Bitcoin Reclaims $80,000 Zone, Altcoins Show Signs of Resurgence

Bitcoin has reclaimed the $80,000 zone, indicating a potential resurgence in the cryptocurrency market. This movement has sparked interest in several altcoins, including BNB, TON, GT, and ATOM, which are showing signs of an impending altcoin season. Analysts have varying opinions on the sustainability of this rally, with some expressing caution while others remain optimistic.

Bitcoin's struggle to break above the 200-day simple moving average of $84,000 has been a point of contention among analysts. Ryan Lee, chief analyst at Bitget Research, suggests that a weekly close above $81,000 would signal resilience, while a drop below $76,000 could accelerate selling. Markus Thielen, head crypto researcher at 10x Research, remains skeptical, noting that Bitcoin's chart structure suggests market indecision rather than a straightforward bullish consolidation.

Despite the cautious outlook, Timothy Peterson, a Bitcoin network economist, believes that April and October are historically strong months for Bitcoin, suggesting a potential rise to a new all-time high before June. This optimism is supported by the positive divergence on the relative strength index (RSI), which indicates that selling pressure is reducing. However, the downsloping 20-day exponential moving average (EMA) suggests that bears are still in command.

If Bitcoin's price turns down from the current level, it could drop to $80,000 and then to $76,606. Conversely, if it breaks above the 20-day EMA, it could rally to the 50-day SMA of $93,033 and potentially reach $100,000. The 20-EMA on the 4-hour chart is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. Buyers will need to drive the pair above the resistance line to gain the upper hand, with potential climbs to $92,810 and $95,000.

BNB has started a recovery from $507 on March 11, facing selling at the 50-day SMA of $621. The 20-day EMA of $595 is a critical near-term support level. If the price rebounds off this level, it suggests that bulls are buying on minor dips, improving the prospects of a break above the 50-day SMA and a potential rally toward $686. Conversely, a break below the 20-day EMA could indicate that bears are fiercely defending the 50-day SMA, with the pair potentially tumbling to $550.

Toncoin (TON) has risen sharply from $2.35 on March 11, reaching the 50-day SMA of $3.64 on March 16. The correction from the 50-day SMA is expected to find support at the 20-day EMA of $3.15. If this support holds, it signals a change in sentiment from selling on rallies to buying on dips, increasing the possibility of a rally above the 50-day SMA to $4 and later to $5. Conversely, a break and close below the 20-day EMA suggests that bears remain active at higher levels, with the pair potentially dropping toward $2.50.

Gate Token (GT) has formed a symmetrical triangle pattern, indicating indecision between bulls and bears. The 20-day EMA of $21.06 is flattening out, and the RSI has risen to the midpoint, indicating that selling pressure is reducing. If buyers drive the price above the triangle, it signals the resumption of the uptrend, with the GT/USDT pair potentially climbing to $24 and eventually to $26. Conversely, a break below the 20-day EMA could signal that the pair may remain inside the triangle for a while, with bears regaining command on a break below the triangle.

Cosmos (ATOM) broke above the 20-day EMA of $4.31 on March 15, indicating that selling pressure is reducing. The RSI has formed a positive divergence, suggesting that bearish momentum is weakening. The 50-day SMA of $4.73 could act as resistance but is likely to be crossed. A close above $5.15 could open the doors for a rally to $6.50. The 20-day EMA is the crucial support to watch on the downside. If this support gives way, it signals that bears remain sellers on rallies, potentially sinking the ATOM/USDT pair to $3.50.