Last week, Bitcoin (BTC) began to exhibit initial signs of separating from the US stock markets. While Bitcoin remained largely stable throughout the week, the S&P 500 experienced a significant drop of 9%. This sell-off was prompted by US President Donald Trump’s global tariff announcement on April 2, which intensified on April 4 when China announced retaliatory tariffs on US goods. Gold also faced downward pressure, declining by 1.9% for the week.
The founder of Alpine Fox, Mike Alfred, noted in a post on X that a bullish gold market tends to favor Bitcoin. Historically, gold has temporarily led Bitcoin in previous cycles, but eventually, Bitcoin has outperformed gold by tenfold or more. He asserted that the current situation is unlikely to differ.
While the short-term performance of Bitcoin is a positive signal, traders should remain cautious until there is more clarity regarding macroeconomic factors. Should the US stock markets experience further sell-offs, the cryptocurrency markets could also feel the impact.
Some altcoins are exhibiting resilience on the charts, but it may be wiser to wait until overall sentiment turns bullish before making any moves. If Bitcoin surpasses its immediate resistance levels, which cryptocurrencies are likely to follow suit?
### Bitcoin Price Analysis
Despite Bitcoin bulls struggling to push prices above resistance levels, they have not relinquished significant ground to bears, indicating sustained bullish pressure.
The 20-day exponential moving average ($84,241) is beginning to flatten, and the relative strength index (RSI) sits just below the midpoint, reflecting a balance between supply and demand.
This balance might shift in favor of the bulls if they manage to break and close above the resistance line. There is a notable resistance level at $89,000, and if surpassed, the BTC/USDT pair could rise towards $100,000.
On the downside, the $80,000 mark serves as crucial support. If this level is breached, the pair might fall to $76,606 and subsequently to $73,777.
Currently, the BTC/USDT pair is consolidating between $81,000 and $88,500. The moving averages on the four-hour chart are slightly descending, and the RSI remains just below the midpoint, indicating a continuation of this range-bound action in the short term.
If buyers can push the price above $85,000, the pair may rally towards $88,500. However, should the price edge closer to this level, selling pressure may emerge, although if bulls prevail, a jump to $95,000 could unfold. If the price drops below the $81,000 to $80,000 support area, the bears will regain control, and the pair may plummet to $76,606.
### Pi Network Price Analysis
Pi Network (PI) has been in a pronounced downtrend since hitting $3 on February 26. However, the relief rally on April 5 indicates the initial signs of buying at lower levels.
Any recovery is likely to encounter selling pressure at the 20-day EMA (0.85), which is a critical short-term level to monitor. If the PI/USDT pair doesn’t give up substantial ground from the 20-day EMA, it suggests that bulls are maintaining their positions, paving the way for a potential rally above this level. The pair may then rise to the 50% Fibonacci retracement level of $1.10 and eventually reach the 61.8% retracement mark of $1.26.
On the downside, the $0.40 level is essential support to watch. A break and close below this threshold could send the pair down to $0.10.
The four-hour chart indicates that while bears are defending the 50-simple moving average, bulls are attempting to keep the pair above the 20-EMA. If the price rebounds off the 20-EMA, bulls will aim to push the pair above $0.80, which could lead to a rise to $1.20. Conversely, if the price breaks and closes below the 20-EMA, it will indicate that bears have maintained pressure, with potential negative momentum increasing below $0.54, possibly leading to a test of the crucial support at $0.40.
### OKB Price Analysis
OKB (OKB) saw a notable upturn on April 4, closing above the moving averages, showcasing the bulls’ attempts at a comeback.
This upward movement continued, allowing bulls to push the price above the short-term resistance at $54 on April 6. The OKB/USDT pair may approach the resistance line of the descending channel, which is likely to attract selling pressure. However, if the price sharply declines and drops below $54, the pair may move within the channel for several more days.
On the other hand, if buyers can maintain their positions near the resistance line, it increases the chances of a breakout above the channel. If successful, the pair could rise to $64 and then $68.
The pair will complete an inverted head-and-shoulders pattern upon breaking and closing above the neckline. An upward move could face selling pressure at the resistance line, however, if buyers establish support at the neckline during a pullback, the probability of breaking above the resistance line will increase, potentially leading the pair toward the pattern target of $70.
Sellers will need to defend the neckline vigorously and quickly pull the price below the 20-EMA to halt the rally, which could otherwise lead to a decline to the 50-SMA and then perhaps to $45.
### GateToken Price Analysis
GateToken (GT) has been consistently finding support around the 50-day SMA ($22.05) for several days, a significant level to keep an eye on.
The moving averages are flat, and the RSI just below the midpoint show no clear advantage for either bulls or bears. A break and close above $23.18 could elevate the price to $24, which remains a key overhead resistance that bears must defend, as breaching it could propel the GT/USDT pair to $26.
This optimistic outlook would be negated in the short term if prices break and remain below the 50-day SMA, which could see the pair fall to $21.28 and then to $20.79.
The pair has turned down from the resistance line of a descending channel pattern, indicating that selling on rallies is occurring. A break below the moving averages suggests the pair could drift within the channel for a while longer.
Buyers will gain control on a breakout and close above the resistance line, signaling the end of the corrective phase and possibly leading the pair to rally toward $23.18 and $24.
### Cosmos Price Analysis
Cosmos (ATOM) is attempting to establish a bottom but is encountering selling pressure at $5.15. A slight advantage for bulls is that they have prevented the price from dipping below the moving averages.
If the price can rebound forcefully off the moving averages, it indicates buying interest at lower levels, improving the chances of breaking above the $5.15 resistance. Should this happen, the ATOM/USDT pair could surge toward $6.50 and $7.17.
Conversely, a break and close below the moving averages may lead to a potential range-bound formation in the near term, swinging between $5.15 and $4.15 for a period. A drop below $4.15 would signal a re-establishment of seller control.
A fierce battle between bulls and bears is visible at the 20-EMA on the four-hour chart. If the price remains under this level, the pair may fall to the 50-day SMA and then to $4.15, which buyers are anticipated to defend vigorously.
On the other hand, staying above the 20-day EMA indicates robust demand at lower levels, prompting bulls to push towards $5.15. A breach and close above this resistance would likely initiate a new upward trend.
This content does not constitute investment advice or recommendations. Every investment and trading decision carries risks, and readers should undertake their own research when making choices.