BTC jumps 2% with Floki and Kaspa among the top gainers

Cryptocurrency Price Prediction: The cryptocurrency market has been reeling in uncertainty in the aftermath Bitcoin price consolidation for almost two weeks. The daily projection of neutral candles accentuates the lack of initiation by bulls or bears.

However, the leading digital asset saw a notable increase in odds on Monday, led by positive market sentiment towards spot Bitcoin ETF start trading tomorrow in Australia. Today, BTC price increased by 2% and led most major altcoins into a relief rally.

Among the recent jumps, canine meme Floki and Kaspa have emerged among the biggest gainers, attracting momentum buyers to the market.

Read also: 5 Major Catalysts That Could Push Bitcoin Price to $150,000

1. Bitcoin (BTC)

Bitcoin (BTC) is the pioneering cryptocurrency that operates on a decentralized network using blockchain technology to enable peer-to-peer transactions without intermediaries.

Bitcoin (BTC)| Tradingview

Over the past two weeks, Bitcoin has remained stable around $69,000, thanks to a strong demand zone between $66,900 and $68,900, according to crypto analytics firm IntoTheBlock. Over two million addresses accumulated a total of 1.1 million BTC in this interval, highlighting significant interest and activity among traders.

An analysis of the daily chart shows the Bitcoin the price is developing a bullish pennant pattern. The coin price resonating within two converging trend lines should regain buying momentum and release it with the breakout of the trend line above.

At the time of writing, Bitcoin’s price stood at $68,949, while the market capitalization boasted $1.358 trillion.

The potential breakout will provide buyers with adequate support to lead the recovery to $75,000, followed by an extended rally to $88,000.

Read also: Bitcoin News: Developers Discuss Major BTC Network Update for New Use Cases

2) Floki

Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog named Floki. It aims to create a vibrant ecosystem that combines meme culture with real utility. As the market recovered today, FLOKI price increased by 15% to currently sit at $0.000267.

Floki| Tradingview

According to data from CoinMarketCap, FLOKI coin has a market capitalization of $2.7, while the formation volume has increased by 127% since yesterday. This rally managed to recover a notable $0.000267 price level, providing buyers with adequate support to challenge the $0.000313 high again.

A potential breakout will accelerate the buying momentum and push the price FLOKI price above the all-time high of $0.0003437. With assets poised to enter price discovery mode, the traditional pivot level indicates the general bid at $0.000041, followed by $0.00005.

Read also: FLOKI Price Rises 5% As 7 Billion Coins Accumulate, Will Price Maintain Momentum?

3) Kaspa (KAS)

Kaspa (KAS) is a cryptocurrency project focused on providing a high-performance, scalable and secure blockchain platform. Kaspa’s defining feature is its use of the GhostDAG protocol, which enables faster block times and higher transaction throughput than traditional blockchains.

Kaspa (KAS)

Since the beginning of May, the KAS coin has seen a notable recovery bringing its price from $0.1 to $0.149, registering a growth of 48%. Furthermore, the market capitalization rose to $3.552 billion.

An analysis of the daily chart shows the formation of an inverted head and shoulder, with the altcoin currently challenging its neckline at $0.15. A potential breakout of this barrier would signal a major shift in the trend reversal, prompting buyers to chase potential targets at $0.19, followed by $0.22.

Take away

The ongoing consolidation in the cryptocurrency market is expected to come to an end as Bitcoin nears a decisive breakout. Under the influence of a bullish continuation pattern, the pennant, BTC price may recover its exhausted bullish momentum and resume the prevailing uptrend.

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