Daily Crypto Signals: Bitcoin Breaks Range, XRP Flashes Bearish Signals, and Dogecoin Celebrates “Dogeday”
Bitcoin reclaims the $87,000 level in a significant technical breakout, while XRP shows concerning bearish patterns despite its recent 30%
Quick overview
- Bitcoin has reclaimed the $87,000 level, marking a significant technical breakout and rising over $3,000 from its intraday low.
- XRP is showing bearish patterns despite a recent 30% bounce, with analysts predicting a potential decline to around $1.24.
- Dogecoin celebrated 'DOGE Day' while the community anticipates ETF decisions from the SEC, with its market cap at $23.3 billion.
- Several altcoins are showing promising setups, with potential rallies expected for BNB, Hyperliquid, Bittensor, and Render.
Bitcoin reclaims the $87,000 level in a significant technical breakout, while XRP shows concerning bearish patterns despite its recent 30% bounce. Meanwhile, Dogecoin celebrates its community holiday as ETF decisions approach.
Crypto Market Developments
While cryptocurrencies exhibit different degrees of strength, the crypto market is displaying conflicting signals as the coin launches an amazing comeback. Rising more than $3,000 from its intraday low, Bitcoin has risen beyond $87,400, highest level since late March. With the DXY index down 10% since the start of 2025 and trade tensions rising, this 16% increase from the April 9 low of $75,000 comes among decreasing US dollar.
Though Scott Melker notes that “Bitcoin is breaking out” despite Nasdaq futures heading south, market watchers highlight a notable shift as Bitcoin seems to be detaching from conventional markets. Emphasizing possible economic volatility ahead, the Kobeissi Letter noted that “the narrative in both gold and Bitcoin is aligning for the first time in years.”
Concurrent with this, Bitget of cryptocurrencies noticed “abnormal trading activity” in VOXEL-USDT perpetual futures contracts on April 20 and is closing impacted accounts. CEO Gracy Chen reassured customers that all money is safe and that the $300 million protection fund has “more than sufficient backing” for any leftover losses.
Bitcoin Trades Above $87,000
Originally starting in early March, Bitcoin BTC/USD has broke out from its range-bound channel and is currently trading at $87,419. The asset has great momentum since it has dropped the distance from its peak price to barely 20%. This major break coincides with gold reaching its 55th all-time high in 12 months, implying investors are looking for other sources of value as global economic uncertainty build.
Historically, when the US High Yield Index Effective Yield increases over 8%, Bitcoin has climbed 71% of the time three months later with a median gain of 31%. Based on this information, Peterson projects Bitcoin trading between $75,000 and $138,000 in ninety days.
Not all analysts, meanwhile, see this positive picture. Historically a floor during significant corrections, Bloomberg’s Senior Commodity Strategist Mike McGlone has cautioned that Bitcoin may fall toward its 200-week simple moving average at $46,000.
Is XRP Forming a Bearish Reversal Pattern?
Technical study suggests XRP’s recent comeback of almost 30% from a four-month low of $1.61 may be fleeting. Currently trading at $2.11, XRP XRP/USD is creating an inverse-cup-and- handle (IC&H), a famous bearish reversal pattern that suggests a possible 40% decline to about $1.24.
This negative view fits the past price movement of XRP. Veteran trader Peter Brandt said in the next weeks XRP’s market valuation can decrease by half. Over 80% of XRP addresses are now in profit, according on-chain data—a statistic that has matched similar levels at past market highs before notable declines.
At about $1, the realized price of the cryptocurrency reflects a plausible downside objective and points to a possible 50% drop from present levels. Adding to worries, Polymarket’s prediction market data reveals diminishing confidence in XRP achieving a new all-time high over $3.55 before 2026 with probabilities plummeting to only 35% from peak confidence levels in March.
Dogecoin Holders Celebrate ‘DOGE Day’ Amid ETF Plans
Celebrated “Dogeday” on April 20, Dogecoin DOGE/USD holders all around honored the unofficial holiday of the Dogecoin community that first emerged four years ago. Currently valued at $23.3 billion, Dogecoin remains the eighth-largest cryptocurrency by market capitalization despite its reputation as a joke token and complaints about its inflationary tokenomics—issuing 14.4 million DOGE daily with inflation topping $2.16 million.
Author and blockchain specialist Anndy Lian says that low entrance hurdles, community-driven excitement, and speculative appeal all help to explain Dogecoin’s enduring power. Typically under $1, its inflationary supply maintains prices reasonable, which appeals psychologically to retail investors.
As the US Securities and Exchange Commission reviews multiple DOGE-related ETF proposals, the Dogecoin community is intently observing. While Bitwise’s filing could get a response on May 18, the SEC could perhaps postpone decisions until October 2024; Grayscale’s ETF proposal is expected for a response on May 21.
Top Altcoins to Watch Today
Several altcoins are showing promising technical setups as Bitcoin consolidates above $85,000:
- BNB BNB/USD is facing resistance at its downtrend line but maintaining ground, suggesting potential for a rally to $644 if it breaks above current resistance.
- Hyperliquid (HYPE) rose above the $17.35 resistance on April 19 and could rally to $21 and potentially $25 if buyers maintain momentum.
- Bittensor (TAO) ($268.20) has reached its downtrend line after breaking above moving averages, with potential to surge to $360 if this resistance is overcome.
- Render (RNDR) ($4.50) has broken out of resistance at $4.22, completing a bullish double-bottom pattern with a target of $5.94.
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