Bitcoin Drops Below $80K: Can PI, OKB, GT, and ATOM Outperform BTC and Other Altcoins?

Last week, Bitcoin (BTC) began to exhibit initial signs of separating from the performance of US stock markets. Throughout the week, Bitcoin remained relatively stable, whereas the S&P 500 saw a significant drop of 9%. This decline was initiated following US President Donald Trump’s global tariff announcement on April 2, which was further exacerbated on April 4 when China implemented new tariffs on US goods. Even gold took a hit, decreasing by 1.9% over the week.

Mike Alfred, founder of Alpine Fox, noted in a post on X that a bullish gold market typically bodes well for Bitcoin. Historical trends showed that during previous cycles, gold often led Bitcoin temporarily, but Bitcoin eventually surged to growth rates ten times or more than gold. He expressed confidence that the current situation will play out similarly.

While Bitcoin’s short-term resilience is a positive indicator, traders need to remain vigilant until there’s more clarity on the macroeconomic landscape. Should US stock markets face another wave of selling, the crypto market might also feel the strain.

A few altcoins are displaying strength in their charts, but adopting a wait-and-see approach for a shift in overall sentiment may prove to be a wiser strategy. If Bitcoin successfully breaks above its immediate resistance level, which cryptocurrencies could potentially follow its upward trajectory?

Bitcoin Price Analysis

The bulls for Bitcoin have not succeeded in pushing the price above the resistance line, yet they have maintained their ground against the bears. This implies that the bulls are exerting ongoing pressure.

The 20-day exponential moving average ($84,241) is flattening, and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand.

This situation could favor the bulls if Bitcoin breaks and closes above the resistance line. A resistance level exists at $89,000, but if this is surpassed, the BTC/USDT pair may rise towards $100,000.

The crucial support to monitor on the downside is at $80,000. If this level fails, the pair could experience a sharp drop to $76,606 and subsequently to $73,777.

The pair has been ranging between $81,000 and $88,500. The moving averages on the 4-hour chart are slightly downward sloping, and the RSI is just under the midpoint, indicating continued range-bound activity in the near term.

If buyers manage to push the price above $85,000, the pair could rally to $88,500. This level may attract sellers; however, if the bulls maintain control, the price could reach $95,000.

The bears will regain control if the price falls below the $81,000 to $80,000 support zone, potentially leading to a drop to $76,606.

Pi Network Price Analysis

Pi Network (PI) has experienced a steep downtrend since reaching $3 on February 26. The relief rally observed on April 5 indicates early signs of buying interest at lower levels.

Any recovery is expected to confront selling pressure at the 20-day EMA ($0.85), a critical short-term level. If the PI/USDT pair holds near the 20-day EMA, it would suggest that bulls are maintaining their positions, setting the stage for a potential rally above this level. The pair might then climb to the 50% Fibonacci retracement level of $1.10 and further to the 61.8% level of $1.26.

The downside critical support is at $0.40. A close below this level could see the pair sink to $0.10.

The 4-hour chart indicates that bears are defending the 50-simple moving average, but bulls are attempting to keep the price above the 20-EMA. If the price bounces off the 20-EMA, bulls will likely try to push the pair above $0.80. Successfully doing so could lead the price to $1.20.

Conversely, if the price breaks and closes below the 20-EMA, it suggests that bears are maintaining the pressure. A significant drop below $0.54 could lead the pair back to the critical support at $0.40.

OKB Price Analysis

OKB (OKB) saw a sharp increase on April 4, closing above the moving averages, indicating that bulls are trying to make a comeback.

The upward movement persisted, with bulls pushing 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 sellers. If the price sharply declines and falls below $54, the pair could trade within the channel for a few more days.

On the other hand, if buyers maintain ground around the resistance line, the likelihood of a breakout above the channel increases. This could propel the pair to $64, and potentially to $68.

The pair could complete an inverted head-and-shoulders pattern upon breaking and closing above the neckline. Although the upward movement may face selling at the resistance line, if buyers flip the neckline into support, the possibility of breaking above the resistance line increases. If achieved, the pair may then pursue a target of $70.

Sellers will need to defend the neckline rigorously and aim to pull the price below the 20-EMA to quash the rally. If successful, the pair might drop to the 50-SMA and potentially to $45.

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GateToken Price Analysis

GateToken (GT) has maintained support near the 50-day SMA ($22.05) for several days, marking a critical level to observe.

The flat moving averages and the RSI hovering just below the midpoint indicate a lack of clear advantage for either bulls or bears. A break and close above $23.18 could lead to a price jump to $24. This level represents significant overhead resistance for the bears to defend, as a breakthrough could propel the GT/USDT pair to $26.

This positive outlook may be invalidated if the price drops and stays below the 50-day SMA, potentially declining to $21.28 and further to $20.79.

The pair has retreated from the resistance line of the descending channel, indicating that selling on rallies is occurring. The breach below the moving averages suggests the pair may linger within the channel for some time.

Buyers could gain the upper hand with a break and close above the resistance line, indicating the corrective phase may have ended. This upward movement might lead to a rally towards $23.18 and potentially up to $24.

Cosmos Price Analysis

Cosmos (ATOM) is attempting to establish a bottom but encounters resistance at $5.15. A minor positive for the bulls is that they have been able to keep the price above the moving averages.

A strong rebound from the moving averages would signal buying interest on dips, enhancing the chances of a breakout above the $5.15 resistance. If that occurs, the ATOM/USDT pair could soar towards $6.50 and upward to $7.17.

Conversely, a break and close below the moving averages may indicate a possible range formation in the near term, with the pair oscillating between $5.15 and $4.15 for some time. Sellers will regain control if the price drops below $4.15.

On the 4-hour chart, bulls and bears are engaged in a fierce battle at the 20-EMA. If the price remains under the 20-EMA, the pair could fall to the 50-day SMA and subsequently to $4.15, which buyers are expected to defend vigorously.

However, if the price stays above the 20-day EMA, it indicates strong demand at lower levels. The bulls would then strive to push the pair up to $5.15. A successful break and close above this resistance could trigger a new upward trend.

This article does not constitute investment advice or recommendations. Every investment and trading move comes with risks, and readers should conduct their own research before making any decisions.