The cryptocurrency market is witnessing significant price action, particularly in Bitcoin and leading altcoins. Bitcoin has soared above $78,000, registering an 11.87% increase during April. Analysts attribute this robust performance largely to about $1.97 billion in inflows into spot Bitcoin ETFs in the United States.
Is $84,000 Now the Next Benchmark for Bitcoin?
Experts note that for Bitcoin to maintain its upward momentum, it must solidify the $80,000 level as strong support. They caution that between $78,000 and $79,000, selling pressure could intensify. CryptoQuant’s recent report further suggests the latest uptrend has been mainly driven by futures investors, with waning interest on the spot market.
CryptoQuant recalls that a similar trend occurred back in 2022, when the rise of futures trading and a decline in spot demand preceded a market correction. The report emphasizes the need for renewed spot buying to support sustainable market growth.
From a technical perspective, Bitcoin may face resistance around the $79,500 mark in the short term. Should buyers overcome this barrier, a surge toward $84,000 is anticipated. On the other hand, if the price slips below the 20-day moving average at $75,814, a retracement to $72,362 could be in store.
Latest on Leading Altcoins
Key support and resistance battles are also playing out among other major cryptocurrencies. Ethereum has found support at its 50-day simple moving average of $2,207, though momentum indicators point to some weakening—its 20-day average remains flat, and the RSI is in neutral territory. If Ethereum tumbles below the 50-day average, it may seek a lower support level, with upside targets sitting at $2,465 and beyond.
Meanwhile, XRP has been fluctuating within a narrow range between $1.27 and $1.61. The 20-day average, now at $1.39, is drifting lower, and a neutral RSI signals that sellers have a slight edge in the short term. With the possibility of a dip below $1.27, buyers are working to reclaim higher ground. A successful push above the moving averages could see the price rally first to $1.61 and potentially test the upper channel resistance.
Binance Coin recently dropped below its moving averages, but sellers have not fully capitalized on this. If buyers retake the averages, resistance levels at $654 and $687 come into focus. Solana is attempting to hold above $82.65 amidst significant selling pressure. A break below this point could see pullbacks to $76 and $67, whereas consolidation above $82.65 may lead to a test of $90.73, with a clear break opening the door to $98.
For Dogecoin, bulls are offering strong defense at the $0.10 mark. Remaining above this level could set the stage for moves to $0.12, $0.14, and possibly $0.16. Conversely, a dip below the moving averages may see Dogecoin ranging between $0.09 and $0.12 for some time.
Key Price Moves Across Other Major Cryptos
In Hyperliquid, the price has fallen below its 50-day moving average at $39.84, but buyers are stepping in at these lower levels. If the 20-day average at $40.85 is regained, targets between $43.76 and $45.77 will come into play. Should it drop below $38.70 again, further declines to $37.77 and $34.45 could follow.
Cardano is clinging to its moving averages, signaling a possible near-term trend reversal. Surpassing its downward trendline would pave the way to $0.32 and then $0.37. Otherwise, the token may continue to move sideways within its channel.
Bitcoin Cash has rebounded sharply from $443, with the $453 resistance possibly providing only a short-term obstacle. Breaking above it could fuel a rally to $486 and $520. However, a strong rejection at $486 might result in an extended sideways phase.
Monero has turned positive again with support at the 20-day average of $366. Bullish RSI readings and upward-moving averages suggest a clear path for gains. Sustained movement above $406 could drive Monero toward $500, but otherwise consolidation between $302 and $406 remains likely for now.
