Altcoins
BTC surges to $69,000, Altcoins stall amid ETF uncertainties
Crypto Market Analysis: The crypto market saw renewed buying interest this weekend as Bitcoin price rebounded sharply from the $67,000 support. In 48 hours, the price of BTC jumped 4.3% to currently trade at $69,576.
Renowned trader Alicharts recently tweeted that Bitcoin whales are taking advantage of the dip. As Bitcoin price hit the $67,000 mark, large holders purchased over 20,000 BTC worth $1.34 billion since yesterday. The Santiment chart shared by alicharts shows increased accumulation from these holders (1,000 to 10,000 BTC), suggesting a potential uptrend as whales demonstrate their confidence in the long-term value of Bitcoin.
However, the altcoin market has not yet seen a very dynamic recovery, as Ethereum ETF issuers have not yet had their S-1 registration statements approved before they can begin trading. The timing of this approval is uncertain and some analysts believe it could take several weeks.
Overcoming this uncertainty, Bitcoin (BTC), ONDO and Bonk posted notable gains today, providing new long-term opportunities for potential buyers.
Read also: Grayscale Launches New Investment Trusts Exposed 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 main appeal is its limited supply of 21 million coins, making it a hedge against inflation.
Bitcoin (BTC)| Commercial view
The month of May was strongly bullish for BTC Price showing a 22% jump from $56,500 to $69,189. The Bitcoin market stood at $1.364 trillion, while the 24-hour trading volume was $23.16.
The formation of two higher lows indicates that market participants are focusing on accumulation during market lows. A newly drawn ascending trendline connecting the lows can provide buyers with dynamic support to extend the recovery trend.
If the recent reversal to $67,000 holds, buyers could cause a rally to $73,800, followed by $77,900.
Read also: Will Bitcoin price reach new highs or face further decline?
2) ONDO
ONDO is a decentralized finance (DeFi) project focused on providing structured financial products offering yield and risk management solutions. It stands out by offering both fixed and variable return products, meeting different risk appetites.
ONDO| Commercial view
Over the past two months, the ONDO Price is trading sideways, resonating between two horizontal levels of $1.042 and $0.69. The altcoin has bounced several times within the formation of a tight range, indicating growing uncertainty among traders.
However, the altcoin saw renewed buying interest starting in mid-May as the price rebounded from $0.73. The bullish reversal sent ONDO coin soaring 70% in two weeks to currently trade at $1.25, while the market capitalization jumped to $1.718 billion.
Amid this rally, buyers broke through the resistance at $1.042, signaling the continuation of the current uptrend. As the asset enters price discovery mode, the pivot level indicator shows potential resistance at $1.31, followed by $1.546.
3) BONK
BONK is a meme coin on the Solana blockchain that gained considerable attention after its launch in December 2022. Known for its unique distribution strategy, 50% of the total supply was channeled to the Solana community, including artists, NFT developers and collectors. What sets BONK apart is its community-based approach and rapid integration into the Solana ecosystem, with over 350 on-chain integrations.
BONK| Commercial view
Amid the recent altcoin rally, the BONK Price gave a bullish breakout of the $0.00003 neckline resistance of the inverted head and shoulders pattern. In theory, the chart signals a major trend reversal, as a clear transition from selling on a rally to buying on a dip is visible with a new higher low forming.
BONK price is currently trading at $0.000035 and holds a market capitalization of $2.35 billion. If this trend continues, buyers could cause a rally to $0.000071, which would indicate a potential gain of $104.
Read also: Bonk Price Breaks 2-Month Consolidation Amid Market Rally, What’s Next?
Key to remember
The US Sec’s potential protracted decision to adopt ETF issuer S-1 registration has triggered uncertainty in the crypto market. Ethereum price hovering around $3,700 is currently limited to the recovery of several altcoins. While the market as a whole is in an uptrend, crypto investors are expecting further recovery in the near future.
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