Bitcoin experienced intense selling pressure near $67,000 this week as it tried to begin a relief rally. This resulted in a small loss of about 2% for the cryptocurrency by the week's end.

Trader and analyst Rekt Capital believes Bitcoin is in a risky period post-halving, potentially seeing a further decline in the next two weeks. Additionally, there have been net outflows from spot Bitcoin exchange-traded funds, such as a $218 million outflow on April 25.

When the price moves within a wide range, predicting the breakout direction becomes challenging. Traders could take positions near support and resistance levels with a stop loss or wait for a breakout before acting.

Bitcoin and other altcoins may remain above their support levels and start a relief rally. Let's examine the top five cryptocurrencies that have strong chart patterns and could initiate a recovery.

Bitcoin price analysis

Bitcoin has been trading within the range of $59,600 to $73,777, showing uncertainty regarding the next move. Traders typically buy near support levels and sell near resistances.

In a bullish scenario, Bitcoin could rally above $73,777 and potentially reach $84,000. Conversely, a bearish outcome might see a drop to $54,298.

The RSI and moving averages indicate a balance between supply and demand. Breaking above the downtrend line could lead to further upward movement for Bitcoin.

Near Protocol price analysis

NEAR Protocol closed above a descending channel pattern on April 25, signaling a potential end to the downtrend. However, bears are selling near immediate resistance at $7.70.

A breakout above $7.70 could indicate bullish control, with a rally target of $9. On the other hand, a drop below $5.90 might suggest the breakout was a bull trap.

Arweave price analysis

Arweave saw a positive move above moving averages on April 25, with a possible rally towards $47.52. Resistance might be encountered at $40 before a move to the upside.

On the flip side, a drop below the 20-day EMA could lead to a decline to $22. An inverse head-and-shoulders pattern is forming, with a target price of $50 if a breakout occurs.

Core price analysis

Core has shown support at the 20-day EMA, indicating a positive sentiment in the market. A break above $2.91 could signal bullish momentum towards $4, while a drop below the 20-day EMA might lead to a decline to $1.72.

Bonk price analysis

Bonk climbed above moving averages on April 23, suggesting the end of a corrective phase. If the price surpasses $0.000030, an inverse H&S pattern completion could push the price to $0.000048.

However, a drop below the moving averages might lead to a descent to $0.000019. Resistance at $0.000030 could indicate a bearish H&S pattern completion.

This post is for informational purposes only and does not provide investment advice. Readers are encouraged to conduct their own research before making any financial decisions.