Institutional investors have been pulling around $ 20 billion from their gold investments since mid-October, according to a recent JPMorgan study, and institutional Bitcoin (BTC) flows have increased by $ 7 billion over the same period.

The bank said: “Any competition for gold as an ‘alternative currency’ means significant growth for bitcoin in the long run.”

JPMorgan believes that the lower volatility of bitcoin can help attract institutional investors. If that happens, the value of private equity investments in Bitcoin could reflect the value of gold, giving Bitcoin an upward target of $ 130,000 in the long run, the bank added.

In other news, billionaire investor Mark Cuban said his portfolio of cryptocurrencies is 30% Ether (ETH) because he thinks it’s more like a real currency. Cubansk said the rest of his cryptocurrency wallet consists of 60% bitcoin and 10% other cryptocurrency investments.

CryptoQuant CEO Ki Yong Joo recently highlighted that 400,000 Ether have left Coinbase, indicating that institutional investors may begin to gather better alternative currency.

The increasing spread of cryptocurrencies from older financial institutions and investors is a positive sign, but will this news flow be a tailwind and increase the prices of the top 10 digital currencies?

Let’s analyze the graphs to find out.

On March 31 and April 1, Bitcoin formed a Doji candlestick pattern, indicating hesitation among bulls and bears. However, it is a positive sign that the bulls have not given up much of the land. The bulls are once again trying to push the price above the $ 60,000 resistance level.

A strong break over the upper resistance zone of $ 60,000 to $ 61,825.84 will indicate that the Bulls are back in the driver’s seat. This could signal the start of the next upstream phase, targeting $ 69,279 followed by $ 79,566.

Traders can look at the RSI as a breakdown of the downward line indicates renewed momentum.

Contrary to this assumption, if the price reverses the trend from the upper resistance zone, the BTC / USDT pair may fall to the 50-day simple moving average ($ 53,362). A breach of this important support could encourage traders to make a profit in the short term, and the price could fall to $ 50,460.02 and then to $ 43,006.77.

On March 31, the ether escaped from the symmetrical triangle and continued its way up. Today, the bulls pushed the largest alternative currency over its full-time high of $ 2,040.77.

The 20-day exponential moving average ($ 1,798) has emerged and the RSI is close to the overbought zone, indicating an advantage for buyers.

If buyers manage to keep the price above $ 2,040.77, the ETH / USDT pair may begin the next phase of the upward movement. The target for the triangle breakout pattern is $ 2,618.14.

Contrary to this assumption, if the price falls below the current level, it may fall to a 20-day moving average. A strong rebound from it will indicate strength and the bulls will again try to resume the bullish trend.

This uptrend will stop if the bears fall below the trend line. Such a move could bring the price down to $ 1,289.

After some hesitation on March 31, the Binance Coin (BNB) broke through the $ 315 resistance on April 1 and then broke over its full-time high of $ 348.69 today. If the bulls manage to hold a breakout, the alternative currency could rise to $ 400 and then to $ 430.

Bullish moving averages and RSI in overbought zone indicate that the bulls are in control.

However, if the bulls fail to protect the price above $ 348.69, the BNB / USDT pair may fall to $ 315. If the bulls manage to support this level, it will increase the likelihood of a resumption of the trend.

This bullish trend will disappear if the pair returns and falls below the moving average. This move suggests that the current breakout was a bullish trap.

Cardano (ADA) has been stuck in a tight range in recent days, but in a positive sign, the bulls have prevented the price from moving below the 20-day moving average ($ 1.17). This indicates fewer purchases, but does not indicate that traders immediately leave their positions.

Source: CoinTelegraph