Bitcoin (BTC) experienced a remarkable resurgence this week, climbing over 7%, a sign of strong buying interest at lower price points. Arthur Hayes, co-founder of BitMEX, mentioned in a post on X that the ongoing crisis in the U.S. bond market might pave the way for increased policy intervention, potentially leading to a sustained upward trend for Bitcoin.
According to blockchain analytics platform Glassnode, Bitcoin has established strong support at $79,000, with approximately 40,000 Bitcoin concentrated at this price. John Bollinger, the creator of Bollinger Bands, also shared similar sentiments, noting that Bitcoin is forming a "classic Bollinger Band W bottom," though it still requires confirmation.
Market watchers will be paying close attention to the U.S. dollar index (DXY), which is currently trading below the 100 threshold. A further decline in the dollar could bode well for Bitcoin.
Should Bitcoin maintain its current higher levels, it may positively influence sentiment in the broader cryptocurrency market, possibly reviving interest in certain altcoins. Which cryptocurrencies might stand to gain from Bitcoin’s momentum?
Bitcoin Price Analysis
Bitcoin successfully broke and closed above the resistance line on April 12, indicating that the correction phase may be coming to an end.
While the bears are unlikely to relent easily and will attempt to pull the price back below the 20-day exponential moving average ($82,885), a successful dip below this point would suggest ongoing bearish activity. Consequently, the BTC/USDT pair could potentially decline to $78,500.
Conversely, buyers will aim to defend the 20-day EMA on their descent. A rebound from this level would indicate a shift in sentiment from selling into rallies to capitalizing on dips, enhancing the likelihood of a rally towards $89,000, followed by $95,000.
The 20-EMA is currently rising, and the relative strength index (RSI) is in positive territory, indicating bullish momentum. A bounce off the 20-EMA implies that buyers are working to convert the resistance line into support. The pair may encounter selling pressure at $89,000, yet it is expected to surpass this level, potentially driving the price up to the $92,000 to $95,000 range.
On the downside, the moving averages represent critical support that bulls must protect. If they fail, the pair could fall to $78,500.
Hyperliquid Price Analysis
Hyperliquid (HYPE) closed above the 50-day simple moving average ($15.14) on April 11 and reached an overhead resistance level of $17.35 on April 12.
The 20-day EMA ($13.84) has begun to trend upward, with the RSI nearing 56, suggesting that buyers have an advantage. While sellers are attempting to defend the $17.35 resistance, should the bulls prevail, the HYPE/USDT pair might initiate a rally towards $21 and subsequently to $25.
This positive outlook could be undermined if the price dips from $17.35 and falls below the 20-day EMA, potentially pulling back to $12, which is expected to attract buyers.
The pair has retraced to the 20-EMA, an important near-term support level. If the price rebounds strongly from the 20-EMA, it would indicate buying on dips. The bulls would then make one more attempt to breach the $17.35 barrier. If they succeed, the pair may rise towards $21 with minor resistance at $18 likely being surpassed.
Sellers would need to push the price below the 20-EMA to diminish bullish momentum. Such a slide could see the pair fall to the 50-SMA.
Ondo Price Analysis
Ondo (ONDO) has broken free from its downtrend line, suggesting that bearish control may be waning.
The recovery is encountering resistance near $0.96 but may find support at the 20-day EMA ($0.83) on a downturn. If the price rebounds from the 20-day EMA, bulls will try again to push the ONDO/USDT pair above $0.96. Success in that endeavor could lead to momentum and a rally towards $1.20.
However, sellers are likely to attempt to drag the price back below the 20-day EMA. If they are successful, the pair might descend to $0.79 and later to $0.68.
The 4-hour chart indicates that the pair is facing selling pressure within the $0.93 to $0.96 range. Buyers need to maintain the price above the 20-EMA to keep their advantage. A strong bounce from the 20-EMA would increase the likelihood of a breakout past $0.96, potentially propelling the pair to $1.05 and eventually $1.20.
If, instead, the price slips below the 20-EMA, it would suggest dwindling demand at higher levels, possibly leading the pair to the 50-SMA.
Render Price Analysis
Render (RNDR) has reached the overhead resistance of $4.22, where significant selling is anticipated.
The moving averages are nearing a bullish crossover, while the RSI has entered positive territory, hinting at buyer strength. Should the price rise above $4.22, the RNDR/USDT pair would complete a double-bottom formation. There is minor resistance at $5, but this is also likely to be surpassed. The pair could then head towards the target of $5.94.
On the contrary, a sharp decline from $4.22 that breaches the moving averages would signal a short-term range-bound scenario.
Although the pair is facing selling at $4.06, the pullback is expected to find support at the 20-EMA. A strong rebound from the 20-EMA would indicate continued positive sentiment, enhancing the chances of breaking above $4.22. While there may be resistance between $4.60 and $5, if the price does not dip back below $4.22, it would indicate the beginning of a new uptrend.
Alternatively, a close below the 20-EMA would suggest that bullish momentum is weakening, potentially leading the pair to the 50-SMA, indicating a consolidation phase.
Kaspa Price Analysis
Kaspa (KAS) rose above the 50-day SMA ($0.07) on April 12, suggesting a reduction in selling pressure.
The 20-day EMA ($0.07) has begun to trend upward, and the RSI has also entered positive territory, indicating that the path of least resistance is upward. If buyers push the price beyond $0.08, the KAS/USDT pair will complete a double-bottom pattern, with a target of $0.12.
On the flip side, if the price pulls back from $0.08 and breaks below the 20-day EMA, it will indicate a range formation. The pair could then fluctuate between $0.08 and $0.05 for a while.
The pair has retreated from $0.08 but is likely to find support at the 20-EMA. A bounce from this level could lead the pair towards the upper range, which is a crucial resistance level. If buyers overcome this barrier, the pair may embark on a new upward trend towards $0.09.
This optimistic outlook would be invalidated if the price dips and breaks below the $0.07 support, which could trap the pair in its current range for an extended period.
This content does not constitute investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research when making a decision.