On April 22, Bitcoin (BTC) broke out of a two-month consolidation range, climbing to $79,472 and posting a 3% daily gain that lifted most altcoins. The move was partly fueled by comments from Donald Trump, briefly pushing sentiment higher. Technical analyst Washigorira shared a chart showing BTC crossing its six-month trendline, suggesting that if the price closes above this zone, it could target the Kumo cloud indicator—a further bullish signal.
Bitcoin Breaks Six-Month Trendline, V-Shaped Rally Could Target $94K
After more than 60 days of choppy trading between $71,000 and $78,000, BTC finally broke higher. If the market stages a classic V-shaped recovery, bitcoin could reach $94,000 in relatively short order. However, analysts caution that Trump's unpredictability remains a wildcard; any surprise military or policy announcement could reverse gains. Meanwhile, oil prices stay in triple-digit territory, fueling inflation fears. Prolonged high energy costs are feeding into food and other sectors, making the Fed's 2% inflation target harder to reach. This macro backdrop calls for cautious positioning despite the current momentum.
Ethereum Drifts Below $2,400 as Critical Resistance Looms
Ethereum (ETH) struggled to keep pace with BTC, lingering just below $2,400. Recovery has been sluggish and volatile; the sharp downturn that erased several days of gains happened in just three daily candles. Analyst DaanCrypto highlighted the $2,400–$2,500 band as key. If ETH closes the week above its 200-week moving average (around $2,500), it could open a path to $2,851 and spark a relief rally across altcoins.
The ETH/BTC pair has slipped to multi-year lows over the past month, underscoring ethereum's underperformance. A possible near-term path: if BTC's pace slows through Friday, ETH could attempt to reclaim 0.03089 BTC, then push to 0.03135 BTC. A move of this magnitude would likely ignite double-digit percentage gains for the broader altcoin market. DaanCrypto noted, "If ETH closes above the weekly 200MA, it could clear a path to $2,851 and trigger a relief rally for altcoins."