W Power 2024

Bitcoin clears $70,000 resistance: how sustainable is it?

There are altcoins like MKR outperforming Bitcoin as the bull run continues

Shashank Bhardwaj
Published: Apr 8, 2024 04:00:02 PM IST
Updated: Apr 8, 2024 09:32:29 PM IST

Bitcoin clears ,000 resistance: how sustainable is it?Image: Shutterstock
 
Bitcoin rose over its $70,000 resistance of late for a brief period on Sunday, April 7, only to soar over the price point again on April 8, Monday. As of writing, Bitcoin hovers over $70,500.

In the past 7 days, Bitcoin is up by 1.55 per cent approximately, up a long way from the weekly low at around $64,700, as per data from CoinMarketCap. With Bitcoin halving approaching in 11 days, the sky is the limit now.

As for any downward journeys, Dylan LeClair, a UTXO Management senior analyst, has stated that even if Bitcoin does go low owing to immediate volatility in the month of April post halving, it is unlikely to go to $50,000 levels. He did still warn that anything can happen in the crypto market, however.

Bitcoin has moved inside a symmetrical triangle pattern for the last few days, which for now shows indecision in the market for the direction of the next move. The 20-day EMA or exponential moving average is at $68289, giving a buy signal, while the relative strength index or the RSI remains at the neutral (58), giving a moderate edge to the bulls for the time being. Given Bitcoin clears the next resistance around the $71,416 levels, we could be looking at about $73,662 in a month.

As analysts and users know, the next expected trigger for either an upside or downside would be the aforementioned halving event. In the mean time, as Bitcoin leads the market by and large, there are quite a few altcoins outshining BTC if we look at growth percentages.

For instance, there is MakerDAO’s MKR with a 74.66 per cent rise in the last month. While prices roam around $3,665 as of April 8, 2024, 20-day EMA gives a buy signal at $3496.15. If the price manages to bounce off the support, it could show continued optimism, and the MKR/USD pair could travel to around $4,065 in one month’s time. 

There are more altcoins with similar potential; for instance, as the AI trend catches on, more and more investors are leaning toward AI crypto projects like Render (RNDR) and Filecoin (FIL).

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash

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