Bitcoin held $80,000... will altcoin surge begin?

▲ US, Iran, Bitcoin (BTC), Ethereum (ETH), XRP, cryptocurrency rebound/ChatGPT generated image ©

As Bitcoin holds above $80,000, lifting the entire market, some altcoins are recording double-digit surges, signaling the full-scale commencement of a 'selective bull market'.

According to investment media FXStreet on May 5 (local time), Bitcoin (BTC) continued to trade above $80,000, maintaining its upward trend despite escalating Middle East tensions. Toncoin (TON) and Terra Classic (LUNC) led the market rebound with double-digit gains in the past 24 hours.

Bitcoin is stably trading above its 50-day exponential moving average of $74,675, maintaining an upward trend. The Relative Strength Index (RSI) is at 66, indicating solid momentum without overheating signals, and the Moving Average Convergence Divergence (MACD) also remains in positive territory, suggesting continued upward pressure. Short-term resistance is forming near $80,900, and a breakthrough there could open up further upside potential to the 200-day moving average of $83,155.

Toncoin showed strength as Telegram CEO Pavel Durov mentioned the possibility of expanding Telegram's role in the TON ecosystem. Its price rose 5% during the day and continued a 22% surge from the previous day. Technically, it strengthened its mid-term bullish structure by trading above both the 50-day and 200-day moving averages, but the RSI rising to 81, entering the overbought zone, suggests a possibility of a short-term correction.

Terra Classic also saw its burn mechanism act as a catalyst for its rise. Over 220 million tokens were burned in a single day, causing the price to surge 20% and approach the psychological resistance level of $0.000100. Notably, a golden cross formed at the end of April, with the 50-day moving average breaking above the 200-day moving average, strengthening the uptrend. However, the RSI at 76 shows an overheating signal, which could act as a burden on further gains.

Ultimately, the market is showing a differentiated trend, centered on altcoins with individual catalysts, atop Bitcoin's stable upward structure. As the upward trend is maintained despite geopolitical risks, the key variables determining the market's direction in the short term will be whether Bitcoin sustains its $80,000 support and breaks through major resistance levels.

*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.*