Bitcoin (BTC) faced intense selling pressure last week, but a positive sign is that lower levels near $61,000 witnessed solid buying by the bulls. This suggests that the sentiment remains positive, and traders are viewing the dips as a buying opportunity.

However, the selling may not be over yet. Markus Thielen, the head of research at 10x Research, said in a recent note that Bitcoin miners may offload $5 billion worth of Bitcoin over the four to six months post Bitcoin halving. That may keep Bitcoin “sideways for the next few months,” Thielen added.

A sideways market usually traps both the bulls and the bears by giving false breakouts in both directions. Therefore, traders need to be careful and not jump to buy or sell at the first instance. It is better to wait for the breakout to sustain before taking large bets.

What important resistance levels must Bitcoin cross to suggest that the correction may be over? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index nose-dived to the 50-day simple moving average (5,115) on April 12, signaling that the bears are trying to take charge.

If the 50-day SMA gives way, the index could start a corrective phase. The first support on the downside is 4,900. A bounce off this level could face selling at the 20-day exponential moving average (5,174). If the price turns down from the 20-day EMA, the possibility of a drop below 4,900 increases.

If buyers want to prevent the decline, they will have to push the price back above the 20-day EMA. The index could then attempt a rally to 5,265.

U.S. Dollar Index price analysis

The U.S. Dollar Index (DXY) turned up from the 50-day SMA (104) on April 9 and rose above the 105 overhead resistance on April 10, completing an ascending triangle pattern.

The bulls have pushed the price to 106, where the bears are likely to pose a strong challenge. If the price turns down from 106 but rebounds off 105, it will signal that bulls have flipped the level into support. That will enhance the prospects of a rally to 107. The pattern target of the bullish setup is 109.

Conversely, if the price turns down sharply and dives below 105, it will signal that the markets have rejected the breakout. The pair could then slide to the uptrend line of the triangle.

Bitcoin price analysis

Bitcoin’s bounce off the $60,775 support has reached the moving averages where the bears are likely to mount a strong defense.

If the price turns down from the moving averages, the bears will again try to sink the BTC/USDT pair below $60,775. If this level gives way, it will signal the start of a deeper correction. The pair may drop to the 61.8% Fibonacci retracement level of $54,298.

Contrary to this assumption, if the price breaks above the moving averages, it will suggest that the pair may extend its stay inside the $60,775 to $73,777 range for a few more days. A break and close above $73,777 will indicate the resumption of the uptrend to $80,000.

Ether price analysis

Ether (ETH) broke below the $3,056 support on April 13, but the bears could not build upon this breakdown. The bulls pushed the price back above $3,056 on April 14.

The recovery could reach the 20-day EMA ($3,369), an important level to keep an eye on. If the price turns down from the 20-day EMA, the ETH/USDT pair could drop to $3,056 and subsequently to $2,852.

On the other hand, if buyers keep the price above $3,056, it will suggest that the range-bound action remains intact. The bulls will gain strength on a break above the 20-day EMA. The pair could then attempt a rally to $3,679. Buyers will have to clear this overhead hurdle to start an up move toward $4,100.

BNB price analysis

BNB (BNB) has been consolidating inside a large range between $495 and $635 for the past few days, indicating indecision about the next directional move.

The flattening 20-day EMA ($574) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price breaks and maintains above the 20-day EMA, the BNB/USDT pair may climb to $635. A break and close above this level will signal the start of the next leg of the uptrend to $692.

Contrarily, if the price turns down from the 20-day EMA, it will suggest that the bears are selling on rallies. The pair could then drop to the support at $495.

Solana price analysis

Solana (SOL) turned down from the 20-day EMA ($167) on April 12 and plunged below the 50-day SMA ($164). The bears continued selling on April 13 and pulled the price to the crucial support at $126.

The long tail on the April 13 candlestick shows that the bulls are fiercely attempting to defend the $126 level. Buyers will try to push the price to the moving averages, which are likely to behave as a significant barrier.

If the price turns down sharply from the moving averages, the bears will again try to sink the SOL/USDT pair below $126. If they succeed, the pair may drop to $100. This negative view will be invalidated in the near term if the price rises above the moving averages. The pair will then attempt a rally to $205.

XRP price analysis

XRP (XRP) has been trading inside a large range between $0.41 and $0.74 for several months.

The price dropped near the support of the range on April 13, but the long tail on the candlestick shows strong buying at lower levels. The bulls are trying to start a relief rally, which is likely to face resistance near the 20-day EMA ($0.57). If the price turns down from the current level or the 20-day EMA, the bears will take another shot at $0.41.

Meanwhile, the bulls are likely to have other plans. They will try to maintain the price above $0.46 and push the XRP/USDT pair above the moving averages. That could keep the price inside the range for a while longer.

Related: Bitcoin eats up fresh bid liquidity as BTC price fights for $65K

Toncoin price analysis

Toncoin (TON) continues to trade inside the ascending channel pattern, indicating advantage to buyers.

The price has reached the resistance line of the channel, where the bears are expected to mount a strong defense. If the price turns down from the resistance line, the TON/USDT pair could drop to the support line. A break and close below the channel will signal a potential trend change.

On the contrary, if buyers thrust the price above the channel, it will suggest a pick-up in momentum. The pair could then attempt a rally to $8.56 and eventually to $10.

Dogecoin price analysis

Dogecoin (DOGE) sliced through the 50-day SMA ($0.17) support on April 13, indicating aggressive selling by the bears.

The bulls are trying to start a recovery, but they may face stiff resistance at the moving averages. If the price turns down from the moving averages, it will signal that the bears view the rallies as a selling opportunity. That will increase the likelihood of a drop to the strong support at $0.12.

Instead, if buyers drive the price above the moving averages, it will suggest solid demand at lower levels. The DOGE/USDT pair may then attempt a rally to $0.20.

Cardano price analysis

Cardano (ADA) plunged below the $0.57 support on April 12, completing the bearish head-and-shoulders pattern. That was followed by another down day on April 13, which pulled the price below the $0.46 support.

A saving grace for the bulls is that the price climbed back above $0.46 on April 14, suggesting buying at lower levels. The bulls will try to start a recovery, which is likely to face strong selling at the 20-day EMA ($0.56).

If the price turns down from the 20-day EMA, the ADA/USDT pair could again drop to $0.46 and then to $0.40. A break below this level could sink the pair to $0.35. The first sign of strength will be a rise above the 20-day EMA.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.