Crypto Technical Analysis: A Neutral Bias Begins to Gain Relevance Even in Bitcoin

With the close of April, the behavior of major cryptocurrencies has started to be defined by a phase of weakness and indecision, which is once again becoming more relevant in the short term.

Demand has failed to stabilize consistently, and this is reflected even in Bitcoin, which as the market benchmark has begun to show indecisive price action, once again moving away from the key $80,000 per BTC level.

Overall, the market has not managed to close the week with a positive tone, and unless more decisive moves emerge, this dynamic of indecision and weakness may continue to dominate in the coming sessions, with major cryptocurrencies still unable to break through key technical levels.

Performance of major cryptocurrencies

Source: Data - StoneX, Tradingview

• The only cryptocurrency that managed to close the week in positive territory was Dogecoin, with a gain of +6.72%, positioning itself as the only major asset showing strength in the short term. In contrast, Ripple was the most affected, with a decline of -5.08%, reinforcing the weakness already seen in previous weeks.
   

• Looking at the last ten weeks, the market shows a mixed performance, with both positive and negative variations across assets. Ethereum, as the second-largest cryptocurrency, has managed to post a +14.24% gain over this period, positioning itself as one of the most stable assets in the medium term. Meanwhile, Cardano continues to show weakness, with a -13.71% decline, reflecting its lack of recovery in recent weeks.
   

• However, on a year-to-date basis, the overall market performance remains negative, indicating that cryptocurrencies have yet to recover their 2026 opening levels. In this context, Solana remains one of the most affected assets, with a decline of -33.14%, while Bitcoin shows a relatively smaller drop of -12.98%.
   

• Bitcoin, as the market benchmark, has once again shown consistent weakness in the short term, failing to reclaim the $80,000 level and maintaining relatively limited price fluctuations, which reflects ongoing indecision in its behavior.
   

• Overall, the market continues to show broad-based weakness, with most cryptocurrencies closing in negative territory and only isolated cases showing recovery. This lack of alignment across the market reinforces the idea that neutrality may continue to dominate in the coming sessions.

Color scale from red to green – Red for negative correlations and green for positive correlations

Source: Data - StoneX, Tradingview

From a correlation perspective, the loss of synchronization between cryptocurrencies has become increasingly evident. Currently, only Litecoin maintains a correlation coefficient above 0.8 with Bitcoin, while the rest of the market shows levels closer to 0.5, indicating a reduction in alignment of movements.

This shift suggests that the market is no longer fully synchronized, showing divergent behavior where some cryptocurrencies manage to recover, but without this being reflected across the entire market.

Additionally, Bitcoin appears to be losing part of its role as the primary market driver in the short term, as it has failed to establish consistent demand. This may lead to an environment where mixed price movements become more frequent.

In this context, the lack of strong demand remains a key factor, and this phase of indecision is likely to continue being relevant in the coming trading sessions.

 

Bitcoin attempts to sustain recovery

Source: StoneX, Tradingview

Although in previous weeks Bitcoin attempted to break a long-term bearish trendline, the recovery has not been strong enough to confirm a clear bullish move.

On the daily chart, a phase of neutrality remains, suggesting that if buying pressure fails to stabilize, the market could evolve into a more defined sideways range in the short term.

Indicators:

• At present, both the MACD and RSI are hovering near their neutral levels (0 for MACD and 50 for RSI). This indicates that short-term momentum and moving average strength reflect a balance between buying and selling forces, reinforcing the lack of clear direction in the market.

Key levels:

• 79,200 USD – Key resistance: A zone of recent highs that stands as the main upside barrier. A strong breakout above this level could confirm the end of the previous bearish trend and support a more dominant bullish bias.
   
• 72,400 USD – Near-term barrier: A key neutral level aligned with the 50-period moving average. Price action around this level could extend the current phase of indecision and consolidate a sideways range in the short term.
   
• 65,670 USD – Key support: A zone of relevant lows that acts as the main downside barrier. Moves toward this level could reactivate the dominant bearish trend observed since early 2026.

 

Dogecoin stands out as the only stable cryptocurrency of the week

Source: StoneX, Tradingview

Dogecoin was not only the only cryptocurrency to close the week in positive territory, but it also stands out as the asset attempting to once again challenge the relevant sideways range that has dominated price action in recent weeks.

In this context, if buying pressure remains consistent in the short term, it could support the development of a more relevant bullish bias on the daily chart in the coming sessions.

Indicators:

• At present, both the RSI and the MACD histogram are showing bullish movements above their neutral levels, suggesting that market momentum and moving average strength are once again becoming dominant. If this behavior continues, it could reinforce a stronger bullish bias in the short term.

Key levels:

• 12.67 – Key resistance: A level of recent highs aligned with the 200-period moving average. Price action reaching this level could not only break the recent range of neutrality but also open the door for the formation of a short-term bullish trendline.
   
• 11.32 – Near-term barrier: A resistance level corresponding to the upper boundary of the sideways channel. A breakout above this level could reinforce a dominant bullish bias in the coming sessions.
   
• 8.94 – Key support: A level aligned with recent lows and the 50-period moving average. Moves toward this area could reinforce market indecision and extend the sideways range in the coming weeks.
   

Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25