Bitcoin (BTC) experienced a rebound and exceeded the $64,000 mark before the weekly close on April 28, while altcoins also showed signs of recovery. According to data from Markets Pro and TradingView, BTC demonstrated strong price momentum over the weekend. After reaching a weekly low of $62,400, BTC/USD reversed course and managed to maintain a higher price level, hovering around $63,500 at the time of writing. Altcoins also performed well during after-hours trading, with the total altcoin market cap increasing by approximately 1% in a single day.
Some traders noted that while altcoins showed a positive bounce, they still need to break the trend of reaching weekly highs around Monday or Tuesday. There is expectation that a full-fledged “altseason” could soon occur, rivaling anything seen since the cryptocurrency market reached all-time highs in 2017. The dominance chart for the stablecoin Tether (USDT) seems to be attempting a comeback after breaking below a rising trendline earlier this year. Some traders believe that when USDT dominance decreases, altcoins tend to increase in value, leading to speculation that a significant altcoin season is on the horizon.
Market participants are also eagerly awaiting the start of traditional finance (TradFi) trading, including Bitcoin futures, as this could provide further insight into the trajectory of the cryptocurrency market. Despite being below its previous all-time highs, Bitcoin’s price structure is considered “very bullish” by some traders, indicating that the bull market is still intact. Consolidation is seen as a necessary step for Bitcoin to build a solid foundation for a successful and sustained bull run in the future. An analysis compared the current state of Bitcoin to the pre-breakout period of the Nasdaq Composite Index in 2013, suggesting that similar price patterns could lead to significant growth in the cryptocurrency market.
Wow, Bitcoin managed to rebound above $64,000! But will it last, or is this just another temporary rise?
USDT dominance may be rising, but how much can we trust stablecoins anyway? I remain skeptical.
Altcoins still have a long way to go before breaking their Monday/Tuesday high trend Where’s the consistency?
Traditional finance trading on Bitcoin futures could be interesting, but will it really provide any meaningful insights? I have my doubts.
The Nasdaq comparison is intriguing. If Bitcoin follows a similar pattern, we might see significant growth in the entire crypto market.