Altcoin projects are on the lookout for a rebound while Bitcoin has managed to surpass $64,000 before the weekly close on April 28. According to data from TradingView, Bitcoin’s price momentum strengthened over the weekend. After reaching a low of $62,400 for the week, the BTC/USD pair reversed and is currently trading around $63,700 at the time of writing.
In addition to Bitcoin’s performance, altcoin projects also showed positive results during off-hours trading, with the total market value of altcoins increasing by approximately 1% throughout the day. Skew, a well-known analyst, referred to recent market models via X, indicating that selling pressure might hinder further upward movement by the bulls.
Moustache, a trader and commentator, expressed optimism about the potential of a significant altcoin season that could rival the market’s all-time highs in 2017. He pointed out that the monthly dominance chart of Tether, the largest stablecoin, was just a retrospective test after falling below a rising trend line earlier this year.
Many crypto analysts are eagerly awaiting the start of TradFi transactions, including Bitcoin futures, for more insights into the direction of the crypto market. Daan Crypto Trades, in a message to his followers via X, expressed satisfaction with the weekend’s price action so far.
Despite consolidating below the all-time highs of the previous cycle, Bitcoin has not disappointed. Investor Alan Tardigrade found the monthly BTC/USD pair promising. He compared Bitcoin to the pre-breakout period of the Nasdaq Composite Index (IXIC) in 2013, as shown in an accompanying graph.
Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
