BTC is maintaining a critical support level, enabling altcoins like VET, THETA, RUNE, and AAVE to advance.
Bitcoin (BTC) is striving to hold above its next support level, and traders are monitoring to see whether the price can maintain its 2022 annual open price of $46,200 for the second consecutive week.
According to Sam Stovall, chief financial strategist at CFRA, April has traditionally been the best performing month of the year for the S&P 500. If history repeats itself and the strong association between the US equity markets and Bitcoin persists, this might augur well for the cryptocurrency markets in the short term.
Another possible source of optimism is the fact that the 19th millionth Bitcoin entered circulation on April 1. The crypto markets will have to wait a long time for the last 2 million BTC, as the final Bitcoin is projected to be mined in 2140. This might draw attention away from the fact that just a tiny amount of Bitcoin remains to be mined, and increased demand could result in scarcity and drive prices higher.
Will Bitcoin maintain its price above its important support level, and if so, will altcoins rally? Let’s look at the charts of the top five cryptocurrencies to see if they can keep coming back in the near future.
