Altcoins
Altcoins See Stronger Rise as BTC Holds Above $66,000
Cryptocurrency Price Analysis: Bitcoin (BTC) is trading just above $66.1k, showing resilience even as small traders liquidate their holdings, according to recent data from SantimentThis trend, where smaller wallets are offloading their BTC to larger wallets, has always been considered a positive and bullish indicator for the cryptocurrency.
Over the past week, 182.2k holders of wallets holding less than 0.1 BTC have liquidated their positions. This behavior aligns with past patterns where small wallet capitulations precede significant upward price movements. When small investors sell their assets, larger, more experienced traders typically absorb these coins, often signaling strong market sentiment and potential for price appreciation.
Santiment’s chart highlights the sharp decline in non-empty BTC wallets, the largest since the run-up to the March 14 all-time high. The 0.46% decline in holdings of wallets holding less than 0.1 BTC underscores this trend.
Read also : Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Pushes BTC to $74,000
1) Bitcoin (BTC)
Bitcoin stands out for its pioneering role in the cryptocurrency space, its robust security, and its widespread recognition as digital gold. During the first three weeks of May, Bitcoin experienced a significant uptrend, with its price rising from $65,000 to $67,168, an increase of 18.8%.
Bitcoin (BTC) | Tradingview
Despite some uncertainty over the weekend, Bitcoin has maintained its position above the $66,000 threshold, currently posting an intraday gain of 1.5%. According to CoinMarketCap, Bitcoin’s market capitalization stands at $1.324 trillion, with its trading volume surging 24% since yesterday to $22.8 billion.
If the upward momentum continues, Bitcoin Price Bitcoin could potentially break above the $67,600 barrier, paving the way for an assault on the previous high of $74,000. However, if the $67,600 resistance holds, it is possible that Bitcoin could fall back to around $60,000.
Read also : Top 3 Bitcoin Spin-Offs With 100X Potential Before June According to Expert
2) Terra Classic (LUNC)
Terra Classic (LUNC) is the original blockchain of the Terra ecosystem, known for its stablecoin platform aimed at creating a decentralized financial infrastructure. It uses a unique algorithmic mechanism to stabilize its native stablecoins, such as TerraUSD (UST).
Terra Classic (LUNC) | Tradingview
Over the past six weeks, Terra Classic (LUNC) has been exhibiting a horizontal trading pattern, characterized by several neutral candles indicating the absence of clear dominance by buyers or sellers. The daily chart reveals a consolidation pattern, fluctuating between the horizontal support level at $0.000087 and the resistance at $0.000122.
Since the last update, the Terra Classic Price The stock price is pegged at $0.000104 with a market cap of $608 million. For buyers to gain the upper hand, a break above $0.000122 is needed. Such a break could lay the foundation for a more substantial recovery, potentially pushing the price to $0.000144 and then to $0.000173.
On the downside, key support levels lie at $0.000087 and $0.00007.
Read also : Terra Luna Classic proposal is incompatible with Binance and CoinMarketCap: Top Developer
3) Floki
Floki is a cryptocurrency inspired by the popular meme coin trend, named after Elon Musk’s dog. It aims to build a vibrant community and ecosystem around its token. Its progress on promised projects like NFT marketplace and DeFi integrations is affecting investor confidence.
Floki | Tradingview
Over the past six weeks, FLOKI price has seen a robust recovery, marked by a series of higher lows that form an ascending trendline. This upward move propelled the asset from $0.00011 to $0.000198, representing a 78% increase.
However, as Bitcoin price stabilizes around $66,000, the meme coin has seen a slight decline over the past week. If selling pressure intensifies, FLOKI price could drop 10% to retest the ascending support trendline at $0.00017.
Sustaining the price above this level is crucial for buyers to initiate a recovery surge, potentially pushing the price above $0.00026.
Key takeaways
The cryptocurrency market started the new week on a positive note, with Bitcoin demonstrating its resilience by maintaining a price above the $66,000 mark. Last week’s uncertainty was alleviated by a period of consolidation as market participants gained strength, paving the way for further bullish momentum. If Bitcoin can hold its current support level, it could serve as a catalyst for broader market gains, encouraging investors to re-enter the market with renewed confidence.
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