Last week, Bitcoin showed signs of decoupling from the US stock markets, remaining steady while the S&P 500 fell 9%. This was triggered by President Trump’s global tariff announcements and China’s retaliatory tariffs. Even gold prices dropped. Mike Alfred, founder of Alpine Fox, noted that in past cycles, gold’s performance boosted Bitcoin, which eventually outpaced gold significantly. Currently, Bitcoin faces resistance at $89,000, with potential to rise to $100,000. Meanwhile, traders should be cautious, watching for macroeconomic developments that could impact both Bitcoin and altcoins. Strategies should focus on Market sentiment and key levels before making trading decisions.
Bitcoin Shows Early Signs of Decoupling from U.S. Markets
Last week, Bitcoin (BTC) began to show signs of separating from U.S. stock markets. While Bitcoin remained relatively stable over the week, the S&P 500 dropped 9%. This sell-off was prompted by President Donald Trump’s global tariff announcement on April 2, followed by China responding with new tariffs on U.S. goods on April 4. Interestingly, even gold faced losses, falling by 1.9% during the same period.
Mike Alfred, founder of Alpine Fox, pointed out on X that a bull Market in gold often signals a bullish trend for Bitcoin. Historically, gold has led Bitcoin for a brief time, but eventually, Bitcoin has surged to outperform gold significantly. He believes that the current scenario will be no different.
Even though Bitcoin’s short-term performance is promising, traders need to stay cautious until more clarity is provided on the broader economic landscape. Should stock markets experience further declines, cryptocurrency markets could also feel the pressure.
Bitcoin Price Analysis
Currently, Bitcoin bulls are striving to break past the resistance line but have maintained a firm stance against the bears. This indicates a strong demand in the Market. The 20-day exponential moving average is leveling off, signaling a balance between supply and demand. If Bitcoin manages to break above the immediate resistance, it could pave the way toward the $100,000 mark. However, $80,000 remains a critical support level; if it breaks below, the price might drop to $76,606 or even $73,777.
Several altcoins are also displaying strength, but it might be wise to wait for an overall bullish sentiment before making moves. If Bitcoin can surpass $85,000, it may rise to $88,500 or beyond.
Other Cryptocurrency Insights
Pi Network (PI) is showing signs of recovery after a downward trend. A boost is anticipated if it holds above the 20-day EMA. OKB has made a comeback and is testing significant resistance levels, while GateToken (GT) is maintaining support around its 50-day SMA and could see a rally if it breaks above certain resistance points.
Cosmos (ATOM) is attempting to establish a bottom, currently facing resistance. A solid rebound from moving averages could signal strong buying interest, leading the price higher.
Investors should stay updated on these developments and adjust their strategies accordingly. Staying informed is essential for navigating the ever-changing cryptocurrency landscape.
Disclaimer: Investing in cryptocurrencies carries risks. Conduct thorough research before making any financial decisions.
What happens to Bitcoin if it falls below $80K?
If Bitcoin drops below $80,000, it may create uncertainty in the Market. Traders might react by selling or buying other cryptocurrencies, which could affect their prices.
Will PI, OKB, GT, and ATOM perform better than Bitcoin?
It’s hard to say for sure. These coins could outperform Bitcoin if investors believe they have better potential for growth. However, it all depends on Market conditions and trends.
What factors influence the performance of altcoins like PI and OKB?
Many things can affect altcoin prices, like news, partnerships, and overall Market trends. Also, investor sentiment plays a big role in how these coins perform compared to Bitcoin.
Should I invest in altcoins if Bitcoin is falling?
Investing in altcoins when Bitcoin falls can be a good strategy, but it comes with risks. Always do your research and consider your financial goals before making any investments.
Is it safe to follow the crowd when trading PI, OKB, GT, and ATOM?
Following popular trends can be tempting, but it’s not always safe. It’s important to analyze each coin’s fundamentals and make informed decisions rather than just following what others are doing.
