Crypto Market Relieved Amid Truce Talks, Will Bitcoin Shoot Up to $93,000?

▲ Iran War, Bitcoin, Ethereum, XRP/AI Generated Image ©

As truce negotiations between the US and Iran relieve downward pressure on the virtual asset market, the leading cryptocurrency Bitcoin (BTC) is showing a stable trend above $74,000. Amidst this, RaveDAO (RAVE) and Dexe (DEXE), which are staging explosive rallies despite macroeconomic uncertainties, are rapidly emerging as new market leaders, capturing the attention of investors.

According to investment media FXStreet on April 15 (local time), the cryptocurrency market is finding stability amidst extreme volatility as the blockade of the Strait of Hormuz continues alongside truce talks between the US and Iran. According to CoinGlass data, a total of $437 million in liquidations occurred in the past 24 hours, with short position liquidations accounting for $241 million and long position liquidations for $195 million, indicating an intense battle.

Bitcoin is currently consolidating above its 50-day exponential moving average (EMA) at $71,133, maintaining a short-term bullish bias. The MACD histogram, a leading indicator, is showing positive improvement, and the Relative Strength Index (RSI) is at 61, suggesting that buyers still hold market dominance. In case of a decline, the 50-day EMA and the Fibonacci support at $60,000 are expected to act as key defensive lines.

For a decisive upward move, Bitcoin's primary resistance cluster lies at the 100-day EMA of $75,275 and the Fibonacci 23.6% retracement level of $75,623 from the decline wave that extended from $126,199 to $60,000. If this resistance is definitively broken on a daily closing basis, the rally could extend to the 200-day EMA at $82,892 and further to the Fibonacci 50% level at $93,099.

In the altcoin market, RaveDAO's vertical ascent is fierce. RaveDAO has far surpassed its major exponential moving averages, and despite an extremely overbought RSI nearing 100, its MACD is drawing a robust upward curve, entering price discovery mode with the $20 mark in sight. In case of a decline, the 50-day EMA at $2.2739 and the 100-day EMA at $1.3561 are expected to act as dynamic support levels.

Dexe is also showing outstanding performance, surging over 16% intraday and breaking above $10. It is showing strong recovery by surpassing the Fibonacci 78.6% retracement level of $11.08 from the decline that extended from $13.63 to $1.72. Although the RSI is in the overbought territory at 82, the MACD histogram supports upward momentum, suggesting a high probability of reaching its previous high of $13.63 if this level is firmly held. Conversely, if a correction occurs, the Fibonacci 50% level at $7.67 and the 50-day EMA at $6.93 are expected to be key support levels.

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