Last week, Bitcoin (BTC) began to show initial signs of separating from the fluctuations of the US stock markets. While Bitcoin’s price remained relatively stable throughout the week, the S&P 500 index experienced a sharp decline of 9%. This downturn was primarily triggered by a global tariff announcement from US President Donald Trump on April 2, which escalated on April 4 when China responded with new tariffs on American goods. Even traditional safe-haven assets like gold were affected, witnessing a 1.9% decrease over the same period.
### Bitcoin’s Potential Connection to Gold Bull Markets
Mike Alfred, founder of Alpine Fox, pointed out in a post on X that a bullish gold market could bode well for Bitcoin. Historically, there have been instances where gold led the way for Bitcoin temporarily, but eventually, Bitcoin has outperformed gold by significant margins. Alfred suggests that the current situation may mirror those past events.
### Cautious Optimism in Crypto Markets
While Bitcoin’s short-term strength is a positive indicator, traders are advised to proceed with caution until there is more clarity regarding the broader macroeconomic environment. Should the US stock markets face additional declines, the cryptocurrency sector may also experience similar pressures. Although a select few altcoins are displaying resilience, it may be wise to wait for a more favorable market sentiment before making any moves.
### Bitcoin Price Dynamics
The bulls have struggled to push Bitcoin’s price beyond its resistance level, yet they have not relinquished significant territory to the bears. This indicates that bullish sentiment persists. The daily chart for the BTC/USDT pair shows that the 20-day exponential moving average is stabilizing at $84,241, with the relative strength index (RSI) hovering just below the midpoint, reflecting a balance between supply and demand. A break and a close above the resistance line could shift the advantage toward the bulls. Current resistance stands at $89,000; if surpassed, the BTC/USDT pair might rally toward $100,000. Conversely, the critical support level to monitor on the downside is $80,000. A breach of this threshold could lead to a drop to $76,606, followed by $73,777.
### Bitcoin’s Short-Term Trading Range
In the shorter term, the BTC/USDT pair has been consolidating within a range of $81,000 to $88,500. The moving averages on the 4-hour chart are showing a slight downward trend, with the RSI also just below the midpoint, indicating a continuation of this range-bound activity in the near future. Should buyers manage to push the price above $85,000, a rally to $88,500 could ensue. However, this level may attract selling pressure, and if bulls can maintain momentum, the price could even reach $95,000. On the flip side, if the price falls below the support zone of $81,000 to $80,000, bears could regain control, leading to a potential drop to $76,606.
### Pi Network Price Movements
Pi Network (PI) has been experiencing a persistent downtrend since reaching a peak of $3 on February 26. A relief rally on April 5 indicates the first signs of buying interest at lower price levels. The daily chart for PI/USDT shows that any recovery is likely to encounter selling pressure at the 20-day EMA, currently positioned at $0.85. If the PI/USDT pair manages to hold its ground near this level, it would suggest that buyers are maintaining their positions, potentially leading to a rally above the 20-day EMA. Should this occur, the pair could rise to the 50% Fibonacci retracement level of $1.10 and further to the 61.8% level at $1.26. On the downside, the critical support level is $0.40; if breached, it could plunge to $0.10.
### Pi Network Short-Term Analysis
Examining the 4-hour chart, it appears that bears are defending the 50-simple moving average. However, a slight positive note is that bulls are attempting to hold the pair above the 20-EMA. If the price bounces off the 20-EMA, buyers will aim to push the pair above $0.80, which could result in a climb to $1.20. Conversely, if the price breaks below the 20-EMA, it would indicate sustained bearish pressure. A further decline below $0.54 could lead the pair to retest crucial support at $0.40.
### OKB Price Trends
OKB (OKB) experienced a significant uptick on April 4, closing above the moving averages, signaling that bulls are attempting a comeback. The daily chart for OKB/USDT indicates that the upward movement continued, with the price surpassing a short-term resistance level at $54 on April 6. The pair may approach the resistance line of the descending channel, which is likely to attract selling activity. If the price sharply declines below $54, the pair could remain within the channel for several more days. Conversely, if buyers maintain their positions near the resistance line, the likelihood of a breakout above the channel increases. This could propel the pair to $64 and potentially $68.
### OKB Short-Term Chart Analysis
On the 4-hour chart, the pair is on the verge of completing an inverted head-and-shoulders pattern if it breaks and closes above the neckline. Although the subsequent uptrend may face selling at the resistance line, if buyers can convert the neckline into support, it enhances the possibility of surpassing the resistance line. Such a move could set the stage for a rally toward the pattern target of $70. Sellers will need to act swiftly to defend the neckline and pull the price below the 20-EMA to avert a rally, with potential drops to the 50-SMA and then to $45.
### GateToken Market Performance
GateToken (GT) has been finding support around the 50-day SMA ($22.05) for several days, marking a crucial level to monitor. The daily chart for GT/USDT shows that the flat moving averages, coupled with the RSI just below the midpoint, indicate a lack of clear advantage for either bulls or bears. A breakout and close above $23.18 could propel the price to $24, which is a significant overhead resistance that bears must defend. If the price surpasses this level, it could drive the GT/USDT pair to $26. However, this optimistic outlook would be negated in the short term if the price closes below the 50-day SMA, potentially sinking to $21.28 and then to $20.79.
### GateToken Short-Term Analysis
The 4-hour chart reveals that the pair has declined from the resistance line of a descending channel, illustrating that selling is occurring during rallies. A break below the moving averages suggests the pair may remain within the channel for some time. Should buyers regain strength and achieve a break and close above the resistance line, it would indicate that the corrective phase is potentially over. This could lead to a rally toward $23.18 and eventually to $24.
### Cosmos Market Dynamics
Cosmos (ATOM) is attempting to establish a bottom but is encountering resistance at $5.15. A minor positive for bulls is that they have managed to keep the price from slipping below the moving averages. The daily chart for ATOM/USDT indicates that a strong rebound from the moving averages would signal buying interest on dips, enhancing the prospects of breaking through the $5.15 resistance. Should this occur, the ATOM/USDT pair could surge toward $6.50 and then $7.17. Conversely, if the price closes below the moving averages, a range formation may ensue, with the pair oscillating between $5.15 and $4.15. A drop below $4.15 would put sellers back in control.
### Cosmos Short-Term Battle
The 4-hour chart depicts a fierce struggle between bulls and bears at the 20-EMA. If the price remains beneath this level, the pair could decline to the 50-day SMA and potentially to $4.15, where buyers are expected to defend vigorously. Conversely, if the price remains above the 20-day EMA, it indicates solid demand at lower levels. In that case, bulls will aim to push the pair to $5.15, and a successful break above this resistance could spark a new upward trend.
This article does not provide investment advice or recommendations. Every trading and investment decision carries inherent risks, and readers are encouraged to perform their own research before making any decisions.
