Markets
BTC Rises to $69K, Altcoins Stall Amid ETF Uncertainties
Crypto Market Analysis: The crypto market witnessed renewed buying interest over the weekend as Bitcoin price rebounded sharply from $67,000 support. In 48 hours, the price of BTC jumped 4.3%, currently trading at US$69,576.
Renowned traders Alicharts recently tweeted that Bitcoin whales are taking advantage of the dip. As the price of Bitcoin reached the $67,000 mark, large holders purchased more than 20,000 BTC worth $1.34 billion since yesterday. The Santiment chart shared by alicharts shows increased accumulation by these holders (1,000 to 10,000 BTC), suggesting a potential uptrend as whales demonstrate confidence in Bitcoin’s long-term value.
However, the altcoin market has yet to see a major momentum recovery as Ethereum ETF issuers have not yet had their S-1 registration statements approved before they can begin trading. The timeline for this approval is uncertain and some analysts speculate it could take several weeks.
Overcoming this uncertainty, Bitcoin (BTC), ONDO, and Bonk showed notable gains today, offering new long opportunities for potential buyers.
Read too: Grayscale launches new investment funds with exposure to Bitcoin Layer 2 projects
1) Crypto 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) | Trading view
The month of May was strongly optimistic 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 on market dips. A new ascending trendline drawn connecting the lows could provide buyers with dynamic support to prolong the recovery trend.
If the recent reversal from $67,000 holds, buyers could drive a rally to $73,800, followed by $77,900.
Read too: Will Bitcoin Price Reach New Highs or Face Another Crash?
2) ONDO
WHERE is a decentralized finance (DeFi) project focused on providing structured financial products that offer yield and risk management solutions. It stands out for offering fixed and variable income products, meeting different risk appetites.
WHERE| Trading view
In the last two months, the ONDO Price traded sideways, resonating within two horizontal levels of $1.042 and $0.69. The altcoin has recovered several times within the narrow range, indicating growing uncertainty among traders.
However, the altcoin witnessed renewed buying interest from mid-May when the price recovered to $0.73. The bullish turnaround has boosted the ONDO coin by 70% in two weeks to currently trade at $1.25 while the market cap has jumped to $1.718 billion.
Amid this rally, buyers broke the $1,042 resistance, signaling the continuation of the prevailing uptrend. As the asset enters price discovery mode, the pivot level indicator shows potential overhead resistance at $1.31, followed by $1.546.
3) BEAUTIFUL
BONADO is a meme coin on the Solana blockchain that gained significant attention after its launch in December 2021. Known for its unique distribution strategy, 50% of the total supply was sent 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, boasting over 350 on-chain integrations.
BONICO | Trading view
Amid the recent rise in altcoins, the BONK Price made a bullish breakout of 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 higher low formation.
BONK price is currently trading at $0.000035 and has a market cap of $2.35 billion. If the pattern holds, buyers could rise to $0.000071, indicating a potential gain of $104.
Read too: Bonk Price Breaks 2-Month Consolidation Amid Market Recovery, What’s Next?
Main advantage
The US SEC’s possible prolonged decision to approve the ETF issuer’s S-1 registration has sparked uncertainty in the crypto market. Ethereum price hovering around $3,700 is currently limited to the recovery of several altcoins. Although the broader market is in an uptrend, crypto investors are hoping for a renewed recovery in the near future.
Related articles