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

    2024.04.18 | exchangesranking | 61onlookers
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    Bitcoin (BTC) tapped $63,000 before the April 18 Wall Street open as modest BTC price strength boosted traders’ mood.

    BTC/USD 1-hour chart. Source: TradingView

    Analysis: BTC price lows may be "tricking" investors

    Data from Cointelegraph Markets Pro and TradingView 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 clear liquidity at $57,000 and even far lower going forward, 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 (formerly Twitter).

    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.

    BTC/USD chart. Source: Rekt Capital/X

    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 3-day timeframes, respectively.

    “The last time this happened was at $38,000, earlier this year. Pretty sure the result will be similar: higher prices.”
    BTC/USD chart with RSI, EMA data. Source: Jelle/X

    Altcoins battle brutal downtrend

    Continuing, Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted that sideways BTC price moves would continue even after the upcoming block subsidy halving.

    Related: Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins

    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.

    “Overall, I'm expecting this won't change for the coming months, but I think we're at the altcoin bottom.”
    BTC/USD chart. Source: Michaël van de Poppe/X

    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.

    Total altcoin market cap 1-day chart. Source: TradingView

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