Bitcoin enters a wait-and-see market… Altcoin 'sifting the wheat from the chaff' intensifies

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As Bitcoin dipped below $77,000, the overall market's bullish expectations were dampened, quickly shifting to a 'wait-and-see market'.

According to investment media FXStreet on April 29 (local time), Bitcoin (BTC), after showing a decline for two consecutive days recently, traded below $77,000, weakening the overall market's risk appetite. The Fear & Greed Index, indicating investor sentiment, recorded 41, remaining in the neutral zone, but there is a possibility that fear sentiment could expand if it drops below 40.

In the derivatives market, signs of contraction are also evident. Bitcoin futures open interest decreased from $62.27 billion to $57.21 billion. This signifies that investors have reduced their positions or leverage, turning to a wait-and-see stance. As market participants reduce directional bets, the possibility of increased short-term volatility also grows.

Amidst this bearish sentiment, some altcoins maintained relative strength. Humanity Protocol (H) continued its upward trend, staying above the 50-day Exponential Moving Average (EMA), and the Relative Strength Index (RSI) rose to a level of 69, suggesting entry into the overbought zone. The Moving Average Convergence Divergence (MACD) also maintained a bullish signal, indicating that short-term momentum is still alive.

Pump.fun (PUMP) has maintained a stable trend above the 50-day EMA after a 7% rise the previous day. The burning of 36% of its circulating supply and a 50% buyback policy acted as the backdrop for its price recovery. The RSI is at 53, above neutral, indicating that downward pressure has eased, but it is assessed that there is still insufficient strength for a clear upward breakout.

Bittensor (TAO) is showing a gentle upward trend above the 50-day EMA, but remains below the 200-day EMA resistance, limiting its directional movement. The RSI maintains a neutral trend around 50, and while the MACD shows a bullish reversal signal, overhead resistance remains a burden. In the short term, the $236 support level is identified as a key defense, and a break below it could open up a correction to $200.

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