Crypto Market Analysis: The crypto market saw renewed buying interest over the weekend as Bitcoin price rebounded sharply from $67,000 support. Within 48 hours, the BTC price has risen by 4.3% to currently trade at $69576.
Well-known trader alicharts recently tweeted that Bitcoin whales are grabbing the dip. As the Bitcoin price visited the $67,000 mark, major holders bought 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 bullish trend as whales show confidence in Bitcoin’s long-term value.
However, the altcoin market has yet to regain high momentum as Ethereum ETF issuers have yet to approve their S-1 registration statements before they can start trading. The timeline for this approval is uncertain, and some analysts speculate that it could take several weeks.
Surpassing this uncertainty, Bitcoin (BTC), ONDO and Bonk have shown notable gains today, providing new long opportunities for potential buyers.
Also Read: Grayscale Launches New Investment Trusts 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 primary appeal lies in its limited supply of 21 million coins, making it a hedge against inflation.
The month of May was strongly bullish for BTC price showing a jump of 22% from $56500 to $69189. Bitcoin’s market cap boasted $1.364 trillion, while the 24-hour trading volume was $23.16.
The formation of two higher lows indicates that the market participants are focusing on accumulating during market declines. A new rising trendline connecting the lows could favor the buyers with dynamic support to extend the recovery trend.
If the recent reversal from $67,000 continues, the buyers could achieve a rally to $73800, followed by $77900.
Also Read: Will Bitcoin Price Rise to New Highs or Face Another Slump?
2) ONDO
ONDO is a decentralized finance project (DeFi) focused on providing structured financial products that offer return and risk management solutions. It stands out by offering both fixed and variable return products, catering to different risk appetites.
Over the past two months, the ONDO price has traded sideways, resonating within two horizontal levels of $1.042 and $0.69. The altcoin has bounced back several times within the narrow range formation indicating increasing uncertainty among traders.
However, the altcoin has seen renewed buying interest since mid-May, as the price rebounded from $0.73. The bullish reversal saw the ONDO coin rise 70% in two weeks to currently trade at $1.25, while the market cap rose to $1.718 billion.
Amidst this rally, the buyers breached the $1,042 resistance indicating 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) BONK
BONK is a meme coin on the Solana blockchain that gained significant attention after its launch in December 2022. Known for its unique distribution strategy, 50% of the total supply goes to the Solana community, including artists, developers and NFT- collectors, thrown out of the air. What sets BONK apart is its community-driven approach and rapid integration into the Solana ecosystem, which boasts over 350 on-chain integrations.
Amidst the recent altcoin rally, the BONK price gave a bullish breakout from the $0.00003 neckline resistance of inverse head and shoulders pattern. In theory, the chart indicates a major trend reversal as a clear transition from selling on rallies to buying on declines is visible with a new higher low forming.
The BONK price currently trades at $0.000035 and holds a market cap of $2.35 billion. If the pattern holds true, the buyers could ride a rally to $0.000071 indicating a potential profit of $104.
Also Read: Bonk Price Breaks 2-Month Consolidation Amid Market Rally, What’s Next?
Key takeaways
The possible lengthy decision of US Sec to pass S-1 registration of the ETF issuer has caused uncertainty in the crypto market. The Ethereum price hovering around $3700 is currently limited to the recovery for several altcoins. While the broader market is in an upward trend, crypto investors expect a renewed recovery in the near future.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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