Bitcoin is making efforts to stabilize above the 200-day moving average, with analysts suggesting it must close above $85,000 this week to indicate strength. Concerns over tariff wars continue to impact both crypto and traditional markets, while some analysts predict short-term declines followed by a rebound. If Bitcoin can maintain its recovery, several altcoins like Toncoin, Avalanche, Near Protocol, and OKB may also rally. Current trends show potential bullish movements for these cryptocurrencies, though bearish scenarios could prompt deeper corrections. As the Market evolves, traders are advised to stay informed and exercise caution in their investment decisions.
Bitcoin Price Recovery Boosts Altcoins: TON, AVAX, NEAR, and OKB Rally
Bitcoin is making a serious attempt to rebound by keeping its price above the crucial 200-day simple moving average, currently at $84,899. For Bitcoin bulls, the key hurdle is to close above $85,000 this week. Analyst Ryan Lee from Bitget Research has emphasized the importance of this level, suggesting that failing to do so might lead to a drop towards $76,000. If Bitcoin can surpass the $87,000 mark, it would signal a stronger bullish trend.
In recent days, tariff wars have created turbulence in both traditional stock markets and the cryptocurrency sector. According to Nansen research analyst Nicolai Sondergaard, Market pressure may linger until at least April 2. He pointed out that if tariffs are lifted, it could serve as a significant catalyst for a Market rebound.
While short-term prospects look uncertain, many analysts remain optimistic about Bitcoin’s longer-term potential. Timothy Peterson, a well-known Market analyst, mentioned that the ongoing bear Market phase could last for roughly 90 days. He predicts a slight dip in the coming month, but then anticipates a robust 20-40% rally after April 15.
Various altcoins are expected to experience price movements if Bitcoin can establish a solid recovery. Here are some cryptocurrencies to watch:
- Toncoin (TON): Slowly recovering, trading above moving averages, with a crucial resistance level at $4.
- Avalanche (AVAX): Showing signs of a potential trend reversal, testing the 20-day EMA at $19.76.
- Near Protocol (NEAR): Exhibiting early signs of recovery, eyeing crucial resistance at the 50-day SMA of $3.05.
- OKB: Trading within a descending channel, monitoring for breakout past $54 to trigger further upward movement.
In conclusion, Bitcoin’s current price action not only reflects its strength but also sets the stage for a refreshing rally among several altcoins. Keeping an eye on these trends will be key for investors navigating the crypto Market in the upcoming weeks.
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What is Bitcoin price recovery?
Bitcoin price recovery happens when the value of Bitcoin rises after a drop. This recovery is important because it can positively affect other cryptocurrencies, like TON, AVAX, NEAR, and OKB.
How does Bitcoin’s price impact other cryptocurrencies?
When Bitcoin’s price goes up, it often influences other cryptocurrencies to rise as well. Investors tend to feel more confident and invest more when Bitcoin is doing well.
What are TON, AVAX, NEAR, and OKB?
TON (The Open Network), AVAX (Avalanche), NEAR, and OKB are different cryptocurrencies. Each has its own features and purposes but often move together with Bitcoin in the Market.
Why is now a good time for these coins to rally?
If Bitcoin shows recovery, it can create positive Market sentiment. This might lead to investors buying more of TON, AVAX, NEAR, and OKB, increasing their prices.
Should I invest in these cryptocurrencies?
Investing in cryptocurrencies can be risky. It’s essential to do your own research and consider all factors, including Bitcoin’s price movements, before making any investment decisions.