Bitcoin reclaims $80K zone as BNB, TON, GT, ATOM hint at altcoin season
Bitcoin’s current performance hints at a critical juncture as it faces challenges in breaking through key resistance levels. Struggling to surpass the 200-day simple moving average set at $84,000, the market sentiment remains mixed, with bulls holding their ground against persistent bearish pressures. According to Ryan Lee, chief analyst at Bitget Research, Bitcoin must close above $81,000 weekly to showcase resilience; any decline below $76,000 could trigger intensified selling.
Contradicting this cautious outlook, Markus Thielen of 10x Research expresses skepticism regarding a robust recovery, highlighting an indecisive chart structure. He suggests that the market lacks a clear bullish trend at this moment. Conversely, Bitcoin network economist Timothy Peterson points out that significant annual performance peaks typically occur in April and October. His forecasts indicate a possibility of Bitcoin reaching new all-time highs before June.
### Bitcoin Price Dynamics
The downward trend in the 20-day exponential moving average, currently at $86,188, suggests that seller strength dominates the market. However, a positive divergence on the relative strength index (RSI) signals diminishing selling pressure. Should Bitcoin falter from its present value, it could see a retreat to $80,000, followed by a further drop to $76,606.
On the other hand, a rebound that pushes the price above the 20-day EMA could indicate a market rejection of the breakdown below the 200-day SMA. In such a scenario, potential uptrends could target the 50-day SMA at $93,033 and potentially reach the psychological milestone of $100,000, a significant resistance level.
The 4-hour chart reveals that the current trading environment is balanced between buyers and sellers, with hopes of surpassing the short-term overhead resistance. This could see the price rally towards $92,810 and $95,000, though downside support lingers around $80,000.
### BNB and Other Altcoins
Turning to Binance Coin (BNB), which began its recovery from $507 on March 11, the asset is facing resistance at the 50-day SMA ($621). Observing the 20-day EMA of $595, this level is crucial—the price needs to maintain above it to retain bullish momentum. A rebound may push the BNB/USDT pair toward $686; however, a decline below this EMA would signal bearish dominance, with potential drops to $550.
In the case of Toncoin, which surged to $3.64 from $2.35 earlier this month, market corrections could find footing at the 20-day EMA of $3.15. If successful, this buying pressure may propel the price above its 50-day SMA, targeting $4 and later $5. A breakdown below the 20-day EMA, however, would expose the asset to a decline towards $2.50.
### Market Sentiment for Gate Token and Cosmos
Gate Token (GT) shows signs of indecision with its symmetrical triangle formation. The flattening of the 20-day EMA indicates hesitance among traders. A breakout above this triangle may indicate renewed bullish momentum, possibly driving the GT/USDT pair towards $24 and beyond. Conversely, failure to maintain above the 20-day EMA could suggest a prolonged period of consolidation or further declines.
For Cosmos (ATOM), the recent breach above the 20-day EMA ($4.31) suggests waning selling pressure. As bullish sentiment builds, a successful close above $5.15 may pave the way for a rally to $6.50. Nevertheless, if the 20-day EMA support fails, the price could retrace back to $3.50.
The cryptocurrency market remains highly reactive to shifts in sentiment and external factors, indicating that investors should remain cautious and engaged as developments unfold. Always conduct thorough research before making any investment decisions in this volatile environment.
