Bitcoin (BTC) has shown a 1% increase for the week, indicating a balance between supply and demand. Analysts are divided on the next directional move for Bitcoin, with some anticipating a quiet Easter weekend. Network economist Timothy Peterson highlighted a correlation between the US High Yield Index Effective Yield's 8% gain and Bitcoin's potential future performance. Historical data shows that when the US High Yield Index Effective Yield has risen, Bitcoin has followed suit 71% of the time, with a median gain of 31% and the worst loss of -16%. Peterson predicts that Bitcoin could trade between $75,000 and $138,000 within the next 90 days based on this data.

On the other hand, Bloomberg’s Senior Commodity Strategist Mike McGlone suggested that Bitcoin, along with the S&P 500 Index, may decline towards their 200-week simple moving averages, which typically act as a support level during significant corrections. Bitcoin's 200-week SMA is currently near $46,000.

In terms of technical analysis, Bitcoin has been trading above the 20-day exponential moving average but has failed to challenge the 200-day simple moving average. Failure to initiate a rally could put pressure on the BTC/USDT pair, potentially leading to a drop towards $78,500 and $73,777. However, a swift push above the 200-day SMA could signal the end of the corrective phase and pave the way for a rally towards $95,000 and even $100,000.

In the altcoin market, BNB (BNB) is facing resistance at a downtrend line, with critical support levels at $576 and potential resistance at $644. Hyperliquid (HYPE) has breached overhead resistance at $17.35 but faces selling pressure at higher levels. In contrast, Bittensor (TAO) has reached a downtrend line, and a bounce off the 20-day EMA could lead to a rally towards $360. RNDR (Render) has broken out of overhead resistance at $4.22, signaling a bullish trend with a potential target of $5.94.

It is important to note that this article does not provide investment advice. Investors should conduct their own research and consider the risks involved in cryptocurrency trading before making any investment decisions.

Source: https://cointelegraph.com/news/bitcoin-prepares-for-launch-from-85-k-bnb-hype-tao-and-rndr-could-follow?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound