The market is picking up with Bitcoin: 4 notable altcoins in the near future

Bitcoin (BTC) has increased by about 1% over the past week, indicating a balance between supply and demand. While analysts expect the Easter holiday to proceed quietly, forecasts about the upcoming trend of Bitcoin remain divided.

Economist Timothy Peterson points out that the effective yield index of Junk Bonds in the U.S. has surpassed 8% – a notable sign. He stated that since 2010, there have been 38 instances where this index has risen similarly, and in 71% of those cases, Bitcoin has recorded a price increase after three months. Specifically, the median increase reached 31%, while the largest decrease was only -16%. Based on this analysis, Peterson predicts Bitcoin could fluctuate between $75,000 and $138,000 over the next 90 days.

However, not all experts share a positive outlook. Mike McGlone – Bloomberg's veteran commodity strategist – warned on platform X that both Bitcoin and the S&P 500 index are at risk of correcting to the simple 200-week moving average, which often serves as a strong support zone during downturns. Specifically for Bitcoin, the 200-week SMA is currently near the $46,000 mark.

So what are the important support and resistance levels to watch for Bitcoin? If it breaks through the current resistance zone, which altcoins could take advantage of the upward momentum to break out strongly?

BTC Technical Analysis

Bitcoin has maintained above the (EMA) 20-day moving average ($83,704) in recent days, but the bulls have yet to challenge the (SMA) 200-day moving average ($88,098).

BTC/USDT daily chart | Source: TradingViewThe inability to initiate a bullish trend may put pressure on the BTC/USDT pair in the short term. If the price reverses and breaks below the 20-day EMA, it indicates that the bulls have given up. This scenario paves the way for a decline towards $78,500, followed by a key support level at $73,777.

If buyers want to stop the downward trend, they need to quickly push the price above the 200-day SMA. This would signal that the correction phase may have ended. The pair could soar to $95,000 and then to the psychological level of $100,000.

BTC/USDT chart 4-hour | Source: TradingViewThe BTC/USDT pair is trading within a narrow range from $83,000 to $86,000. The inability to break through the upper resistance may have caused short-term investors to take profits, pulling the price down below the moving averages. Trading within this range is likely to continue randomly and with volatility.

If the price breaks and closes below this range, a drop to $80,000 and then to $78,500 could begin. Conversely, if the price breaks and closes above $86,000, the pair could rise to $89,000.

Technical Analysis of BNB

BNB is facing resistance at the downtrend line, but a positive signal is that the bulls have not yet yielded ground to the bears.

BNB/USDT Daily Chart | Source: TradingViewThe moving averages have flattened out, and the RSI is near the average level, indicating a balance between supply and demand. If buyers can push the price above the downtrend line, the BNB/USDT pair could rise to $644.

Conversely to this assessment, if the price sharply reverses downward from the downtrend line, it indicates that the bears are actively operating at higher price levels. A break below $576 could hold the pair within the triangle pattern for some time longer.

BNB/USDT chart 4-hour | Source: TradingViewThe currency pair has reached the downtrend line, where bears are expected to create strong resistance. The important support below is the 50-period SMA line, followed by the level of $576. If the price bounces back from the support area, it indicates buying strength when the price drops, increasing the likelihood of breaking the downtrend line. After that, the currency pair could rise to $620.

Conversely, if the price breaks and closes below the level of $576, it signals that buyers have given up. The price may then drop to $566, prolonging the sideways movement within the triangle pattern.

HYPE Technical Analysis

Hyperliquid (HYPE) has risen and closed above the resistance level of $17.35 on April 19, but the bulls are facing profit-taking pressure at higher price levels.

HYPE/USDT daily chart | Source: TradingViewIf the price bounces back from the $17.35 mark, it indicates that every small correction is being bought. This scenario paves the way for a rise to $21, and then to $25.

On the contrary, if the price breaks and closes below $17.35, it indicates that the bears are trying to trap aggressive buyers. The next support level is the 20-day EMA ($15,32). If the price bounces back from the 20-day EMA, the bulls will again try to overcome the barrier at $17.35.

The optimistic view will be dismissed in the short term if the HYPE/USDT pair reverses and breaks below the moving averages.

! 4-hour frame HYPE/USDT chart | Source: TradingView The pair has now fallen towards a breakout of $17.35. If the price rebounds from $17.35 and breaks out of $18.54, it indicates that the bulls have turned this level into support. This scenario increases the probability of a rally to $21.

On the contrary, if the price falls below $17.35, it indicates that the bears are looking to regain control. The 50 SMA is an important support level to watch, as a break below this level signals that the bulls are losing their edge. At that point, the pair could drop to $14.65.

TAO Technical Analysis

Bittensor (TAO) has surpassed the moving averages and is currently approaching the downtrend line - where it is expected to be a strong defensive point for the bears.

The daily TAO/USDT chart | Source: TradingViewIf the price reverses down from the downtrend line, the TAO/USDT pair is likely to find support at the 20-day EMA ($249). A strong bounce from the 20-day EMA will increase the prospects for a breakout above the downtrend line. At that point, this pair could surge to $360.

On the contrary, if the price turns around and breaks below the 20-day EMA, it indicates that the bears are still in control of the market. The TAO/USDT pair may fall to the support level of $222 – where buying pressure is expected to emerge.

The TAO/USDT chart on the 4-hour timeframe | Source: TradingViewThe RSI indicator has entered the overbought zone, indicating the possibility of a short-term correction. If the price bounces back from the 20-period EMA, this will reflect positive market sentiment, thereby increasing the likelihood of breaking the downtrend line. Although there is a minor resistance level at $313, it is likely that this price level will be conquered.

On the contrary, if the price breaks and closes below the 20-period EMA, it indicates that short-term buyers are taking profits, and this could pull the price down towards the 50-day SMA.

Technical Analysis of RNDR

Render (RNDR) has broken through the high resistance level at $4.22, indicating that the bulls are making an effort to return to the game.

Daily chart of RNDR/USDT | Source: TradingViewIf the closing price is above $4.22, the double bottom bullish pattern will be confirmed. Although there is resistance at $4.83, the likelihood of this price level being surpassed is quite high. In that case, the RNDR/USDT pair could move towards the pattern target at $5.94.

The 20-day EMA line ($3,72) is an important support level to watch in case of a price correction. If the price breaks and closes below the moving averages, it indicates that the market has rejected the breakout above $4.22. This scenario could open up a downtrend towards the support area at $2.50.

The RNDR/USDT chart on the 4-hour timeframe | Source: TradingViewThe fact that the currency pair has surpassed the barrier above $4.22 indicates an advantage leaning towards the bulls. However, the bears will not easily give up and may try to pull the price back below the breakout area. If the price strongly bounces from the $4.22 level and rises above $4.48, it will show that the bulls have turned the resistance area into support. At that point, the upward momentum may extend to the $5 region.

On the contrary, if the price turns around and breaks through the moving averages, it could mean that the previous breakout was just a bull trap. At that point, the RNDR/USDT pair could plunge towards the important support level at $3.60.

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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.

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