Bitcoin Holds $78,000 Amid Middle East Crisis, Will It Lead an Altcoin Rebound?

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Amid geopolitical crises, the leading cryptocurrency Bitcoin (BTC) has firmly defended the $78,000 level, driving market investment sentiment. Meanwhile, major altcoins such as Zcash (ZEC), Chiliz (CHZ), and Algorand (ALGO) are showing significant upward trends, bringing a breath of fresh air to the cryptocurrency market.

According to investment media FXStreet on April 24 (local time), Bitcoin has risen by approximately 15% this month alone and is trading above $78,000 as of Friday. Even amidst the volatile peace negotiations between the US and Iran, factors such as increased institutional and Wall Street adoption, expanded M2 liquidity, and the possibility of Iran using Bitcoin for Strait of Hormuz transit fees are acting as strong price defenses. CoinMarketCap's Crypto Fear & Greed Index recorded 60, indicating investors' continued preference for risk assets.

Among altcoins, Zcash's surge is notable. Zcash, which rose 8% the previous day, is currently trading at $344, maintaining a stable bullish structure above its 50-day exponential moving average (EMA) of $294.01 and its 200-day EMA of $283.87. The Relative Strength Index (RSI) at 61 and the calming downward momentum of the Moving Average Convergence Divergence (MACD) suggest that buying pressure is entering at lower levels. The primary short-term upper resistance level is analyzed to be around $400.

Chiliz is also trading above $0.050, showing a positive upward bias. It has surpassed its 50-day EMA of $0.0407 and its 200-day EMA of $0.0396, and has secured the Fibonacci 50% retracement level of $0.0476 as support. The RSI entering the overbought zone at 71 and the bullish MACD indicate sustained buying pressure. If it continues to rise, $0.0572 and $0.0643 are expected to act as key resistance levels.

Algorand is building a foundation above the psychological support level of $0.1000. It is currently consolidating its price above its 50-day EMA of $0.1024 and the Fibonacci 38.2% retracement level of $0.1055, showing a positive short-term trend that is neutral or better. The RSI is 52, showing balanced momentum, but it remains below the 200-day EMA of $0.1285, indicating that it has not fully escaped the macroscopic downtrend. Upper resistance levels are formed at $0.1132 and $0.1317.

Thanks to Bitcoin overcoming geopolitical uncertainties stemming from the Middle East and calming overall market fear, major altcoins are achieving significant rebounds based on their respective technical support levels. If the leading cryptocurrency's strong price defense continues, buying pressure could spread throughout the altcoin ecosystem, potentially driving an additional bullish rally.

*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.*