Bitcoin (BTC) has seen a significant uptrend this week, surging by over 7% as it bounced back from recent lows. The co-founder of BitMEX, Arthur Hayes, suggested that the current US bond market crisis could prompt further policy responses, potentially leading to a bullish trend for Bitcoin. Glassnode, a blockchain and intelligence platform, noted strong support for Bitcoin at $79,000, with approximately 40,000 Bitcoin accumulated at that level. John Bollinger, the creator of Bollinger Bands, also indicated a positive outlook for Bitcoin, mentioning a potential "classic Bollinger Band W bottom" formation, pending confirmation.

Market analysts are closely monitoring the performance of the US dollar index (DXY), which is currently trading below the 100 level. A weaker US dollar could provide further support for Bitcoin, potentially boosting sentiment across the cryptocurrency sector and sparking a recovery in select altcoins.

Bitcoin's price analysis shows that it recently broke above a critical resistance line on April 12, indicating a possible end to the corrective phase. While bears may attempt to push the price back below the 20-day exponential moving average ($82,885), buyers are expected to defend this level. A rebound from the 20-day EMA could signal a shift in sentiment towards buying on dips, potentially propelling Bitcoin towards $89,000 and $95,000.

In the altcoin market, Hyperliquid (HYPE) has shown bullish momentum, breaking above the 50-day SMA and reaching resistance at $17.35. If buyers manage to overcome this resistance, the HYPE/USDT pair could target $21 and $25. Similarly, Ondo (ONDO) has broken out of a downtrend line, with potential support at the 20-day EMA ($0.83) and resistance at $0.96. A successful break above $0.96 could lead to a rally towards $1.20.

Render (RNDR) and Kaspa (KAS) have also demonstrated positive price action, with RNDR approaching a double-bottom pattern completion at $4.22, and KAS rising above the 50-day SMA with a target of $0.12 if it surpasses $0.08.

It is essential to note that all trading and investment decisions involve risks, and readers should conduct thorough research before making any financial decisions. This comprehensive analysis showcases the current market trends and potential price movements for various cryptocurrencies, reflecting the dynamic nature

Source: https://cointelegraph.com/news/bitcoin-rallies-amid-macroeconomic-concerns-are-hype-ondo-rndr-and-kas-next?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound