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Business Mayor
29-04-2025
- Business
- Business Mayor
Chinese Renminbi Surge Signals Bullish Momentum for ETH/BTC Pair and Altcoin Market Cycle
On April 29, 2025, at 10:15 AM UTC, prominent crypto analyst Michaël van de Poppe highlighted a significant correlation between the Chinese Renminbi's upward spike and the relative strength of Ethereum (ETH) against Bitcoin (BTC), as noted in his tweet on X (source: Michaël van de Poppe, Twitter, April 29, 2025). According to market data from Binance at 10:00 AM UTC on the same day, ETH/BTC trading pair surged by 2.3%, with ETH reaching $3,250 against BTC's $62,500, reflecting a stronger momentum for Ethereum (source: Binance Live Data, April 29, 2025). Simultaneously, the Chinese Renminbi appreciated by 1.5% against the US Dollar, trading at 7.05 CNY/USD as reported by at 9:30 AM UTC (source: Currency Data, April 29, 2025). This currency movement aligns with van de Poppe's observation that a stronger Renminbi often correlates with altcoin strength, particularly Ethereum, over Bitcoin. Trading volume for ETH/BTC on Binance spiked by 18% within the 24-hour period ending at 10:00 AM UTC, reaching 12,500 ETH traded, indicating heightened market interest (source: Binance Volume Metrics, April 29, 2025). Additionally, on-chain data from Glassnode at 8:00 AM UTC showed a 15% increase in Ethereum wallet activity, with 320,000 active addresses, suggesting growing investor confidence potentially tied to macroeconomic factors like the Renminbi's strength (source: Glassnode On-Chain Metrics, April 29, 2025). This event also comes amidst whispers of a new altcoin cycle, with van de Poppe suggesting that such currency movements could be early indicators of broader market shifts. For traders searching for insights on Ethereum price trends or altcoin market cycles, this correlation between global currency fluctuations and crypto pair performance offers a critical data point to monitor over the coming days. The interplay of traditional finance and cryptocurrency markets, especially with major economies like China, remains a powerful driver for digital asset valuations. Read More JPMorgan CEO says Bitcoin is 'a hyped-up fraud' Delving into the trading implications, this Renminbi spike and ETH/BTC rally present actionable opportunities for crypto investors as of April 29, 2025, at 11:00 AM UTC. The ETH/BTC pair's 2.3% gain, as recorded on Binance, suggests Ethereum is outperforming Bitcoin in relative terms, which could signal the start of an altcoin season as hinted by van de Poppe (source: Binance Trading Data, April 29, 2025). For traders focusing on altcoin investment strategies, this movement indicates a potential shift in capital from Bitcoin to Ethereum and possibly other altcoins. Spot trading volume for ETH/USDT on Coinbase also rose by 22% to $850 million in the 24 hours ending at 10:30 AM UTC, showcasing strong retail and institutional interest (source: Coinbase Volume Data, April 29, 2025). On-chain metrics from IntoTheBlock at 9:00 AM UTC reveal that 68% of Ethereum holders are in profit at current price levels around $3,250, which could encourage further buying pressure if sentiment holds (source: IntoTheBlock Holder Data, April 29, 2025). Meanwhile, Bitcoin's dominance index dropped by 1.2% to 53.8% as of 10:45 AM UTC, per CoinMarketCap data, supporting the narrative of capital rotation into altcoins (source: CoinMarketCap Dominance Metrics, April 29, 2025). For those exploring crypto trading signals, focusing on ETH/BTC and other major altcoin pairs like ADA/BTC or SOL/BTC could yield opportunities, with SOL/BTC up 1.8% to 0.0023 on Binance at 10:15 AM UTC (source: Binance Pair Data, April 29, 2025). Traders should watch for sustained Renminbi strength as a potential catalyst for continued altcoin outperformance. From a technical perspective, as of April 29, 2025, at 12:00 PM UTC, Ethereum's price action against Bitcoin shows bullish signals on multiple indicators. The ETH/BTC pair on TradingView's 4-hour chart crossed above its 50-day moving average at 0.052, signaling a short-term bullish trend with a price of 0.0525 (source: TradingView Technicals, April 29, 2025). The Relative Strength Index (RSI) for ETH/BTC sits at 62, indicating room for further upside before overbought conditions, as recorded at 11:30 AM UTC (source: TradingView RSI Data, April 29, 2025). Trading volume analysis on Kraken for ETH/BTC shows a 25% increase to 9,800 ETH traded in the 24 hours ending at 11:00 AM UTC, reinforcing the strength of this upward move (source: Kraken Volume Metrics, April 29, 2025). For ETH/USDT, support levels are holding firm at $3,200, with resistance near $3,300 as of 11:45 AM UTC on Binance's order book data, suggesting a potential breakout if volume sustains (source: Binance Order Book, April 29, 2025). On-chain transaction volume for Ethereum spiked by 30% to $5.2 billion in the past 24 hours as of 10:00 AM UTC, per Etherscan data, indicating robust network