Altcoins
Altcoins see higher rally as BTC holds above $66,000
Crypto Price Analysis: Bitcoin (BTC) is trading just above $66.1k, showing resilience even as small traders liquidate their holdings, according to recent data from Feeling. This trend, where small wallets transfer their BTC to larger wallets, has always been considered a positive and bullish indicator for the cryptocurrency.
Over the past week, 182,200 notable holders with wallets containing less than 0.1 BTC liquidated their positions. This behavior aligns with past patterns where small portfolio capitulations precede large upward price movements. As smaller investors sell their assets, larger, more experienced traders typically absorb these coins, often indicating strong market confidence and potential for price appreciation.
Santiment’s chart highlights the sharp decline in non-empty BTC wallets, the steepest since the period leading up to the March 14 all-time high. The 0.46% drop in portfolio holdings containing less than 0.1 BTC highlights this trend.
Read also: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Places BTC Rally at $74,000
1) Bitcoin (BTC)
Bitcoin stands out for its pioneering role in the field of cryptocurrencies, its robust security and its wide recognition as digital gold. During the first three weeks of May, BTC saw a significant uptrend, with its price rising from $65,000 to $67,168, an increase of 18.8%.
Bitcoin (BTC)| Commercial view
Despite some uncertainty this past weekend, Bitcoin maintained its position above the $66,000 threshold, currently posting an intraday gain of 1.5%. According to CoinMarketCap, Bitcoin’s market capitalization stands at $1.324 trillion, and its trading volume jumped 24% since yesterday to $22.8 billion.
If the upward momentum continues, Bitcoin Price could potentially surpass the $67,600 barrier, paving the way for an assault on the previous high of $74,000. However, if the $67,600 resistance persists, it is possible that Bitcoin could fall back to around $60,000.
Read also: Expert’s Top 3 Bitcoin Spinoffs with 100X Potential Before June
2) Terra Classic (LUNC)
Terra Classic (LUNC) is the original blockchain of the Terra ecosystem, known for its stablecoin platform aimed at creating a decentralized financial infrastructure. It uses a unique algorithmic mechanism to stabilize its native stablecoins, like TerraUSD (UST).
Terra Classic (LUNC)| Commercial view
Over the past six weeks, Terra Classic (LUNC) has exhibited a horizontal trading pattern, characterized by several neutral candles indicating no clear dominance from buyers or sellers. The daily chart reveals a consolidation trend, fluctuating between the horizontal support level of $0.000087 and resistance of $0.000122.
Since the last update, the Terra Classic Price stands at $0.000104 with a market cap of $608 million. For buyers to take the lead, a break above $0.000122 is necessary. Such a breakout could lay the groundwork for a larger rally, potentially pushing the price to $0.000144 and then to $0.000173.
On the other hand, the main support levels are $0.000087 and $0.00007.
Read also: Terra Luna Classic proposal is incompatible with Binance, CoinMarketCap: best developer
3) Floki
Floki is a cryptocurrency inspired by the popular meme coin trend, named after Elon Musk’s dog. It aims to create a vibrant community and ecosystem around its token. Its progress on promised projects such as the NFT marketplace and DeFi integrations is affecting investor confidence.
Floki| Commercial view
Over the past six weeks, FLOKI price has demonstrated a robust recovery, marked by a series of higher lows that form an ascending trendline. This upward move propelled the asset from $0.00011 to $0.000198, an increase of 78%.
However, with the price of Bitcoin stabilizing around $66,000, this meme coin saw a slight decline last week. If the selling pressure intensifies, FLOKI price could decline by 10% to retest the ascending support trendline at $0.00017.
It is crucial to sustain the price above this level so that buyers can initiate a recovery surge, potentially pushing the price above $0.00026.
Key to remember
The crypto market started the new week on a positive note, with Bitcoin demonstrating its resilience by maintaining a price above the $66,000 mark. Last week’s uncertainty was eased by a period of consolidation as market participants regained strength, paving the way for further bullish momentum. If Bitcoin manages to maintain its current support level, it could serve as a catalyst for broader gains in the market, encouraging investors to re-enter the market with renewed confidence.
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