Bitcoin's Next Target: $83,000…Privacy Coins Rise Together

▲ Bitcoin (BTC) Investment ©Godasol

As risks in the Strait of Hormuz ease and institutional funds flow in, Bitcoin has surpassed $80,000, with privacy coins also showing a simultaneous surge.

According to the investment media outlet FXStreet on May 4 (local time), Bitcoin (BTC) has exceeded $80,000 amidst five consecutive weeks of capital inflows. The easing of geopolitical risks, as U.S. President Donald Trump mentioned the possibility of protecting neutral tankers in the Strait of Hormuz, boosted overall market sentiment.

As market uncertainty subsided, investor sentiment also recovered quickly. The CoinMarketCap Fear & Greed Index rose to 48, entering the 'neutral' zone, and Bitcoin spot ETFs saw an inflow of $629.73 million on Friday alone, continuing a five-week streak of net inflows. Institutional demand appears to be acting as a key driver for price increases.

Technically, the upward structure is also being maintained. Bitcoin is trading above the 50-day exponential moving average of $74,451, continuing its upward trend, with resistance near $81,000 and the 200-day exponential moving average of $83,161 identified as the next key upper targets. The Moving Average Convergence Divergence (MACD) indicator has crossed above its signal line, and the Relative Strength Index (RSI) at 65 indicates strong momentum just before overheating.

During the same period, privacy coins also led the rally. Dash (DASH) broke through $40, simultaneously surpassing both its 50-day and 200-day moving averages, while Zcash (ZEC) maintained an upward trend above $400. Both assets are trading above their uptrend lines, strengthening their short-term bullish structure.

However, signs of upward fatigue are also being detected. Dash's Relative Strength Index (RSI) is at 69, and Zcash's is at 72, both approaching overbought territory, raising the possibility of increased volatility due to short-term profit-taking. For Zcash, the psychological resistance level of $500 and the $560 area are mentioned as key upper targets.

Ultimately, the current market structure involves a Bitcoin-centric rally accompanied by thematic strength. If Bitcoin successfully settles above $80,000, further upside potential opens up, but in the short term, the possibility of a correction during the overheating resolution process should also be noted.

*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.*