Bitcoin Price Consolidation Sets stage for Upside in NEAR, APT, RNDR, and MKR

This past week was a rollercoaster for Bitcoin (BTC), as it reached a new record high of $73,777 before dropping back down to around $64,500. Bitcoin is set to end the week with a marginal decline of about 1% compared to the previous week. Experts predict that there will be a shallow correction and believe that lower prices will attract buyers from the Bitcoin exchange-traded fund investors. The CEO of Apollo, a crypto-focused reviews portal, called the fall a “Bear Trap,” suggesting that the rebound strength will determine if the correction is finished or not. A weak recovery would indicate continued selling pressure, while a strong bounce would suggest aggressive buying and an increase in upward momentum.

Now let’s take a look at the top 5 cryptocurrencies that show strength on the charts.

Bitcoin experienced a sharp correction from its peak and broke below the support line of the ascending channel pattern. The bulls are now attempting to stop the decline at the 20-day exponential moving average, but they may face resistance at the breakdown level. If the price turns sharply downward from this level, the risk of a further fall increases. In that case, the BTC/USDT pair could drop to $59,000 and then to the 50-day simple moving average. To prevent this downside, the bulls will need to push the price back into the channel. A break and close above $73,777 would signal the resumption of the uptrend.

Near Protocol (NEAR) has seen a pullback in its uptrend, indicating profit-taking by short-term traders. The pair is finding support near the 50% Fibonacci retracement level. If the rebound holds, the pair may retest the overhead resistance and continue its uptrend. If the price turns down from the resistance, it suggests selling pressure on rallies and could lead to a deeper correction.

Aptos (APT) experienced a sharp decline but found support at the 20-day EMA, indicating buying at lower levels. The rising 20-day EMA and positive RSI suggest an advantage for the bulls. If the price remains above $15.70, the pair is likely to start the next leg of the uptrend. If the price breaks below the 20-day EMA, it could indicate the start of a correction.

Render (RNDR) corrected to the 20-day EMA but was defended by the bulls, showing positive sentiment and buying on dips. The bulls pushed the price above the resistance level, signaling the start of the next uptrend. If the price remains above this level, the pair could jump to $16.81. If the price drops below $12, it could indicate weakness and a possible correction.

Maker (MKR) resumed its uptrend after a period of consolidation, indicating that the bulls are still in control. The pair may rise to $3,580 and potentially $4,000. The first sign of weakness would be a drop below $2,976, which could signal rejection of higher levels and a possible decline to the 20-day EMA.

These top cryptocurrencies have shown varying levels of strength on the charts, with some indicating potential for further uptrends while others may face corrective phases. It will be important to closely monitor price levels and market indicators to gauge the future trajectory of these cryptocurrencies.