Markets
Will Bitcoin Reclaim $70,000 This Weekend?
Crypto Market Analysis: Leading cryptocurrency Bitcoin is currently trading at $67,261 with a 24-hour gain of 1.48%. The climb BTC Price Projecting no signs of oversupply indicates buyers could generate a higher rally. Likewise, the altcoin market is benefiting from this momentum, indicating that the post-halving rally is gradually strengthening.
The latest data from Feeling, a leading crypto analytics company, reveals a significant shift in market sentiment towards Bitcoin (BTC) and Chainlink (LINK). According to Santiment’s recent analysis, crowd sentiment has turned bullish on Bitcoin after its unexpected rise above $66,000 on Wednesday, with the price now above $67,200.
Additionally, Chainlink has also seen a remarkable increase in positive sentiment. Santiment reports that LINK bullish sentiment has reached its highest level in over a year, driven by a 17% price increase in 24 hours. This surge has sparked renewed interest and optimism among traders and investors.
Read also: Spot Bitcoin ETFs net $1.3 billion in May, reversing April’s outflows of $344 million
1) Crypto Market Analysis – Bitcoin (BTC)
Launched in 2009, Bitcoin operates on a decentralized peer-to-peer network, allowing users to transact directly without intermediaries. Over the past three weeks, BTC has exhibited a new recovery trend, with the price rising from $56,000 to $67,322, registering a growth of 19%.
Bitcoin (BTC)| Commercial view
The rally supported by an increase in trading volume and the development of a higher low formation indicates that market sentiment is shifting towards buying dips. Bitcoin currently holds a market capitalization of $1.32 trillion, while trading volume plunged 21% to $24.6 billion.
Amid the recent price surge, BTC price gave a decisive breakout from the wedge pattern that resulted in the last correction. The asset rising through two days of convection indicates a proper follow-through to the recent breakout signaling a potential rally to $73,800.
Read also: Bitcoin Supply on Exchanges Falls as Bullish Pressure Increases
2) Cardano (ADA)
Cardano is a third-generation blockchain platform that aims to provide a more secure and scalable infrastructure for the development of decentralized applications (dApps) and smart contracts.
Cardano (ADA)| Commercial view
THE ADA Price the rise for four consecutive days shows a price increase from $0.426 to $0.48, representing a growth of 13.5%. This recovery beyond the last high resistance of $0.476 indicates a change in market dynamics and provides buyers with suitable support to lead a rally higher.
At press time, Cardano coin was worth $17.6 billion, while maintaining the position as the tenth largest cryptocurrency.
If the breakout holds, buyers could cause a rally to $0.52, followed by $0.56.
Read also: Cardano addresses with $2.7 billion in ADA breaking even as ADA/BTC hits bottom
3) Chain link (LINK)
Chain link is a decentralized Oracle network that connects smart contracts to real-world data, APIs and payment systems, allowing smart contracts to interact with external data sources securely and reliably.
Chain Link (LINK)| Commercial view
Chainlink coin is outperforming several major altcoins this week with its notable recovery from $12.8 to $16.14 and active whale accumulation. With weekly growth of 20%, the LINK Price gave a decisive breakthrough from the $16 record, providing buyers with the next springboard to extend the rally.
The 0.27% drop today will also validate sustainability above the crossed resistance, which could pave the way for the assets to recover to $20.7, followed by $22.8.
Read also: Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout
Key to remember
The cryptocurrency market is gradually returning to a sense of recovery, led by Bitcoin’s recent rise past the $67,200 mark. Renewed buying interest in Bitcoin ETFs has largely contributed to this rally, with $222 million recorded on May 17. Although the recovery after the halving has not yet started, potential investors can use this opportunity to acquire their favorite digital assets.
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