The cryptocurrency market entered June on a bullish note following the Bitcoin price recovery from $67,000. The five-day rally lifted the asset from two-week consolidations to hit areas above $70,000, reinforcing renewed recovery sentiment in the altcoin market.
In a recent analysis by Axel Adler Jr. of CryptoQuant, BTC’s recent sideways trend or low volatility move was probably the calm before the storm. The tweet emphasized “The end of the low volatility period can be followed by a strong price movement, it can be concluded that the market is forming a new bullish trend.”
Low volatility – the calm before the storm?
“The end of the low volatility period can be followed by a strong price movement, it can be concluded that the market is forming a new bullish trend.” – By @AxelAdlerJr
Read more 👇https://t.co/ysxrCbKnrN pic.twitter.com/UNK5VwR1fy
— CryptoQuant.com (@cryptoquant_com) June 4, 2024
Thus, the market may begin a post-consolidation rally during which assets such as Bitcoin (BTC), Chainlink (LINK) and ORDI may provide suitable entry opportunities.
Furthermore, with more countries such as America and Thailand launching their first spot BTC ETFs, global adoption and inflows are positive for Bitcoin, with the larger crypto market poised to increase.
Also Read: Crypto Prices Today June 5: Bitcoin Breaches $71K, Altcoins ETH, SOL, and Other Imitation Pump
1. Bitcoin (BTC) Price
The leading digital currency Bitcoin has experienced remarkable uncertainty over the past two weeks, evidenced by its consolidation within a triangle structure. The two converging trend lines as active resistance and support narrowed the price spread in BTC to restore its bullish momentum.
So, with BTC seeing an increasing inflow into spot ETFs, the coin price jumped from $65970 to $70951 to record a jump of 5% in the past three days. The current data from Coinmarketcap shows Bitcoin’s market capitalization at $1.396 trillion, while the 24-hour volume jumped 30% to $37.6 billion, reinforcing the bullish momentum.
WuBlockchain reports a remarkable influx into Bitcoin spot ETFs, with a record $887 million on June 4, marking the second highest in history. Key contributors were the Fidelity Bitcoin ETF with $379 million, BlackRock’s IBIT with $274 million, and Grayscale’s GBTC with $28.1957 million.
Break: Bitcoin spot ETFs had a total net inflow of $887 million on June 4, the second highest one-day net inflow in history. Grayscale ETF GBTC had inflows of $28.1957 million, Fidelity ETF FBTC had inflows of $379 million, and BlackRock ETF IBIT had inflows of $274… pic.twitter.com/rH6EwiGZ4a
— Wu Blockchain (@WuBlockchain) June 5, 2024
This rise, which increased the total asset value to $61.46 billion, reflects strong investor confidence in Bitcoin as a viable investment.
If the pattern holds, the Bitcoin price forecast indicates a potential target of $75,000, followed by an extended rally to $88,000.
Also Read: Bitcoin At $72K Sets $1.5B Liquidation Cascade, Willy Woo Predicts What’s Next
2. Chain link (LINK)
LINK, the native cryptocurrency of the decentralized oracle network Chainlink, entered a rapid recovery momentum in mid-May after its reversal from $12.8. The bullish reversal lifted the stock 49.5% to $19.2 before returning for a minor correction.
Amid the recent uncertainty in the market, Chainlink fell 9% from its previous peak to seek support at $17.5. The 23.6% Fibonacci retracement level prevents future declines in LINK price.
In addition, a leading crypto analysis firm Santiment reported that Chainlink (LINK) was highlighted as the most actively developed cryptocurrency project in the field of real assets.
🧑💻 Here are crypto’s top #RealWorldAssets by development. This list is compiled by counting any non-redundant github activity, and averaging this daily activity over the past 30 days. Chainlink still sits atop the throne as the most developed coin in this sector, with Maker, … pic.twitter.com/17ARcHD2p0
— Santiment (@santimentfeed) June 4, 2024
This evaluation is based on non-redundant GitHub activity over the past 30 days, demonstrating Chainlink’s commitment to innovation and constant improvement with a significant development activity score of 428.83.
With renewed buying interest in the market, the LINK price forecast indicates a flip of $19 resistance into suitable support and chases potential targets of $20.7 and $22.8.
3. ORDER
Ordinals Protocol is a recent innovation that embeds non-fungible tokens (NFTs) directly into individual satoshis on the Bitcoin network. This approach leverages the security and widespread adoption of the Bitcoin blockchain to store and transmit digital artifacts such as images, texts, and other forms of media as unique digital items.
A look at the daily price chart shows that the ORDI token has developed a well-known bullish reversal pattern called inverted head and shoulder. On June 4, the coin price gave a decisive breakout of the pattern neckline resistance of $51.5 indicating a major reversal.
The 24 hours in ORDI rose 154% to $483.2 million showcasing support market participants on the buyer’s side. If the bullish momentum continues, the buyers breach the descending resistance trend line (blue line) strengthening its position to target $79.5 and $97.2.
However, if the sellers define the resistance trend line, the ORDI price will be at risk of prolonged correction.
take away
The cryptocurrency market began to predict renewed buying interest as Bitcoin price regained $70,000 on Tuesday. The altcoin market was quick to follow, as several assets posted remarkable gains over the past 24 hours. With the increasing inflows into spot ETFs and BTC price closing distance to the previous high, the bullish momentum is expected to accelerate in the near term.
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