This week, Bitcoin (BTC) made an impressive recovery, soaring over 7%, which signals strong buying interest at lower price levels. Arthur Hayes, the co-founder of BitMEX, mentioned in a post on X that the US bond market crisis might prompt a significant policy response, potentially putting Bitcoin into an “up only mode.”
According to the blockchain intelligence platform Glassnode, Bitcoin has established robust support around $79,000, with approximately 40,000 Bitcoin amassed at that level. Notably, John Bollinger, the creator of Bollinger Bands, expressed similar sentiments on X, stating that Bitcoin appears to be forming a “classic Bollinger Band W bottom,” although it requires confirmation.
Crypto market data daily view. Source: Coin360
Market participants are keenly observing the performance of the US dollar index (DXY), currently trading below 100. A further decline of the US dollar could bode well for Bitcoin’s prospects.
Should Bitcoin sustain its higher levels, it is likely to enhance sentiment within the cryptocurrency sector, potentially leading to recoveries in select altcoins. Which cryptocurrencies stand to gain from Bitcoin’s upward momentum?
Bitcoin Price Analysis
On April 12, Bitcoin successfully broke and closed above the resistance line, marking the first indication that the corrective phase might be concluding.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The bears are not likely to retreat easily and will attempt to drag the price back below the 20-day exponential moving average ($82,885). If they succeed, it would indicate that bearish sentiment persists at higher levels, potentially driving the BTC/USDT pair down to $78,500.
Conversely, buyers are expected to have other strategies in place. They will aim to safeguard the 20-day EMA on the way down. A rebound off this level would signal a shift in sentiment from selling during rallies to buying during dips. This could increase the likelihood of a rally towards $89,000, eventually targeting $95,000.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 20-EMA is trending upwards, and the relative strength index (RSI) is positioned in the positive range, giving an edge to the bulls. A bounce off the 20-EMA would indicate that the bulls are working to transform the resistance line into support. While selling might occur at $89,000, it is likely that this level will be surpassed, propelling the pair to the $92,000 to $95,000 zone.
On the downside, the moving averages serve as critical support levels for the bulls to defend. Failure to uphold this support could result in a drop to $78,500.
Hyperliquid Price Analysis
Hyperliquid (HYPE) closed above the 50-day SMA ($15.14) on April 11 and reached the resistance level at $17.35 on April 12.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($13.84) is turning upward, and the RSI has climbed near 56, indicating that buyers have the upper hand. Sellers are attempting to defend the $17.35 resistance; however, if the bulls break through, the HYPE/USDT pair could begin a rally towards $21, followed by $25.
This optimistic outlook will falter if the price retreats from $17.35 and falls below the 20-day EMA, with the pair potentially dropping to $12, where buyers are anticipated to reenter.
HYPE/USDT 4-hour chart. Source: Cointelegraph/TradingView
Currently, the price has retraced to the 20-EMA, a critical near-term support level. A strong rebound from the 20-EMA would indicate buying on dips, leading the bulls to make another attempt to surpass the $17.35 barrier. If they succeed, the pair could rise to $21, with minor resistance at $18, which is likely to be overcome.
Sellers must manage to pull the price down and maintain it below the 20-EMA to diminish bullish momentum. This could result in the pair declining to the 50-SMA.
Ondo Price Analysis
Ondo (ONDO) has broken out of its downtrend line, indicating a potential loss of grip by the bears.
ONDO/USDT daily chart. Source: Cointelegraph/TradingView
The recovery is encountering selling pressure near $0.96 but may find support at the 20-day EMA ($0.83) on the downside. If the price rebounds from the 20-day EMA, the bulls will once again strive to push the ONDO/USDT pair above $0.96. If successful, momentum could build, leading to a rally toward $1.20.
However, sellers will likely battle back, attempting to pull the price down below the 20-day EMA. If they succeed, the pair could drop to $0.79 and subsequently $0.68.
ONDO/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 4-hour chart indicates that the pair is facing selling pressure within the $0.93 to $0.96 resistance zone. Buyers must maintain the price above the 20-EMA to stay in control. A strong rebound from the 20-EMA would enhance the likelihood of breaking above $0.96. Following this, the pair could rise to $1.05 and later $1.20.
If the price falls below the 20-EMA, it suggests that demand is waning at higher levels, which could lead the pair to descend to the 50-SMA.
Related: Bitcoin price tags $86K as Trump tariff relief boosts breakout odds
Render Price Analysis
Render (RNDR) has approached the overhead resistance level of $4.22, where sellers are anticipated to put up a strong defense.
RNDR/USDT daily chart. Source: Cointelegraph/TradingView
The moving averages are nearing a bullish crossover, with the RSI having entered the positive zone, signaling a favorable outlook for buyers. If the price surpasses $4.22, the RNDR/USDT pair would complete a double-bottom pattern. Minor resistance at $5 is likely to be breached, propelling the pair potentially toward the pattern target of $5.94.
If the price experiences a sharp downturn from $4.22 and breaks below the moving averages, it would indicate a potential for ranging market conditions in the near term.
RNDR/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair is encountering selling pressure at $4.06, but any pullback may find support at the 20-EMA. A strong rebound from the 20-EMA would indicate that sentiment remains positive, increasing the chances of breaking above $4.22. The pair may face resistance between $4.60 and $5, but if it holds above $4.22, it signals the initiation of a new upward trend.
Alternatively, a break and close below the 20-EMA would indicate the bulls are losing control. This could lead to a decline toward the 50-SMA, signaling a potential consolidation phase.
Kaspa Price Analysis
Kaspa (KAS) moved above the 50-day SMA ($0.07) on April 12, suggesting a decrease in selling pressure.
KAS/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($0.07) is turning up, and the RSI has entered positive territory, suggesting an upward trajectory. If buyers drive the price above $0.08, the KAS/USDT pair could complete a double-bottom pattern, with a target of $0.12.
Conversely, if the price retreats from $0.08 and falls below the 20-day EMA, it could signal range-bound trading, with the pair oscillating between $0.08 and $0.05 for a period.
KAS/USDT 4-hour chart. Source: Cointelegraph/TradingView
The price has declined from $0.08 but is expected to find support at the 20-EMA. If the price strengthens as it rebounds from the 20-EMA, the pair might advance to the top of the range, a critical resistance level to watch. A successful break above this barrier could spark a new upswing toward $0.09.
This positive outlook will be negated if the price decreases and breaks below the $0.07 level, resulting in prolonged range trading.
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 a decision.
