Bitcoin loses $70,000, Floki and Kaspa explode

Crypto Price Prediction: The crypto market has been fluctuating with uncertainty following the Bitcoin Price consolidation over the last two weeks. The daily chart showing neutral candles highlights a lack of momentum from both the bulls and the bears.

However, the leading digital asset saw a notable rise on Monday, likely driven by positive market sentiment towards the market. Spot Bitcoin ETF, which is expected to begin trading in Australia tomorrow. Today, Bitcoin price rose 2%, sparking a relief rally among major altcoins.

Among the recent jumps, Canine-Memecoin Floki and Kaspa emerged among the biggest winners, attracting dynamic buyers in the market.

Read also: 5 main catalysts that could propel Bitcoin price to $150,000

1. Bitcoin (BTC)

Bitcoin (BTC) is the pioneering cryptocurrency that operates on a decentralized network using blockchain technology to enable peer-to-peer transactions without intermediaries.

Bitcoin (BTC)| Commercial view

Over the past two weeks, Bitcoin has remained stable around $69,000, thanks to a strong demand zone between $66,900 and $68,900, according to crypto analytics firm IntoTheBlock. More than two million addresses have accumulated a total of 1.1 million BTC in this range, highlighting significant trader interest and activity.

An analysis of the daily chart shows the BTC price develops a bullish pennant pattern. The coin price resonating within two converging trendlines is expected to reclaim the buying momentum and release it with the breakout of the overhead trendline.

At press time, the Bitcoin price was trading at $68,949, while the market capitalization stood at $1.358 trillion.

The potential breakout will provide buyers with suitable support to drive the recovery to $75,000, followed by an extended rally to $88,000.

Read also: Bitcoin News: Developers Debate Major BTC Network Upgrade for New Use Cases

2) Floki

Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog named Floki. It aims to create a vibrant ecosystem combining meme culture and real utility. With the current market recovery, the price of FLOKI has jumped 15% to currently trade at $0.000267.

Floki| Commercial view

According to data from CoinMarketCap, FLOKI coin holds a market capitalization of $2.7 billion, while the formation volume surged 127% to $689.2 million since yesterday. This rally managed to reclaim a notable price level of $0.000267, providing buyers with suitable support to challenge the high of $0.000313 once again.

A potential breakout will accelerate the buying momentum and push the FLOKI Price beyond the all-time high of $0.0003437. As this asset is about to enter a price discovery mode, the traditional pivot level indicates the overhead bid at $0.00041, followed by $0.0005.

Read also : FLOKI price climbs 5% as 7 billion coins are accumulated, will the price maintain its momentum?

3) Kaspa (KAS)

Kaspa (KAS) is a cryptocurrency project focused on providing a high-performance, scalable and secure blockchain platform. Kaspa’s standout feature is its use of the GhostDAG protocol, which enables faster block times and higher transaction throughput compared to traditional blockchains.

Kaspa (KAS)

Since the beginning of May, KAS coin has seen a significant recovery, with its price rising from $0.10 to $0.149, an increase of 48%. Additionally, its market capitalization soared to $3.552 billion.

An analysis of the daily chart shows the formation of an inverse head and shoulders pattern, with the altcoin currently challenging its neckline at $0.15. A potential breakout of this barrier will signal a major change in the trend reversal, prompting buyers to pursue potential targets at $0.19, followed by $0.22.

Take away

The ongoing consolidation in the crypto market is expected to end as Bitcoin nears a decisive breakout. Under the influence of a continuation – pennant uptrend, BTC price could recover its exhausted bullish momentum and resume the dominant uptrend.

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