Bitcoin Surges 7% Amid US Bond Market Crisis

Bitcoin (BTC) experienced a significant rally this week, surging by more than 7%. This surge indicates strong buying interest at lower levels. Arthur Hayes, co-founder of BitMEX, suggested that the ongoing US bond market crisis could prompt further policy responses, potentially driving Bitcoin into an "up only mode."

Glassnode, a blockchain and intelligence platform, noted that Bitcoin has established solid support at $79,000, with approximately 40,000 Bitcoin accumulated at this level. John Bollinger, the creator of Bollinger Bands, also shared his insights, stating that Bitcoin is forming a "classic Bollinger Band W bottom," although he cautioned that confirmation is needed.

Market participants are closely monitoring the US dollar index (DXY), which is currently trading below the 100 level. Any further weakening of the US dollar could be bullish for Bitcoin. If Bitcoin can maintain its higher levels, it is likely to boost sentiment in the cryptocurrency sector, potentially triggering a recovery in select altcoins.

Bitcoin's price analysis shows that it broke and closed above the resistance line on April 12, suggesting that the corrective phase may be ending. However, bears are expected to resist and attempt to pull the price back below the 20-day exponential moving average ($82,885). If successful, this could indicate that bears remain active at higher levels, potentially leading to a drop to $78,500. Conversely, buyers are likely to defend the 20-day EMA, and a rebound from this level could signal a change in sentiment, enhancing the prospects of a rally to $89,000 and subsequently to $95,000.

The 20-EMA is sloping up, and the relative strength index (RSI) is in positive territory, indicating an advantage for the bulls. A rebound off the 20-EMA suggests that bulls are attempting to flip the resistance line into support. The pair may face selling at $89,000, but it is likely to be crossed, potentially propelling the pair to the $92,000 to $95,000 zone. On the downside, the moving averages are crucial support levels for the bulls to defend. If they fail, the pair could plummet to $78,500.

Hyperliquid (HYPE) closed above the 50-day SMA ($15.14) on April 11 and reached the overhead resistance of $17.35 on April 12. The 20-day EMA ($13.84) has started to turn up, and the RSI has risen near 56, suggesting that buyers have the edge. If bulls prevail, the HYPE/USDT pair could start a rally to $21 and subsequently to $25. However, this optimistic view could be negated if the price turns down from $17.35 and breaks below the 20-day EMA, potentially leading to a fall to $12.

The HYPE/USDT pair has pulled back to the 20-EMA, a critical near-term support level. If the price bounces off the 20-EMA with strength, it signals buying on dips. The bulls will then make another attempt to overcome the barrier at $17.35. If successful, the pair may rise to $21. There is minor resistance at $18, but it is likely to be crossed. Sellers will need to pull and sustain the price back below the 20-EMA to weaken the bullish momentum, potentially leading to a descent to the 50-SMA.

Ondo (ONDO) has broken out of the downtrend line, suggesting that bears may be losing their grip. The recovery is facing selling near $0.96 but may find support at the 20-day EMA ($0.83) on the way down. If the price rebounds off the 20-day EMA, the bulls will again try to drive the ONDO/USDT pair above $0.96. If successful, the pair could pick up momentum and rally toward $1.20. However, sellers are likely to resist and attempt to pull the price back below the 20-day EMA, potentially leading to a drop to $0.79 and later to $0.68.

The 4-hour chart shows that the ONDO/USDT pair is facing selling in the $0.93 to $0.96 resistance zone. Buyers will need to keep the price above the 20-EMA to maintain the upper hand. If the price rebounds off the 20-EMA with strength, the possibility of a break above $0.96 increases, potentially leading to a climb to $1.05 and later to $1.20. Conversely, if the price skids below the 20-EMA, it suggests that demand dries up at higher levels, potentially leading to a descent to the 50-SMA.

Render (RNDR) has reached the overhead resistance of $4.22, where bears are expected to mount a strong defense. The moving averages are on the verge of a bullish crossover, and the RSI has risen into the positive zone, signaling an advantage to buyers. If the price rises above $4.22, the RNDR/USDT pair will complete a double-bottom pattern, potentially leading to a climb to the pattern target of $5.94. However, if the price turns down sharply from $4.22 and breaks below the moving averages, it signals a range-bound action in the short term.

The RNDR/USDT pair is facing selling at $4.06, but the pullback is likely to find support at the 20-EMA. If the price rebounds off the 20-EMA with strength, it will suggest that the sentiment remains positive, improving the prospects of a break above $4.22. The pair may face resistance between $4.60 and $5, but if the price does not dip back below $4.22, it signals the start of a new up move. Alternatively, a break and close below the 20-EMA suggests that bulls are losing their grip, potentially leading to a slump to the 50-SMA and signaling a consolidation in the near term.

Kaspa (KAS) rose and closed above the 50-day SMA ($0.07) on April 12, indicating that selling pressure is reducing. The 20-day EMA ($0.07) has started to turn up, and the RSI has risen into the positive territory, suggesting that the path of least resistance is to the upside. If buyers drive the price above $0.08, the KAS/USDT pair will complete a double-bottom pattern, with a bullish setup targeting $0.12. However, if the price turns down from $0.08 and breaks below the 20-day EMA, it will signal a range formation, potentially leading to swings between $0.08 and $0.05 for some time.

The KAS/USDT pair has turned down from $0.08 but is likely to find support at the 20-EMA. If the price rebounds off the 20-EMA, the pair could rally to the top of the range, a crucial resistance to watch out for. If buyers overcome the overhead barrier, the pair could start a new up move toward $0.09. This positive view will be invalidated if the price turns down and breaks below the $0.07 support, potentially keeping the pair stuck inside the range for a while longer.