Daily Crypto Signals: Bitcoin Holds Above $84K Amid Bearish Coinbase Outlook, Solana Shows Strength
After weeks of downward pressure, Bitcoin has rallied above $84,000 while Solana has surged 36% from recent lows, signaling potential
Quick overview
- Bitcoin has rallied above $84,000 after weeks of downward pressure, indicating potential stabilization in the crypto market.
- Solana has surged 36% from recent lows, becoming the second-largest blockchain by total value locked despite being down from its all-time high.
- While Bitcoin shows signs of recovery, institutional sentiment remains cautious with significant withdrawals from spot Bitcoin ETFs.
- Other altcoins like XRP, BNB, Chainlink, and Cardano are also showing resilience and potential for upward movement.
Live BTC/USD Chart
After weeks of downward pressure, Bitcoin has rallied above $84,000 while Solana has surged 36% from recent lows, signaling potential stabilization in the crypto market despite thin liquidity and institutional outflows.
Crypto Market Developments
After weeks of dropping volumes and downward pressure, the crypto market is exhibiting early indications of recovery. From December 2024 highs of $1.6 trillion to $950 billion by mid-April, the altcoin market valuation has dropped 41% according a recent Coinbase report; venture capital financing to crypto ventures reportedly dropped 50–60% from levels in 2021–22.
Bitcoin has recovered from its local bottom close to $75,000 in early April, today trading above $84,000 despite these alarming statistics. Though opinions on whether this is a real recovery or just a transient relief rally remain split, this bounce has sparked hopes of a possible trend reversal.
Measuring the 30-day net difference between exchange inflows and outflows, the seeming demand for Bitcoin is showing early signs of recovery following a protracted plunge into negative territory. Still, compared to past bull market times, Bitcoin daily trade volumes now range just 30,000 BTC (spot) and 400,000 BTC (derivatives).
Can Bitcoin Remain Above $84,000?
Bitcoin BTC/USD has attracted support above $80,000; bulls aim to create a higher bottom at $83,000. The digital asset must be forcefully broken out from its important resistance zone between $86,300 and $86,500 to restore short-term positive attitude and maybe start a rally toward $95,000.
Industry analysts highlight a number of encouraging signs that might support ongoing Bitcoin recovery. A pattern that has historically accompanied significant price swings, the “US vs. off-shore ratio,” which gauges token transfer volumes between US-regulated and offshore exchanges, shows US exchanges are reclaiming influence.
With just 2.43 million BTC kept on exchanges compared to 3.4 million in 2021, Bitcoin exchange reserves have also dropped to 2018 levels, pointing long-term holding tendencies and limited available supply. Together with the growing M2 money supply (with a usual 12-week lag effect on Bitcoin price), this supply limit could provide favorable conditions for Bitcoin to approach its all-time highs later this year.
Institutional feeling is still wary, though. Spot Bitcoin ETFs have had continuous withdrawals of approximately $870 million since April 3; just a meager influx occurred on April 15. Additionally slowing to 0.80% per month, the realized cap increase still falls below usual bull market levels.
Why Has Solana Gained 36% From Recent Lows?
Rising 36% from its previous lows, Solana SOL/USD has become a shining highlight in the altcoin scene and is presently trading at $131.60. With $6.9 billion, SOL has become the second-largest blockchain by total value locked (TVL), surpassing rivals including Tron, Base, and Berachain even while it is 57% down from its all-time high.
Activity in the Solana network has increased at several DApps. Jito and Jupiter had 20% growth; deposits on Sanctum, a liquid staking platform, grew by 30%. More remarkably, Solana has replaced Ethereum following a 16% increase over seven days to take first place in decentralized exchange (DEX) activity. Trading activity on Solana DApps in the week ending April 16 amounted to $15.8 billion, more than half the combined volume of Ethereum scaling solutions over the same period.
A 44% increase in Pump-fun’s volume and a 28% increase in Raydium helped to support this spike. Other Solana DApps are also exhibiting expansion; Ondo Finance tokenizing $250 million worth of assets on the network, Exponent doubling its TVL over the past 30 days, and yield aggregator Synatra seeing a 43% increase in TVL over the past week.
Though predictions for notable inflows are limited due of the dismal performance of previous Ethereum ETF instruments and general caution among institutional investors, analysts are convinced that a Solana spot exchange-traded fund (ETF) will be permitted in the United States in 2025.
Top Altcoins to Watch Today
While Bitcoin and Solana lead the market recovery, several other altcoins are showing resilience and potential for upward movement:
- XRP XRP/USD – Currently trading at $2.07, XRP is holding strong near critical support at $2 after the SEC and Ripple Labs agreed to a 60-day pause in their appeals case amid settlement negotiations. This development could significantly reduce regulatory uncertainty for XRP.
- BNB BNB/USD – Trading at $585.85 within a triangle pattern, BNB shows potential for a rally to $644 if bulls can push the price above the downtrend line.
- Chainlink LINK/USD – Despite struggling to break above the 20-day EMA at $12.81, buyers continue to maintain pressure above $12.40, suggesting potential for upside movement if resistance levels are cleared.
- Cardano ADA/USD – Currently at $0.61, Cardano faces resistance at the 20-day EMA ($0.64), but the $0.58 support level remains crucial for bulls to defend.
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