Bitcoin is presently stabilising around $85,000, with analysts offering mixed predictions for its next move. Timothy Peterson anticipates it could rise to between $75,000 and $138,000 based on historical yield indicators. Meanwhile, cryptocurrencies BNB, HYPE, TAO, and RNDR also exhibit potential for upward movement pending Bitcoin’s performance, with key resistance and support levels identified for each coin.
Bitcoin (BTC) has experienced a modest rise of approximately 1% over the week, indicating a potential balance between supply and demand. Analysts expect a quiet Easter weekend, although opinions on Bitcoin’s next movement remain divided. According to network economist Timothy Peterson, a surge in the US High Yield Index Effective Yield has historically led to a rise in Bitcoin.
Peterson notes that since 2010, there have been 38 instances showcasing this correlation, with Bitcoin typically rising 71% of the time within three months, averaging a 31% gain. He predicts Bitcoin might trade between $75,000 and $138,000 in the coming 90 days. Conversely, Bloomberg’s Mike McGlone has suggested that Bitcoin and the S&P 500 Index could drop to their respective 200-week Simple Moving Averages (SMAs), with Bitcoin’s close to $46,000.
Current Bitcoin price analysis shows it has remained above the 20-day exponential moving average (EMA) of $83,704 but struggles against the 200-day simple moving average of $88,098. Unable to initiate a rally could pressure the BTC/USDT pair, leading to potential declines towards support levels at $78,500 and $73,777. To prevent further downside, a price push above $88,098 is essential, signalling a possible rally towards $95,000 and $100,000.
The Bitcoin trading range has been constrained between $83,000 and $86,000, with failing to breach the overhead resistance possibly leading to profit booking by short-term bulls. This could instigate downward price movements to $80,000 or reclaim the range upwards, hitting $89,000 if it crosses above $86,000.
For BNB (BNB), it faces resistance at the downtrend line, yet bulls have maintained a fortifying presence. A flattening of moving averages and a steady RSI suggests equilibrium in supply-demand dynamics. If BNB overcomes the downtrend line, a rally to $644 may ensue. Conversely, sharp declines from this resistance could suggest active bears, risking a drop below $576, which would extend the triangle pattern.
Positive sentiment is suggested if BNB rebounds off critical support levels; however, any decisive drop below $576 indicates lost bullish momentum, potentially driving prices to $566. Hyperliquid (HYPE) broke above resistance at $17.35, but bearish selling pressure remains. A rebound from this level implies minor dips are being absorbed, pointing towards targets of $21 and $25.
If HYPE declines below $17.35, it may indicate bearish control, with support thereafter at the 20-day EMA set at $15.32. A bounce above $18.54 reinforces bullish sentiment, while a slip below $17.35 would necessitate caution with the 50-SMA marking crucial next support at $14.65.
Bittensor (TAO) has breached moving averages and reached downtrend resistance. A pullback from this line necessitates vigilance for support at the 20-day EMA ($249). A resolute rebound could lead to upward momentum exceeding $360; however, a drop below the 20-day EMA would reaffirm bearish sentiment and risk declines toward $222.
Render (RNDR) has shown bullish signs by breaking overhead resistance at $4.22, hinting at a potential climb towards $5.94. However, a close below this breakout may compromise bullish intentions, possibly dropping to $2.50. To sustain momentum, the price must rebound and surpass $4.48, transforming the breakout level into support, subsequently opening pathways to resistance at $4.83. Any declines below moving averages warrant caution for potential bearish reversals.
