Why Bitcoin and Altcoins Like Pepe, EOS, Bonk, and Fartcoin Are Going Up (Sort of…)

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Well, would you look at that? The crypto market has crawled back a little on April 1st, like a zombie trying to remember where it left its legs. Investors, in their infinite wisdom (or desperate panic), bought the dip after what can only be described as a quarter-long roller coaster ride where Bitcoin and Ethereum plummeted by 12% and 45%, respectively. It’s like watching a very expensive bouncy ball, except the ball is on fire and the ground is made of concrete.

Bitcoin (BTC), in all its glory, has managed to claw its way up to a modest $84,000. Meanwhile, the likes of Pepe (PEPE), EOS (EOS), Bonk (BONK), and the ever-reliable Fartcoin (FARTCOIN) saw gains of over 5% in the past 24 hours. Someone, somewhere, must be shaking their head in disbelief. Total trading volume across exchanges has risen by 18%—because, apparently, buying and selling digital magic beans is what the cool kids are doing these days.

Now, if you’re wondering why this rebound happened while U.S. stock index futures are off galloping in the wrong direction (down by 250 points for the Dow, and a nice, healthy 0.50% dip for the Nasdaq 100 and S&P 500), then you’ve got some real detective work to do. A possible explanation is that BTC and ETH balances on exchanges have been declining, signaling that the great masses of people who sell their crypto might finally be taking a break. Go on, take a nap, it’s fine.

According to the all-knowing CoinGlass data, there were 2.2 million BTC on exchanges, down from 2.25 million in March. Ethereum, ever the diva, saw its balances slip to 14.5 million— the lowest point in years. Don’t worry, it’s not you, it’s them.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

BTC and Altcoin Rebound: Is This a “Dead Cat Bounce”? Or Just a Cat With Too Much Pride?

Ah, but here comes the fun part. Could this be a dead cat bounce? Yes, and no, and maybe. The term ‘dead cat bounce’ refers to a brief period where an asset in a downtrend experiences a tiny, desperate recovery before diving back into the abyss. Think of it like the cat being thrown off the roof: It’s a bounce, but not the kind of bounce anyone should bet on. (Some also call it a “bull trap.”)

Now, why does this cat-bounce theory have so many fans? Well, it’s because of a few looming risks. For starters, we’ve got Donald Trump’s “Liberation Day” coming up on Wednesday. It’s expected that he’ll announce sweeping tariffs aimed at raising funds for tax cuts and making America’s manufacturing industry “great again.” Because nothing says stability like tariffs, right?

Other countries, especially in the European Union, have made it clear they’ll retaliate. This could lead to a trade war, which might drive inflation higher and force the Federal Reserve to rethink its plans for cutting interest rates. It’s the sort of scenario where the crypto market could think, “You know what, maybe we’ll just take a nap again.”

Bitcoin Price: Technical Analysis Says “Brace for Impact”

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

If the idea of a “dead cat bounce” still seems too cheery for you, let’s talk about the technicals. In the world of cryptocurrency, the chart doesn’t lie—though it does like to tell the occasional fib. Bitcoin is still flashing bearish signals, which basically means it’s been hanging out below the 50-day moving average like a sad, forgotten plant. Bears are still in control, and it’s looking like a bear party that no one invited Bitcoin to.

Not only that, but Bitcoin has also fallen below the key resistance level at $89,156, a level that was supposed to be the magical gatekeeper between good times and bad. So much for that. It’s even completed a break-and-retest pattern (sounds technical, doesn’t it?) by briefly testing that neckline and deciding it wasn’t interested in passing go. Honestly, Bitcoin might just give up and retest last month’s low of $76,485. We’re just saying, the signs are there.

As long as Bitcoin stays below that pesky resistance at $95,000, there’s a strong chance it’s going to keep on this downward spiral, and altcoins like Pepe, EOS, Bonk, and yes, even Fartcoin, are likely to follow suit. Because why not? If Bitcoin is going down, it might as well take the whole family with it, right?

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2025-04-01 16:19