Key Points
- Bitcoin (BTC) rebounded past $64,000 before the April 28 weekly close, with altcoins also showing recovery.
- Despite the consolidation below the previous cycle’s all-time highs, Bitcoin’s monthly BTC/USD chart remains promising.
Bitcoin’s price showed a strong momentum over the weekend, exceeding $64,000 before the weekly close on April 28. Altcoins also experienced a recovery during this period.
Bitcoin and Altcoins Show Positive Momentum
After reaching weekly lows of $62,400, Bitcoin managed to reverse its trajectory and maintain higher ground, hovering around $63,500. Meanwhile, altcoins performed well in out-of-hours trading, with the total altcoin market cap increasing by approximately 1% on the day.
Renowned trader Skew noted that while altcoins have bounced back nicely, they still need to break the trend of setting week highs around Monday to Tuesday. He also suggested that sell-side pressure might prevent Bitcoin from advancing much higher.
Anticipation of an ‘Altseason’
Trader and commentator Moustache speculated about the arrival of a full-fledged “altseason”, potentially rivaling anything seen since the market’s ascent to all-time highs in 2017. He suggested that the largest stablecoin Tether (USDT) attempting a reclaim after breaking below a rising trendline this year was merely a “backtest”.
Accordingly, when Tether’s dominance decreases, altcoins tend to rise. Moustache argued that the “biggest Altseason since 2017 is loading”.
Some traders are now waiting for the start of traditional finance trading, including Bitcoin futures, for further indications of the crypto market’s trajectory. Trader Daan Crypto Trades commented that the weekend price action was promising, but doubted any significant move from Bitcoin until after the CME reopens.
Despite the consolidation in a range still below the previous cycle’s all-time highs, not all traders are disappointed with Bitcoin’s performance. Trader Alan Tardigrade pointed out that on the monthly chart, Bitcoin is still above the Triangle Top, which is a very bullish sign. He argued that consolidation is necessary for a long and solid Bull Run in the future.
Tardigrade compared Bitcoin’s current situation to a pre-breakout period for the Nasdaq Composite Index (IXIC) in 2013, suggesting potential parallels.
