Markets
BTC Rises to $69,000, Altcoins Stagnate Amid ETF Uncertainties
Cryptocurrency Market Analysis: The cryptocurrency market witnessed renewed buying interest over the weekend as the price of Bitcoin rebounded sharply from the $67,000 support. In the space of 48 hours, the price of BTC rose by 4.3% to currently stand at $69576.
Famous Alichart traders recently tweeted that Bitcoin whales are taking advantage of the drop. While the price of Bitcoin reached the $67,000 mark, large holders have purchased over 20,000 BTC worth $1.34 billion since yesterday. The Santiment chart shared by alichart shows increased accumulation by these holders (from 1,000 to 10,000 BTC), suggesting a potential bullish trend as whales demonstrate confidence in Bitcoin’s long-term value.
However, the altcoin market has yet to see a high-momentum recovery Ethereum ETF Issuers still must have their S-1 registration statements approved before they can begin trading. The timing for this approval is uncertain, and some analysts speculate that it could take several weeks.
Overcoming this uncertainty, Bitcoin (BTC), ONDO, and Bonk showed notable gains today, providing new long opportunities for potential buyers.
Read also: Grayscale launches new investment funds with exposure to Bitcoin Layer 2 projects
1) Cryptocurrency Market Analysis: Bitcoin (BTC)
Bitcoin (BTC) operates on a decentralized peer-to-peer network using blockchain technology, which ensures transparency and security. Bitcoin’s main appeal lies in its limited supply of 21 million coins, making it a hedge against inflation.
Bitcoin (BTC)| Tradingview
The month of May was strongly bullish for BTC price showing a 22% jump from $56,500 to $69,189. The Bitcoin market boasted $1.364 trillion, while the 24-hour trading volume was $23.16.
The formation of two higher lows indicates that market participants are focusing on accumulation during market dips. A newly drawn ascending trend line connecting the lows can provide buyers with dynamic support to prolong the recovery trend.
If the recent reversal from $67,000 persists, buyers could lead a rally towards $73,800, followed by $77,900.
Read also: Will the price of Bitcoin rise to new heights or face another crash?
2) WAVE
WAVE is a decentralized finance (DeFi) project focused on providing structured financial products that offer risk and return management solutions. It stands out by offering fixed and variable return products, responding to different risk appetites.
WAVE | Tradingview
In the last two months, the WORLD price traded sideways resonating within two horizontal levels of $1.042 and $0.69. The altcoin bounced several times within the tight range, indicating growing uncertainty among traders.
However, the altcoin has seen renewed buying interest since mid-May when the price rebounded from $0.73. The reversal of the bullish trend has caused the ONDO coin to soar by 70% in two weeks, leading it to currently trade at $1.25, while the market capitalization has jumped to $1.718 billion.
Amid this rally, buyers broke above the $1.042 resistance signaling the continuation of the prevailing uptrend. As the asset enters price discovery mode, the pivot level indicator shows potential general resistance at $1.31, followed by $1.546.
3) GOOD
BONK is a meme coin on the Solana blockchain that attracted significant attention after its launch in December 2022. Known for its unique distribution strategy, 50% of the total supply was distributed to the Solana community, including artists, developers and NFT collectors. What sets BONK apart is its community-driven approach and rapid integration into the Solana ecosystem, which boasts over 350 on-chain integrations.
BONK| Tradingview
During the recent altcoin rally, the VERY GOOD price gave a bullish breakout from the $0.00003 neckline resistance of the inverted head and shoulders pattern. In theory, the chart signals a major trend reversal as a clear transition from selling on rallies to buying on dips is visible with a new formation of higher lows.
BONK price is currently trading at $0.000035 and has a market capitalization of $2.35 billion. If the pattern holds, buyers could trigger a rally to $0.000071, indicating a potential gain of $104.
Read also: Bank Price Breaks 2-Month Consolidation Amid Market Rally, What’s Next?
Key takeaway
The US Department’s possible prolonged decision to approve the S-1 registration of the ETF issuer has triggered uncertainty in the cryptocurrency market. The price of Ethereum which fluctuates around $3700 is currently limited to the recovery of several altcoins. While the broader market is in an uptrend, cryptocurrency investors expect a renewed recovery in the near future.
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