Last week, Bitcoin (BTC) began showing early signs of decoupling from the US stock markets. Bitcoin was relatively flat over the week, while the S&P 500 plunged by 9%. The sell-off was triggered following US President Donald Trump’s April 2 global tariff announcement, which escalated further on April 4 as China retaliated with new tariffs on US goods. Even gold was not spared and was down 1.9% for the week.
Alpine Fox founder Mike Alfred highlighted in a post on X that a gold bull market is bullish for Bitcoin. During previous cycles, gold led Bitcoin for a short while, but eventually, Bitcoin caught up and grew 10 times or more than gold. He added that it would not be any different this time.
Crypto market data daily view. Source: Coin360
Although the short-term outperformance of Bitcoin is an encouraging sign, traders should remain cautious until further clarity emerges on the macroeconomic front. If the US stock markets witness another round of selling, the cryptocurrency markets may also come under pressure.
A handful of altcoins are showing strength on the charts, but waiting for the overall sentiment to turn bullish before jumping could be a better strategy. If Bitcoin breaks above its immediate resistance, what are the top cryptocurrencies that may follow it higher?
Bitcoin price analysis
Bitcoin bulls have failed to push the price above the resistance line, but they have not ceded much ground to the bears. This suggests that the bulls have kept up the pressure.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($84,241) is flattening out, and the relative strength index (RSI) is just below the midpoint, signaling a balance between supply and demand.
This advantage will tilt in favor of the bulls on a break and close above the resistance line. There is resistance at $89,000, but if the level gets taken out, the BTC/USDT pair could ascend toward $100,000.
The $80,000 is the vital support to watch out for on the downside. If this level cracks, the pair could plummet to $76,606 and then to $73,777.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair has been…
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