There are remarkable price movements in Bitcoin and leading altcoins in the cryptocurrency market. Bitcoin recorded an increase of 11.87% in April as it rose above the $78,000 level. It is stated that approximately 1.97 billion dollars of inflow into spot Bitcoin ETFs in the USA contributed to this rise.
Is $84,000 the Target for Bitcoin?
Analysts point out that Bitcoin must permanently make the $ 80,000 level support in order for the rise to be sustained. It is thought that selling pressure may intensify between $78,000 and $79,000. According to the report published by CryptoQuant, it is seen that the recent rise is mainly due to futures investors, and the demand on the spot side has decreased.
CryptoQuant reminds us that the scenario of “futures coming to the fore and spot demand declining” that we see in 2022 occurred before a new correction process in prices. Therefore, it is pointed out that spot purchases must increase in order for the market to achieve a sustainable momentum.
From a technical perspective, Bitcoin price may face a sell-off near $79,500 in the short term. However, if buyers break this resistance, a strong move towards the $84,000 level is expected. On the other hand, if the price falls below the 20-day moving average ($75,814), a decline to $72,362 could occur.
Latest Situation in Altcoins
There is also a buying and selling struggle at critical levels among other important players of the market. Ethereum found support from the 50-day simple moving average ($2,207). Among the indicators indicating that the momentum is weakening, the 20-day average is horizontal and the RSI is in the neutral zone. If the price falls below the 50-day average, there is a possibility of a decline to a lower support line; Above, the targets stand out as $ 2,465 and above.
XRP has been fluctuating between $1.27 and $1.61 for a long time. The fact that the 20-day average ($1.39) is trending downwards and the RSI is neutral has slightly increased the sellers’ advantage in the short term. While the price seems likely to fall below $1.27, buyers are making moves to move the price above the moving averages. If they are successful, a rally to $1.61 and then to the channel resistance may be possible.
Although Binance Coin has fallen below the moving averages in recent days, sellers cannot fully take advantage of this opportunity. If the buyers push the price above the averages again, the $654 and $687 resistances will come into play. Although Solana is trying to hold above $82.65, there is serious selling pressure. If this level is broken, there may be a retreat to $ 76, and if this level is lost, there may be a retreat to $ 67. Conversely, the price could fluctuate between $82.65 and $90.73, and a clear exceedance of $90.73 could open the door to a rise to $98.
In Dogecoin, it is observed that the bulls defend strongly at $0.10. If it remains above this level, a move to $0.12, then to $0.14 and $0.16 may be possible in the first place. Conversely, if the price declines below the averages, the sideways trend could continue between $0.09 and $0.12.
Pricing in Other Important Cryptocurrencies
On the Hyperliquid side, although the price fell below the 50-day average ($ 39.84), it seems that buyers are buying at low levels. If the 20-day average ($40.85) is breached again, a rise to the $43.76 to $45.77 range is expected. If the price drops below $38.70 again, $37.77 and then $34.45 levels will be watched.
Cardano clings to the moving averages, increasing the possibility of a trend reversal in the short term. If the red trend line is crossed, a rise may occur first to $0.32 and then to $0.37. Otherwise, it may stay within the channel again for a while with a downward movement.
There was a move up again in Bitcoin Cash from $ 443. The $453 resistance could be a short-term hurdle; If this is crossed, there may be a rally extending to the $486 and $520 levels. However, if the price declines sharply at $486, the sideways movement is likely to continue for a while.
Monero turned positive, finding support from the 20-day average ($366). Positive RSI and upward moving averages keep the bullish path open. If the price sustains above $406, a further move towards $500 is expected. Conversely, a period of consolidation between $302 and $406 could be observed.
