The second-largest cryptocurrency by market capitalization is showing stronger momentum compared to the flagship asset. This observation was made by MN Trading founder Michaël van de Poppe.
The markets are waking up, and $ETH is outperforming #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) March 30, 2026
That's a good sign.
However, for clear momentum, just break through 0.03250 $BTC and I'd be very happy as then I think we'll start to see strong continuation taking place. pic.twitter.com/BwYjp5rUTB
According to him, the current situation indicates a revival in the digital asset sector. However, for Ethereum to maintain its momentum, it needs to surpass the 0.03250 level against BTC.
A breakthrough at this level could lead to a sustained upward movement.
At the time of writing, the leading altcoin is trading around $2000. Its price has dropped by 1.9% in the last 24 hours and by 6.4% over the past week.
Bitcoin is currently priced around $66,100. In the past 24 hours, it has fallen by 2.1%, and over the week, it has decreased by 6.8%.
Van de Poppe described the overall dynamics of the first cryptocurrency as weak. The analyst suggested that Bitcoin might revisit its lows in the coming weeks. He noted that the current market phase could be seen as the final stage of a bear trend.
Slight bounce earlier today, but clearly, direction is downwards instead of upwards.
— Michaël van de Poppe (@CryptoMichNL) March 30, 2026
I wouldn't be surprised if we take out the lows in the coming weeks on #Bitcoin.
Ideal moment to accumulate larger positions on your holdings as it might be the final stage of the bear. pic.twitter.com/0gDEJMQSut
Bitcoin May Find a Bottom at $54,000
The indicator of realized price, which reflects the average acquisition cost of coins on the network, suggests that Bitcoin may reach a minimum in the current market phase.
Michael Nadeau, founder of The DeFi Report, noted that during bear phases, Bitcoin traditionally trades below this level.
BTC historically trades *below* its Realized Price (a proxy for the cost basis of onchain coins) during bear markets.
— Michael Nadeau | The DeFi Report (@JustDeauIt) March 30, 2026
Furthermore, the Realized Price typically *declines* as time does its thing in a bear market (as older coins purchased at a higher price are sold at lower… pic.twitter.com/rlFGmYONAg
The realized price itself decreases over time as previously purchased assets are sold at lower prices. This metric can be used to assess potential levels of decline within the current cycle.
According to CryptoQuant analyst Axel Adler Jr., the current indicator is at $54,000. Reaching this level would indicate extreme overselling, which has often preceded reversals in past cycles.
Sales pressure is rising. If Bitcoin drops to $54K Realized Price — it goes abnormal. pic.twitter.com/xjOiEgZ9AA
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) March 31, 2026
Pressure Mounts Amid Macro Factors
Amid record pressure on traditional markets due to the conflict in the Middle East, Bitcoin and other digital assets are showing resilience. The S&P 500 has recorded its longest streak of daily declines since 2022, losing over 7% in the last 10 sessions. During the same period, the Nasdaq 100 has dropped by 5%.
The total cryptocurrency market capitalization ($2.32 trillion) has remained virtually unchanged. Since the onset of U.S. and Israeli strikes on Iran, digital gold has traded in the range of $65,000 to $73,000, selling off on each escalation but not structurally dropping lower. In contrast, stocks are forming a steady downward trend.
However, Adler Jr. warned that Bitcoin's relative resilience does not mean it is completely detached from risk assets. Although the short-term correlation between the first cryptocurrency and the S&P 500 has weakened, the dynamics of the coin against the index continue to deteriorate.
Bitcoin is not decoupling from equities. It's just getting weaker.
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) March 31, 2026
New ☕️ Adler AM 👇https://t.co/ME15XFsg8 pic.twitter.com/XIjiU25oof
“The formal correlation between Bitcoin and the S&P has now become a less reliable guide, but the relative dynamics still indicate that the market perceives Bitcoin as a higher-risk asset with greater volatility than the S&P 500,” he noted.
Until the relationship between the first cryptocurrency and the index stabilizes and begins to recover, it is premature to talk about a trend reversal, according to the analyst. This suggests that Bitcoin's current resilience may be temporary. Without an improvement in relative dynamics, a full upward reversal seems unlikely.
Recall that on March 30, digital gold dropped to $65,112, marking a low not seen since late February.