Bitcoin

Rekt (rektarb.xyz)

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) tapped $63,000 before the April 18 Wall Street open as modest BTC price strength boosted the mood of traders.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/90bb0896-ff92-4902-a2d0-ee28b33c4b1d.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="analysis-btc-price-lows-may-be-tricking-investors">Analysis: BTC price lows may be "tricking” investors</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC/USD reaching $63,095 on Bitstamp, up 5.5% versus the prior day’s lows.
At $59,700, these represented Bitcoin’s lowest levels since early March.
While various forecasts saw the need to <a href="https://cointelegraph.com/news/bitcoin-57k-liquidity-post-halving-rally-trader">clear liquidity at $57,000</a> and even <a href="https://cointelegraph.com/news/how-low-can-bitcoin-price-go-analysis-black-swan-event">far lower going forward</a>, some saw reason for mild optimism.
Among them was popular trader and analyst Rekt Capital, who reiterated that BTC/USD was in a “re-accumulation range” with price behavior to match.
“One of the key things to note about Bitcoin’s Re-Accumulation Ranges throughout this cycle is this: Downside wicks below the Range Lows tend to occur to trick investors into a fake-breakdown (black circles) before resuming into an uptrend,” he wrote alongside a chart on X.
The chart itself showed similar BTC price action at several points beginning at the pit of the 2022 bear market. Each time, price produced a local low before making significant enduring gains. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/8765a603-cf0d-4545-a24f-8cae20be2604.jpeg" alt="" title="">
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 BTC/USD chart. Source: <a href="https://twitter.com/rektcapital/status/1780928526121582876/photo/1" target="_blank" rel="noopener nofollow">Rekt Capital</a>
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Eyeing on-chain signals, fellow trader Jelle drew similar conclusions about what lay ahead.
“Bitcoin just tested the 3-day RSI 50 level and the 3d 33EMA, at the same time,” he told X followers, referring to the relative strength index (RSI) and 33-period exponential moving average (EMA) on three-day timeframes, respectively. 
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 “The last time this happened was at $38,000, earlier this year. Pretty sure the result will be similar: higher prices.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/38a731f0-32fd-4caa-af9e-60f6086af2c0.jpeg" alt="" title="">
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 BTC/USD chart with RSI, EMA data. Source: <a href="https://twitter.com/CryptoJelleNL/status/1780931170177277970/photo/1" target="_blank" rel="noopener nofollow">Jelle</a>
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<h2 data-ct-non-breakable="true" id="altcoins-battle-brutal-downtrend">Altcoins battle brutal downtrend</h2>
Continuing, Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted that sideways BTC price moves would continue even after the upcoming <a href="https://cointelegraph.com/news/bitcoin-halving-2024">block subsidy halving</a>.
Related: <a href="https://cointelegraph.com/news/bitcoin-dominance-3-year-high-btc-price-altcoins">Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins</a>
Altcoins bore the brunt of the latest crypto market correction and could now have seen the worst of their shake-out.
“The period of boredom for Bitcoin, which is eager to consolidate here,” he explained. 
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 “Overall, I’m expecting this won’t change for the coming months, but I think we’re at the altcoin bottom.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/28325779-a9fa-4e2d-abc0-31308827cb35.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source:&nbsp;<a href="https://twitter.com/CryptoMichNL/status/1780925678898070002" target="_blank" rel="noopener nofollow">Michaël van de Poppe</a>
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Van de Poppe gave the areas around $52,000 and $45,000 as potential targets in the event of a deeper correction.
The total altcoin market cap stood at $256.7 billion at the time of writing, up nearly 17% from two-month lows seen on April 13 but still struggling to break a strong downtrend.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/aec8feb3-28bd-4261-b660-8bf52b468907.png" alt="" title="">
 <figcaption style="text-align: center;">
 Total altcoin market cap 1-day chart. Source: TradingView
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Have altcoins hit the bottom? Bitcoin price bounces 5% from $59.7K low

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