Markets
Will Bitcoin Recover $70,000 This Weekend?
Crypto Market Analysis: Top cryptocurrency Bitcoin is currently trading at $67,261 with a gain of 1.48% in 24 hours. The rise BTC Price not projecting signs of oversupply indicates that buyers could drive a higher recovery. Likewise, the altcoin market is riding this momentum, indicating that the post-halving recovery is gradually gaining momentum.
The latest data from Sanction, a leading crypto analysis firm, reveals a significant shift in market sentiment towards Bitcoin (BTC) and Chainlink (LINK). According to Santiment’s recent analysis, crowd sentiment has turned bullish for Bitcoin following its unexpected rise above $66,000 on Wednesday, with the price now surpassing $67,200.
Furthermore, Chainlink also saw a notable increase in positive sentiment. Santiment reports that LINK bullish sentiment has reached its highest level in over a year, driven by a 17% jump in price in 24 hours. This increase has sparked renewed interest and optimism among traders and investors.
Read too: Spot Bitcoin ETFs net $1.3 billion in May, reversing $344 million outflows from April
1) Crypto Market Analysis – Bitcoin (BTC)
Launched in 2009, Bitcoin operates on a decentralized peer-to-peer network, allowing users to transact directly, without intermediaries. Over the past three weeks, BTC has shown a renewed recovery trend, with the price jumping from $56,000 to $67,322, recording 19% growth.
The recovery supported by an increase in trading volume and the development of a lower formation indicates that market sentiment is shifting towards buying dips. Bitcoin it currently holds a market value of US$1.32 trillion, while trading volume has plummeted 21% to reach US$24.6 billion.
Amid the recent price surge, BTC price decisively broke out of the wedge pattern that carried the last correction. The asset rising for two convective days indicates a suitable follow-up to the recent breakout, signaling the potential rally to $73,800.
Read too: Bitcoin supply on exchanges falls as bullish pressure builds
2) Cardano (ADA)
Cardano is a third-generation blockchain platform that aims to provide a more secure and scalable infrastructure for the development of decentralized applications (dApps) and smart contracts.
O ADA Price rising for four consecutive days shows a price increase from $0.426 to $0.48, representing a growth of 13.5%. This rebound past the last high resistance at $0.476 indicates a change in market dynamics and provides buyers with adequate support to lead a higher rally.
To date, the Cardano coin was worth US$17.6 billion, maintaining its position as the tenth largest cryptocurrency.
If the breakout holds, buyers could drive a rally to $0.52, followed by $0.56.
Read too: Cardano Addresses $2.7B ADA Breakeven as ADA/BTC Bottoms
3) Chain link (LINK)
Chain link is a decentralized oracle network that connects smart contracts with real-world data, APIs, and payment systems, enabling smart contracts to interact with external data sources in a secure and reliable way.
Chainlink coin has outperformed several major altcoins this week with its notable rally from $12.8 to $16.14 and active whale accumulation. With weekly growth of 20%, the LINK Price made a decisive break of the $16 record, offering buyers the next springboard to prolong the recovery.
The 0.27% drop today will also validate sustainability above the broken resistance, which could pave an asset recovery to $20.7, followed by $22.8.
Read too: Chainlink Price Analysis: LINK Whale Accumulation Positions for $20 Breakout
Main advantage
The cryptocurrency market is gradually returning to a recovery sentiment, led by Bitcoin’s recent rally past the $67,200 mark. Renewed buying interest in Bitcoin ETFs contributed significantly to this rally, with $222 million recorded on May 17. Although the post-halving recovery has not yet begun, potential investors can take advantage of this opportunity to acquire their favorite digital assets.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a close eye on the daily price movements of the main assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.