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Crypto market predicts a bullish turnaround
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A new week has begun, but crypto markets appear to be doing the same thing they have done in recent weeks – consolidate. However, this week will likely bring new opportunities as Bitcoin begins to show signs of revival.
Bitcoin Outlook Remains Unchanged
The price of Bitcoin (BTC) has been slowly falling and is currently trading at $63,000. This consolidation has been underway for almost two months. After the May 1 correction, BTC should have seen a positive increase in buying pressure, but it failed to sustain. Since that drop, the pioneering crypto has set a higher high at $65,540 and a higher low at $60,111, indicating a potential shift in the market structure favoring bulls.
In the future, investors can expect the Bitcoin price to rise further and retest the trendline connecting the all-time high (ATH) of $73,949 and subsequent lower highs. If BTC can overcome this declining resistance level, the chances of it resuming the rally will increase exponentially.
BTC/USDT 1-Day Chart
With Bitcoin showing signs of a potential bullish reversal, its ripple effect could also cause altcoins to break out of consolidation. In addition to BTC’s positive outlook, there are two important macroeconomic events this week that could add volatility to the mix.
Macroeconomic events this week
- May 14 – Speech by Fed Chairman Jerome Powell at 2pm GMT
- May 15 – US CPI inflation report at 12:30 GMT
Crypto Token Unlocks This Week
This week we will see altcoins worth $1.2 billion flooding the crypto markets. Here are the top three unlocks:
- May 15 – Aevo (AEVO) – US$961 million
- May 16 – Arbitrum (ARB) – US$92 million
- May 15 – Stark (STRK) – US$77 million
While token unlocks are generally bearish, one or all of the three altcoins could see an increase in buying pressure before the unlock. This development could lead to a news sell-off event for the underlying token, where the altcoin reverses the uptrend.
Stark’s STRK token could see a bullish rally as it is retesting the declining trendline following a breakout on May 2. Stark price could see a 25% to 45% rally that retests the $1.483 and $1.749 barriers.
STRK/USDT 12-hour chart
3 main readings:
Bitcoin price retests $60,600, erasing Thursday’s gains in American session
Ethereum Falls Briefly, JP Morgan Sees ETH ETF Approval in Spot Despite Recent Warning from Wells
XRP Falls Below $0.50 Support as Ripple, SEC Set to File Letters to Seal Motions and Evidence
Top 3 altcoin reads:
Could Worldcoin Price Rise 45% Ahead of OpenAI Live Stream on Monday?
Pepe Price Poised for 25% Rally as PEPE Bulls Ignore Friday’s Correction
Dogecoin Dilemma Offers Day Traders Opportunity to Scalp DOGE
A new week has begun, but crypto markets appear to be doing the same thing they have done in recent weeks – consolidate. However, this week will likely bring new opportunities as Bitcoin begins to show signs of revival.
Bitcoin Outlook Remains Unchanged
The price of Bitcoin (BTC) has been slowly falling and is currently trading at $63,000. This consolidation has been underway for almost two months. After the May 1 correction, BTC should have seen a positive increase in buying pressure, but it failed to sustain. Since that drop, the pioneering crypto has set a higher high at $65,540 and a higher low at $60,111, indicating a potential shift in market structure favoring bulls.
In the future, investors can expect the Bitcoin price to rise further and retest the trendline connecting the all-time high (ATH) of $73,949 and subsequent lower highs. If BTC can overcome this declining resistance level, the chances of it resuming the rally will increase exponentially.
BTC/USDT 1-Day Chart
With Bitcoin showing signs of a potential bullish reversal, its ripple effect could also cause altcoins to break out of consolidation. In addition to BTC’s positive outlook, there are two important macroeconomic events this week that could add volatility to the mix.
Macroeconomic events this week
- May 14 – Speech by Fed Chairman Jerome Powell at 2pm GMT
- May 15 – US CPI inflation report at 12:30 GMT
Crypto Token Unlocks This Week
This week we will see altcoins worth $1.2 billion flooding the crypto markets. Here are the top three unlocks:
- May 15 – Aevo (AEVO) – US$961 million
- May 16 – Arbitrum (ARB) – US$92 million
- May 15 – Stark (STRK) – US$77 million
While token unlocks are generally bearish, one or all of the three altcoins could see an increase in buying pressure before the unlock. This development could lead to a news sell-off event for the underlying token, where the altcoin reverses the uptrend.
Stark’s STRK token could see a bullish rally as it is retesting the declining trendline following a breakout on May 2. Stark price could see a 25% to 45% rally that retests the $1.483 and $1.749 barriers.
STRK/USDT 12-hour chart
3 main readings:
Bitcoin price retests $60,600, erasing Thursday’s gains in American session
Ethereum Falls Briefly, JP Morgan Sees ETH ETF Approval in Spot Despite Recent Warning from Wells
XRP Falls Below $0.50 Support as Ripple, SEC Set to File Letters to Seal Motions and Evidence
Top 3 altcoin reads:
Could Worldcoin Price Rise 45% Ahead of OpenAI Live Stream on Monday?
Pepe Price Poised for 25% Rally as PEPE Bulls Ignore Friday’s Correction
Dogecoin Dilemma Offers Day Traders Opportunity to Scalp DOGE