Bitcoin Held $80,000... Is an Altcoin Surge Beginning?

▲ US, Iran, Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Cryptocurrency Rebound/ChatGPT Generated Image ©

As Bitcoin holds $80,000 and pulls up the entire market, some altcoins recorded double-digit surges, creating an atmosphere where a 'selective bull market' is taking full swing.

According to investment media FXStreet on May 5 (local time), Bitcoin (BTC) continued to trade above $80,000, maintaining its upward trend despite rising tensions in the Middle East, while Toncoin (TON) and Terra Classic (LUNC) led the market rebound with double-digit gains over the past 24 hours.

Bitcoin is maintaining its upward trend, stably trading above its 50-day exponential moving average (EMA) of $74,675. The Relative Strength Index (RSI) is at 66, indicating robust momentum without signs of overheating, and the Moving Average Convergence Divergence (MACD) also remains in positive territory, suggesting continued upward pressure. Short-term resistance is forming near $80,900, and a breakthrough there could open up further upside potential to the 200-day moving average (MA) of $83,155.

Toncoin showed strength after Telegram CEO Pavel Durov mentioned the possibility of expanding Telegram's role within the TON ecosystem. The price rose 5% during the day and continued a 22% surge from the previous day. Technically, it strengthened its mid-term bullish structure by trading above both its 50-day and 200-day moving averages, but the RSI climbing to 81, entering the overbought zone, suggests a possibility of a short-term correction.

Terra Classic also saw its burn mechanism act as an upward driver. Over 220 million tokens were burned in a single day, causing the price to surge 20% and approach the psychological resistance level of $0.000100. Notably, a golden cross formed at the end of April, with the 50-day moving average crossing above the 200-day moving average, strengthening the uptrend. However, the RSI showing an overheating signal at 76 could act as a hindering factor for further gains.

Ultimately, the market is showing a differentiated trend, centered on altcoins with individual catalysts, built upon Bitcoin's stable upward structure. As the uptrend is maintained despite geopolitical risks, in the short term, Bitcoin's ability to hold $80,000 and break through key resistance levels are expected to be critical variables determining market direction.

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