 could intensify selling pressure, targeting support at $0.10.
• Conversely, a move above the 20-day EMA would indicate a potentially bullish trend reversal.

Toncoin (TON)

• TON rebounded off the ascending channel pattern support line on April 18, indicating continued buying at the level.
• Bears repelled a move towards $7.23 on April 19, suggesting continued consolidation within the channel.
• A slide below the channel support line would signal a potential trend change and a decline towards the 50-day SMA.
• A break above the channel resistance line could open the doors for a rally towards $8.56 and $10.

Cardano (ADA)

• ADA traded below $0.46 but found support at the April 13 low of $0.40.
• A rally towards the 20-day EMA ($0.52) could encounter resistance, potentially leading to a retest of $0.46-$0.40 support.
• A decline below the support zone could trigger a fall to $0.35.
• Conversely, a move above the 20-day EMA would suggest an end to the correction, potentially paving the way for a rally towards the 50-day SMA.

Avalanche (AVAX)

• AVAX has consolidated in a downtrend, finding support between $32 and $27.
• A rally towards the downtrend line could face resistance, with $50 as a potential bullish target.
• A break below $27 would indicate bearish control, potentially leading to a decline towards $20.

Shiba Inu (SHIB)

• SHIB has hovered near $0.000022, indicating a balance between buyers and sellers.
• A decline below $0.000020 could trigger a move towards $0.000017, with potential support at $0.000010.
• A move above the downtrend line would suggest a potential bullish trend reversal, targeting $0.000033 and $0.000039.

Disclaimer: This article does not provide investment advice or recommendations. Cryptocurrency trading involves significant risk, and all investment decisions should be made with due diligence and consultation with financial advisors.