Bitcoin (BTC) made a remarkable comeback this week, rising more than 7%, indicating solid buying at lower levels. BitMEX co-founder Arthur Hayes noted that the US bond market crisis could set the stage for a more aggressive policy response, potentially leading Bitcoin into an “up only mode.”
According to the blockchain intelligence platform Glassnode, Bitcoin has built robust support at $79,000, with approximately 40,000 Bitcoin accumulated at that price. John Bollinger, the creator of Bollinger Bands, echoed this sentiment, stating that Bitcoin is forming a “classic Bollinger Band W bottom,” but cautioned that confirmation is needed.
Market participants are closely monitoring the performance of the US dollar index (DXY), which is currently trading below the 100 level. A further decline in the US dollar may prove bullish for Bitcoin. If Bitcoin can maintain these higher levels, it is likely to foster positive sentiment across the cryptocurrency sector, potentially triggering recoveries in select altcoins.
Bitcoin Price Analysis
Bitcoin’s recent breakout above the resistance line on April 12 signals that the corrective phase may be concluding. Nevertheless, bears are expected to contest, attempting to pull prices back below the 20-day exponential moving average ($82,885). A failure to sustain above this level might indicate continued bearish influence at higher prices, potentially driving the BTC/USDT pair down to $78,500.
Conversely, buyers are likely to defend the 20-day EMA with vigor. A rebound from this support could signal a shift in sentiment, turning selling pressure into buying opportunities, enhancing the likelihood of a rally towards $89,000, and beyond that, to $95,000.
Analyzing Emerging Cryptocurrencies
As Bitcoin stabilizes, attention turns to other cryptocurrencies that may benefit from its strength.
Hyperliquid (HYPE)
Hyperliquid closed above the 50-day SMA ($15.14) and reached an overhead resistance of $17.35. As bullish momentum gathers, the HYPE/USDT pair could rally towards $21 if it overcomes this resistance. However, a pullback below the 20-day EMA could lead to a retreat towards $12.
Ondo (ONDO)
Ondo has broken out from its downtrend line, indicating a potential shift in market sentiment. If it can maintain its position above the 20-day EMA ($0.83), the ONDO/USDT pair may accelerate towards $1.20. Alternatively, falling below the 20-day EMA could expose the pair to further declines.
Render (RNDR)
Render is currently testing the resistance level at $4.22, where bulls face significant selling pressure. A successful breakout could lead to a double-bottom pattern formation, propelling the price towards $5.94. If the price dips below the moving averages, it may indicate ongoing range-bound behavior.
Kaspa (KAS)
Kaspa is showing signs of reduced selling pressure after closing above the 50-day SMA. A price break above $0.08 would solidify a double-bottom pattern, with a target of $0.12. Conversely, settling below $0.07 could confine it to a narrow trading range.
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 decisions.
