Bitcoin Holds $78,000 Amid Middle East Crisis, Will It Lead an Altcoin Rebound?

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Amidst geopolitical crises, the market leader Bitcoin (BTC) has firmly defended the $78,000 level, driving investor sentiment. Meanwhile, major altcoins such as Zcash (ZEC), Chiliz (CHZ), and Algorand (ALGO) are showing significant upward trends, bringing a breath of fresh air to the cryptocurrency market.

According to investment media FXStreet on April 24 (local time), Bitcoin has risen approximately 15% this month alone and is trading above $78,000 as of Friday. Even amidst the volatile peace negotiations between the US and Iran, factors such as increased adoption by institutional investors and Wall Street, expanded M2 liquidity, and the possibility of Iran using Bitcoin to pay tolls for the Strait of Hormuz are acting as strong price defense lines. CoinMarketCap's Crypto Fear & Greed Index recorded 60, indicating investors' continued preference for risk assets.

Among altcoins, Zcash's surge is notable. Zcash, which rose 8% the previous day, is currently trading at $344, maintaining a stable bullish structure above its 50-day exponential moving average (EMA) of $294.01 and its 200-day EMA of $283.87. The Relative Strength Index (RSI) is at 61, and the downward momentum of the Moving Average Convergence Divergence (MACD) has calmed, suggesting an influx of buy-the-dip interest. The key short-term upper resistance is analyzed to be around $400.

Chiliz is also trading above $0.050, showing a positive upward bias. It has surpassed its 50-day EMA of $0.0407 and its 200-day EMA of $0.0396, securing the Fibonacci 50% retracement level of $0.0476 as support. The RSI is at 71, entering the overbought zone, and the MACD is showing bullish momentum, indicating sustained buying pressure. If it continues to rise, $0.0572 and $0.0643 are expected to act as key resistance levels.

Algorand is consolidating above the psychological support level of $0.1000. It is currently integrating its price above the 50-day EMA of $0.1024 and the Fibonacci 38.2% retracement level of $0.1055, showing a positive, neutral-to-bullish trend in the short term. The RSI is 52, showing balanced momentum, but it remains below the 200-day EMA of $0.1285, indicating that it has not fully escaped the macroscopic downtrend. Upper resistance levels are formed at $0.1132 and $0.1317.

Thanks to Bitcoin overcoming geopolitical uncertainties stemming from the Middle East and calming overall market fear, major altcoins are achieving significant rebounds based on their respective technical support levels. If the market leader's robust price defense continues, buying pressure is expected to spread throughout the altcoin ecosystem, driving an additional bullish rally.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*