Bitcoin is preparing to launch from the $85,000 level, BNB, HYPE, TAO, and RNDR may follow

Traders say Bitcoin holding the $85,000 level is a bullish signal and the charts indicate that BNB, HYPE, TAO, and RNDR could be the first altcoins to follow BTC’s price.

Bitcoin has risen about 1% this week, showing a balance between supply and demand. Analysts predict a quiet Easter holiday but are divided on Bitcoin's next directional move.

Network economist Timothy Peterson stated that the U.S. High Yield Index Effective Yield has risen over 8%. There have been 38 such instances since 2010 and Bitcoin has increased by 71% in the three months following. Bitcoin recorded an average gain of 31% with the worst decline being -16%. Based on historical data, Peterson predicts Bitcoin will trade between $75,000 and $138,000 within the next 90 days.

Not everyone shares the bullish outlook. Mike McGlone, Bloomberg's senior commodity strategist, stated in a post on X that Bitcoin and the S&P 500 Index could drop to their respective 200-week simple moving averages, which act as thresholds during major corrections. Bitcoin’s 200-week SMA is currently near $46,000.

What are the important support and resistance levels in Bitcoin? Which cryptocurrency could rise if Bitcoin breaks through the upper resistance?

Bitcoin Price Analysis

Bitcoin has maintained above the 20-day exponential moving average ($83,704) for the past few days, but the buyers have been unable to break above the 200-day simple moving average ($88,098).