Bitcoin experienced a notable rally this week, surging more than 7% and bouncing back from recent lows. This surge has sparked renewed optimism across the broader cryptocurrency market, especially amid rising macroeconomic uncertainties. Factors such as the weakening U.S. dollar and instability in the bond market are contributing to the renewed interest in Bitcoin, with analysts highlighting the importance of upcoming resistance levels at $89,000 and $95,000.
Technical Indicators Support Crypto Bulls
Technical analysis reveals strengthening bullish momentum as Bitcoin has broken key resistance points and remains above the 20-day exponential moving average (EMA) of approximately $82,885.
- The Relative Strength Index (RSI) stays in positive territory, suggesting ongoing buy-side pressure.
- A dip below $78,500, however, would indicate that bearish forces are still in play.
Altcoins Joining Bitcoin’s Rally
The positive momentum in Bitcoin is lifting sentiments across altcoins as well. Notable tokens showing upside potential include:
- Hyperliquid (HYPE): Surpassed resistance levels; may target $21 and $25 if it stays above its 20-day EMA.
- Ondo (ONDO): Testing a resistance zone around $0.96; a breakout could lead it to $1.20.
- Render (RNDR): Forming a bullish double-bottom pattern; potential targets extend up to $5.94.
- Kaspa (KAS): Recently moved above its 50-day simple moving average; a breakout above $0.08 could push prices toward $0.12.
Macro Factors May Boost Crypto Further
Another significant driver is the weakness in the U.S. dollar, with the U.S. dollar index hovering below 100. This ongoing softness may further boost the crypto sector. Many traders are beginning to speculate whether this marks the beginning of a more sustained market recovery.
For more details, visit the original article at Cointelegraph.
