Bitcoin in Wait-and-See Mode…Altcoin 'Sifting the Wheat from the Chaff' Intensifies

▲ Bitcoin, Cryptocurrency ©

As Bitcoin fell below $77,000, market-wide expectations for a rise were dampened, quickly shifting to a 'wait-and-see market'.

According to investment media FXStreet on April 29 (local time), Bitcoin (BTC) traded below $77,000 after two consecutive days of decline, weakening overall market risk appetite. The Fear & Greed Index, which reflects investor sentiment, recorded 41, remaining in the neutral zone, but there is a possibility that fear will intensify if it falls below 40.

Clear signs of contraction are also evident in the derivatives market. Bitcoin futures open interest decreased from $62.27 billion to $57.21 billion. This indicates that investors have reduced their positions or leverage, shifting to a wait-and-see approach. As market participants reduce directional bets, the potential for increased short-term volatility also grows.

Despite this bearish atmosphere, some altcoins maintained relative strength. Humanity Protocol (H) continued its upward trend, staying above the 50-day Exponential Moving Average (EMA), and its Relative Strength Index (RSI) rose to 69, suggesting entry into the overbought zone. The Moving Average Convergence Divergence (MACD) also maintained a bullish signal, indicating that short-term momentum is still alive.

Pump.fun (PUMP) is maintaining a stable trend above its 50-day EMA after a 7% rise on the previous day. The burning of 36% of its circulating supply and a 50% buyback policy contributed to its price recovery. The RSI is at 53, above neutral, indicating eased downward pressure, but it is still considered to lack the strength for a clear upward breakout.

Bittensor (TAO) is showing a moderate upward trend above its 50-day EMA but remains below the 200-day EMA resistance line, limiting its direction. The RSI maintains a neutral trend around 50, and while the MACD shows a bullish reversal signal, overhead resistance remains a burden. In the short term, the $236 support level is identified as a key defense line, and a break below it could open up a correction to $200.

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