Bitcoin Price Recovery Paves the Way for Altcoin Rally
Bitcoin is attempting a price recovery, with analysts indicating that a close above $85,000 is essential for upward momentum. Various altcoins, including Toncoin, Avalanche, Near Protocol, and OKB, show signs of strength but also potential short-term declines. Tariff uncertainties and market conditions could influence upcoming trends.
Bitcoin is attempting a price recovery, maintaining a level above the 200-day simple moving average of $84,899. According to Ryan Lee, chief analyst at Bitget Research, Bitcoin must close above $85,000 within the week to indicate resilience and avoid a potential decline to $76,000, with a stronger bullish indication expected above $87,000.
Recent tariff wars have influenced both traditional and cryptocurrency markets, and according to Nicolai Sondergaard, a research analyst at Nansen, market pressure may persist until early April. He suggested that if tariffs are lifted, it could significantly impact market dynamics, becoming a key driver of momentum.
Despite the long-term bullish sentiment among analysts, a short-term dip is still anticipated. Timothy Peterson noted on X that the current bear market is expected to last approximately 90 days, predicting a decline over the next month followed by a potential rally of 20-40% after mid-April.
In Bitcoin’s performance, while it struggles to maintain momentum above the 20-day exponential moving average of $85,246, the absence of substantial selling pressure from bears presents a glimmer of hope. A breakout past this EMA could propel BTCUSDT to $90,469 and subsequently to $95,000, though a decline below $81,000 could lead to significant corrections.
Toncoin (TON) has shown resilience, maintaining its price above moving averages despite recent pullbacks from the $4 mark. The potential for a bullish crossover signals the possibility of rising past $4 and possibly reaching $5. However, any drop below the 20-day EMA at $3.39 could revert the trend towards $2.81.
Avalanche (AVAX) demonstrates positive divergence on the RSI, suggesting diminished bearish momentum. Clinging to the 20-day EMA at $19.76, breakout potential may lead AVAXUSDT to rise toward the 50-day SMA at $22.41 and the resistance zone of $25.12-$27.23. Conversely, a drop below the $15.27 support could significantly extend declines.
Near Protocol (NEAR) is showing signs of a possible reversal, with positive divergence on the RSI. A closing above the 50-day SMA at $3.05 could enable a rise to $3.65. However, a descent below $2.48 could indicate continued bearish control, pushing the pair to $2.14.
OKB (OKB) has displayed a descending channel pattern, demonstrating support and resistance trading. Following a breakout above the 20-day EMA at $48.39, the pair’s trading will hinge on the $54 resistance level. A failure to maintain above the 50-day SMA at $47.56 may signal persistent bearish activity, dragging prices down to $45, while a rebound from the 50-SMA could reignite a positive trend.
This overview does not constitute investment advice. All trading and investment decisions should be approached with caution and due diligence, as they involve inherent risks.
In summary, Bitcoin’s recent price recovery may set a favorable precedent for several altcoins, including Toncoin, Avalanche, Near Protocol, and OKB. Analysts suggest cautious optimism, noting both potential bullish momentum and the possibility of temporary declines. Key resistance and support levels across these cryptocurrencies will be critical in determining their respective trends moving forward, emphasizing the importance of market conditions and external factors such as tariff policies.
Original Source: www.tradingview.com
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