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Home » Bitcoin falls below $80K — Will PI, OKB, GT and ATOM outperform BTC and altcoins?
Bitcoin falls below K — Will PI, OKB, GT and ATOM outperform BTC and altcoins?
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Bitcoin falls below $80K — Will PI, OKB, GT and ATOM outperform BTC and altcoins?

Coin TelegraphBy Coin TelegraphApril 6, 20250 ViewsNo Comments
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Last week, Bitcoin (BTC) began showing early signs of decoupling from the US stock markets. Bitcoin was relatively flat over the week, while the S&P 500 plunged by 9%. The sell-off was triggered following US President Donald Trump’s April 2 global tariff announcement, which escalated further on April 4 as China retaliated with new tariffs on US goods. Even gold was not spared and was down 1.9% for the week.

Alpine Fox founder Mike Alfred highlighted in a post on X that a gold bull market is bullish for Bitcoin. During previous cycles, gold led Bitcoin for a short while, but eventually, Bitcoin caught up and grew 10 times or more than gold. He added that it would not be any different this time.

Crypto market data daily view. Source: Coin360

Although the short-term outperformance of Bitcoin is an encouraging sign, traders should remain cautious until further clarity emerges on the macroeconomic front. If the US stock markets witness another round of selling, the cryptocurrency markets may also come under pressure.

A handful of altcoins are showing strength on the charts, but waiting for the overall sentiment to turn bullish before jumping could be a better strategy. If Bitcoin breaks above its immediate resistance, what are the top cryptocurrencies that may follow it higher?

Bitcoin price analysis

Bitcoin bulls have failed to push the price above the resistance line, but they have not ceded much ground to the bears. This suggests that the bulls have kept up the pressure.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day exponential moving average ($84,241) is flattening out, and the relative strength index (RSI) is just below the midpoint, signaling a balance between supply and demand.

This advantage will tilt in favor of the bulls on a break and close above the resistance line. There is resistance at $89,000, but if the level gets taken out, the BTC/USDT pair could ascend toward $100,000.

The $80,000 is the vital support to watch out for on the downside. If this level cracks, the pair could plummet to $76,606 and then to $73,777.

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has been consolidating between $81,000 and $88,500. The moving averages on the 4-hour chart are sloping down marginally, and the RSI is just below the midpoint, signaling the continuation of the range-bound action in the near term. 

If buyers push the price above $85,000, the pair could rally to $88,500. This level could attract sellers, but the pair may jump to $95,000 if the bulls prevail. 

The bears will be back in the driver’s seat if the price breaks below the $81,000 to $80,000 support zone. The pair may then dump to $76,606.

Pi Network price analysis

Pi Network (PI) has been in a strong downtrend since topping out at $3 on Feb. 26. The relief rally on April 5 shows the first signs of buying at lower levels.

PI/USDT daily chart. Source: Cointelegraph/TradingView

Any recovery is expected to face selling at the 20-day EMA (0.85), which remains the key short-term level to watch out for. If the PI/USDT pair does not give up much ground from the 20-day EMA, it indicates that the bulls are holding on to their positions. That opens the doors for a rally above the 20-day EMA. The pair could then jump to the 50% Fibonacci retracement level of $1.10 and next to the 61.8% retracement level of $1.26.

The $0.40 level is the critical support on the downside. A break and close below $0.40 could sink the pair to $0.10.

PI/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 4-hour chart shows that the bears are defending the 50-simple moving average, but a minor positive is that the bulls are trying to keep the pair above the 20-EMA. If the price rebounds off the 20-EMA, the bulls will attempt to kick the pair above $0.80. If they do that, the pair could travel to $1.20.

On the contrary, a break and close below the 20-EMA suggests that the bears have kept up the pressure. The negative momentum could pick up on a break below $0.54. The pair may then retest the vital support at $0.40.

OKB price analysis

OKB (OKB) turned up sharply on April 4 and closed above the moving averages, indicating that the bulls are attempting a comeback.

OKB/USDT daily chart. Source: Cointelegraph/TradingView

The up move continued, and the bulls pushed the price above the short-term resistance at $54 on April 6. The OKB/USDT pair could reach the resistance line of the descending channel, which is likely to attract sellers. If the price turns down sharply and breaks below $54, the pair may oscillate inside the channel for a few more days.

On the other hand, if buyers do not give up much ground from the resistance line, it increases the likelihood of a break above the channel. The pair could climb to $64 and then to $68.

OKB/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair will complete an inverted head-and-shoulders pattern on a break and close above the neckline. The up move may face selling at the resistance line, but on the way down, if buyers flip the neckline into support, it increases the possibility of a break above the resistance line. If that happens, the pair could start its march toward the pattern target of $70.

Sellers will have to fiercely defend the neckline and quickly pull the price below the 20-EMA to prevent the rally. The pair may drop to the 50-SMA and thereafter to $45.

Related: Solana TVL hits new high in SOL terms, DEX volumes show strength — Will SOL price react?

GateToken price analysis

GateToken (GT) has been finding support at the 50-day SMA ($22.05) for a few days, which is an important level to watch out for.

GT/USDT daily chart. Source: Cointelegraph/TradingView

The flattish moving averages and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. A break and close above $23.18 could push the price to $24. This remains the key overhead resistance for the bears to defend because a break above it could catapult the GT/USDT pair to $26.

This positive view will be invalidated in the short term if the price breaks and maintains below the 50-day SMA. The pair may sink to $21.28 and then to $20.79.

GT/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair turned down from the resistance line of the descending channel pattern, indicating selling on rallies. The break below the moving averages suggests the pair may remain inside the channel for some more time.

Buyers will gain the upper hand on a break and close above the resistance line. Such a move suggests that the corrective phase may be over. The pair could rally to $23.18 and then to $24.

Cosmos price analysis

Cosmos (ATOM) is trying to form a bottom but is facing selling at $5.15. A minor positive in favor of the bulls is that they have not allowed the price to break below the moving averages.

ATOM/USDT daily chart. Source: Cointelegraph/TradingView

If the price rebounds off the moving averages with force, it signals buying on dips. That improves the prospects of a break above the $5.15 resistance. If that happens, the ATOM/USDT pair could surge toward $6.50 and then to $7.17.

Contrarily, a break and close below the moving averages suggests a possible range formation in the near term. The pair could swing between $5.15 and $4.15 for a while. Sellers will be back in command on a slide below $4.15.

ATOM/USDT 4-hour chart. Source: Cointelegraph/TradingView

The bulls and the bears are witnessing a tough battle at the 20-EMA on the 4-hour chart. If the price remains below the 20-EMA, the pair could tumble to the 50-day SMA and later to $4.15. Buyers are expected to fiercely defend the $4.15 level.

Instead, if the price stays above the 20-day EMA, it signals solid demand at lower levels. The bulls will then try to push the pair to $5.15. A break and close above this resistance could start a new up move.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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