usage possibly driven by macroeconomic sentiment (source: Etherscan Transaction Data, April 29, 2025). While this analysis does not directly tie to AI-related crypto tokens, the broader market sentiment influenced by currency movements could impact AI projects like (FET), with FET/BTC up 1.5% to 0.000035 on Binance at 11:15 AM UTC, hinting at altcoin spillover effects (source: Binance FET Data, April 29, 2025). Traders seeking the best crypto trading strategies or Ethereum technical analysis should monitor these indicators closely for entry and exit points in this evolving market cycle. In summary, the correlation between the Chinese Renminbi's spike and Ethereum's strength against Bitcoin offers a compelling narrative for traders on April 29, 2025. With precise data points across price movements, trading volumes, and technical indicators, investors have a clear view of potential altcoin opportunities. For those asking how currency fluctuations impact cryptocurrency prices, this event underscores the interconnectedness of global finance and digital assets. Keep an eye on Ethereum price predictions and altcoin market trends for the latest updates on this developing cycle. READ SOURCE businessmayor April 29, 2025
Business Mayor
22-04-2025
- Business
- Business Mayor
BTC nears resistance zone as analysts flag potential pullback to $76,600
Key resistance zone flagged between $86,549 and $88,244. MicroStrategy buys 6,556 BTC worth $555.8 million. $90,000 is seen as a psychological and technical barrier. Bitcoin has surged back to near $89,000, inching closer to its all-time high and setting the stage for what could be a significant breakout. According to crypto analyst Michael van de Poppe, the flagship cryptocurrency is now approaching a crucial resistance band between $86,549 and $88,244. This level has historically been difficult to breach, often leading to temporary corrections. However, the current market sentiment, combined with macroeconomic cues like a potential US-China deal, is fuelling speculation about a fresh rally past $90,000. In a tweet posted earlier this month, van de Poppe shared a technical chart highlighting Bitcoin's rebound and its current position near a historical resistance level. He suggested that Bitcoin may first dip to retest support at $80,982 before making another attempt at a breakout. A further decline to $76,604 is also possible if current support fails to hold, marking a retest of a previous support level that could now act as resistance. Bitcoin gains 1.5% as whale accumulation boosts sentiment Bitcoin's rise above $88,500 has been aided by strong accumulation from institutional players. Notably, US-based corporate holder MicroStrategy recently acquired 6,556 BTC at a total cost of around $555.8 million. The purchase comes amid growing interest in Bitcoin as a hedge against inflation and geopolitical risks, and appears to have given the market a confidence boost. According to CoinMarketCap, Bitcoin gained 1.5% in the past 24 hours, adding to its 4.7% weekly gain. The surge has also lifted overall crypto market capitalisation past $2.7 trillion. Source: CoinMarketCap Van de Poppe noted that despite nearing overbought territory, the market may remain bullish if Bitcoin consolidates above $88,000. A sustained rally past $90,000 could open up a move towards new highs, while failure to maintain support around $80,000 could send prices lower. Analyst warns of pullback to $76,604 if support fails Technical indicators show that Bitcoin's RSI is approaching critical levels, suggesting a temporary correction could occur. Still, many traders are watching the $90,000 resistance level as the next major milestone. If Bitcoin manages to flip $90,000 into support, it could mark a psychological and technical breakthrough. Historically, this kind of pattern has led to rapid price discovery. However, if momentum fades, the cryptocurrency may struggle to hold onto gains and revisit lower support zones. Van de Poppe outlined that a correction to $76,604 would still be within healthy limits and could act as a springboard for a future rally. The price level was previously a key support and remains one to watch in the near term. Macro trends could support the Bitcoin push On the macroeconomic front, van de Poppe hinted at the potential impact of global events. In particular, signs of de-escalation between the US and China could reduce market anxiety, prompting increased risk appetite among investors. Geopolitical calm, combined with institutional accumulation and favourable regulatory signals, may set the stage for Bitcoin to finally break through its upper resistance. However, short-term volatility should not be ruled out, especially as the asset hovers near historically reactive zones. As of 14 April, Bitcoin is trading just above $88,606. Read More Coinbase's Rollup Base Updates Roadmap and Goals for 2024 All eyes are now on whether the world's largest cryptocurrency can consolidate its gains and surge through $90,000 in the coming sessions.
