Markets
Altcoins see rally as BTC holds strong above $66,000
Crypto Price Analysis: Bitcoin (BTC) has been trading just above $66,100, showing resilience even as small traders liquidate their holdings, according to recent data from Sanction. This trend, where small wallets transfer their BTC to larger wallets, has historically been seen as a positive and bullish indicator for the cryptocurrency.
Last week, a notable 182.2K holders with wallets containing less than 0.1 BTC liquidated their positions. This behavior is in line with previous patterns, where small portfolio capitulations precede significant upward price movements. As smaller investors sell their assets, larger, more experienced traders typically absorb these coins, often signaling strong market confidence and potential for price appreciation.
Santiment’s chart highlights the sharp decline in non-empty BTC wallets, the steepest since the period leading up to the all-time high on March 14. The 0.46% drop in wallets with less than 0.1 BTC highlights this trend.
Read too: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC High to $74K
1) Bitcoin (BTC)
Bitcoin stands out for its pioneering role in the cryptocurrency space, its robust security, and its widespread recognition as digital gold. In the first three weeks of May, Bitcoin saw a significant uptrend, with its price rising from $65,000 to $67,168, marking an 18.8% increase.
Bitcoin (BTC) | Trading view
Despite some uncertainty last weekend, Bitcoin maintained its position above the $66,000 threshold, currently showing an intraday gain of 1.5%. According to CoinMarketCap, Bitcoin’s market capitalization is $1.324 trillion, with its trading volume increasing 24% since yesterday, reaching $22.8 billion.
If the bullish momentum continues, Bitcoin Price it could potentially breach the $67,600 barrier, setting the stage for an attack on the previous high of $74,000. However, if the $67,600 resistance persists, there is a possibility that Bitcoin could fall back to around $60,000.
Read too: Expert’s Top 3 Bitcoin Spinoffs With 100x Potential Before June
2) Terra Clássico (LUNCH)
Classic Earth (LUNC) is the original blockchain of the Terra ecosystem, known for its stablecoin platform that aims to create a decentralized financial infrastructure. It uses a unique algorithmic mechanism to stabilize its native stablecoins such as TerraUSD (UST).
Classic Land (LUNCH)| Trading view
Over the past six weeks, Terra Classic (LUNC) has exhibited a horizontal trading pattern, characterized by several neutral candles, indicating no clear dominance of buyers or sellers. The daily chart reveals a consolidation pattern, fluctuating between the horizontal support level at $0.000087 and resistance at $0.000122.
As of the last update, the Terra Classic Price is at US$0.000104 with a market value of US$608 million. For buyers to take the lead, a break above $0.000122 is needed. Such a breakout could lay the foundation for a more substantial rally, potentially pushing the price to $0.000144 and then $0.000173.
On the downside, key support levels are at $0.000087 and $0.00007.
Read too: Terra Luna Classic Proposal Is Inconsistent with Binance, CoinMarketCap: Lead Developer
3) Floki
Floki is a cryptocurrency inspired by the popular meme coin trend, named after Elon Musk’s dog. The goal is to create a vibrant community and ecosystem around your token. Its progress on promised projects like the NFT marketplace and DeFi integrations affects investor confidence.
Floki | Trading view
Over the past six weeks, FLOKI price has demonstrated a robust recovery, marked by a series of higher lows that form an ascending trendline. This upward movement boosted the asset from $0.00011 to $0.000198, representing a 78% increase.
However, with the price of Bitcoin stabilizing around $66,000, this meme coin saw a slight decline last week. If selling pressure intensifies, FLOKI price could drop 10% to retest the ascending support trendline at $0.00017.
Maintaining the price above this level is crucial for buyers to initiate a recovery bounce, potentially pushing the price above $0.00026.
Main advantage
The crypto market started the new week on a positive note, with Bitcoin demonstrating its resilience by sustaining a price above the $66,000 mark. Last week’s uncertainty was mitigated by a period of consolidation as market participants gained strength, setting the stage for renewed bullish momentum. If Bitcoin manages to maintain 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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