Bitcoin Climbs Above $78,000 as Risk Appetite Returns; PENGU, AERO, SEI Stand Out

Key Moments

Macro Backdrop and Market Sentiment

Bitcoin (BTC) continues its gradual rebound, trading above $78,000 at press time on Thursday, even as the market digests uncertainty linked to the US-Iran ceasefire and the ongoing struggle over control of the Strait of Hormuz.

Risk sentiment in the cryptocurrency space has been improving as the US has indefinitely lifted the deadline tied to Iran’s peace proposal. CoinMarketCap’s Fear and Greed Index registers 60, up from 41 on April 1, indicating a shift toward greater risk-taking among participants.

Short Squeeze Fuels Over $450 Million in Liquidations

The recovery in risk appetite has coincided with a sizable wave of liquidations. Over the last 24 hours, total market liquidations have reached $462 million, with $352 million originating from short positions. The data point to an aggressive short squeeze as bearish positions are forced to unwind.

PENGU: Recovery Extends as Key Levels Come Into Play

Pudgy Penguins (PENGU) is advancing for a fourth straight session this week, posting gains of more than 2% at press time on Thursday. The meme token maintains a constructive bullish tone while trading above both the 50-day and 100-day Exponential Moving Averages (EMAs), located at $0.0072 and $0.0081, respectively.

The Moving Average Convergence Divergence (MACD) histogram sits slightly above its signal line, and the Relative Strength Index (RSI) is at 65, indicating solid buying interest. However, the price is nearing an initial Fibonacci resistance area, with the 38.2% retracement positioned just overhead at $0.0086.

The immediate technical hurdle is a clear close above the 50% Fibonacci retracement at $0.0085, calculated from the downswing between $0.0137 and $0.0053. A break above that level would open room toward the 200-day EMA at $0.0112, which aligns with the 78.6% Fibonacci retracement.

On the downside, if PENGU slips under the 100-day EMA at $0.0082, the 50-day EMA at $0.0072 offers the next layer of support, with additional demand anticipated near the 23.6% Fibonacci retracement at $0.0073.

Aerodrome Finance (AERO): Consolidation After Double-Digit Surge

Aerodrome Finance (AERO) is pausing at press time on Thursday after rising 11% in the previous session. The token preserves a favorable near-term technical stance following a move back above its 50-day and 100-day EMAs, at $0.3638 and $0.4087, respectively. The price also remains above the 50% Fibonacci retracement at $0.4159, forming a support cluster that underpins the latest advance.

Momentum indicators back the constructive setup. The RSI stands at 59, while the MACD line is in positive territory and trading above its signal line, suggesting that buyers maintain control as long as the price holds above this confluence of support.

On the upside, the first notable resistance sits at the 200-day EMA at $0.5175, which forms part of a broader ceiling overhead.

On the downside, immediate support is at the 100-day EMA at $0.4087. A break beneath that level would expose the 50-day EMA at $0.3638 as the next potential floor.