Is this the end for altcoins? Bitcoin price rebounds 5% from $59.7K low

Bitcoin (BTC) reached a high of $63,000 before the Wall Street open on April 18, boosting trader sentiment with its modest price strength. This marked Bitcoin’s lowest level since early March, with some forecasts suggesting a need to clear liquidity at $57,000 or even lower. However, there were also reasons for optimism. Analyst Rekt Capital noted that BTC/USD was in a “re-accumulation range” and that downside wicks below the range lows tended to trick investors into a fake breakdown before resuming an uptrend. On-chain signals also supported this view, with trader Jelle pointing out that Bitcoin had tested the 3-day RSI 50 level and the 3d 33EMA simultaneously. Altcoins, on the other hand, faced a brutal downtrend, with Bitcoin dominance reaching a 3-year high and altcoins struggling to break the strong downtrend. Despite the upcoming block subsidy halving, sideways BTC price movements were expected to continue. Founder and CEO of MNTrading, Michaël van de Poppe, gave potential targets of $52,000 and $45,000 in the event of a deeper correction. The total altcoin market cap stood at $256.7 billion, showing a slight recovery from two-month lows but still facing challenges. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.