Bitcoin Blitz Above $66,000 Bolsters Altcoin’s Gains

Bitcoin recorded one of its best trading days in almost two months, galvanizing market sentiment and capital deployments.

According to CoinMarketCap, six cryptocurrencies saw double-digit price gains like Bitcoin (BTC) surpassed $66,000 in the last 24 hours and increased by over 6% on May 15.

At press time, data showed that Fantom (FTM), Seï (SEI), Immutable (IMX), Heart (HEART), THORString (RUNE), and Sui (ISU) each showed an increase of more than 10% in the symbolic price.

May 16 top winners | Source: CoinMarketCap

QCP Capital: bullish signatures for Bitcoin

Following Bitcoin’s breakout above current levels, QCP Capital highlighted signals that may indicate bullish momentum for risk assets and the cryptocurrency market.

The company cited encouraging economic data from the US Federal Reserve, which suggests the Fed has managed to contain inflation concerns. Following this news, QCP Capital noted significant purchases of $100,000 to $120,000 call options that will expire in December.

In addition, several supported by the state and private institutions have disclosed their holdings in spot Bitcoin ETFs. This development could catalyze crypto market movements as BTC supply has been halved since last month.

“Institutional demand for BTC continues to grow with large asset managers Millennium and Schonfeld investing approximately 3% and 2% of their assets under management in the BTC spot ETF,” researchers at QCP Capital. wrote via Telegram.

BTC Chart | Source: TradingView

Fuente