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Altcoins See Higher Rally As BTC Holds Strong Above $66,000 – Crypto News

Published

1 year ago

May 20, 2024

Dripp

Crypto Price Analysis: Bitcoin (BTC) has been trading just above $66.1K, showing resilience even as small traders liquidate their holdings, according to recent data from Santiment. This trend, where small wallets offload their BTC to larger wallets, has historically been seen as a positive and bullish indicator for the cryptocurrency.

Over the past week, a notable 182.2K holders with wallets containing less than 0.1 BTC have liquidated their positions. This behavior aligns with past patterns where small wallet capitulations precede significant upward price movements. As smaller investors sell off their assets, larger, more experienced traders typically absorb these coins, often signaling strong market confidence and potential for price appreciation.

The chart from Santiment highlights the steep decline in non-empty BTC wallets, the sharpest since the period leading up to the all-time high on March 14th. The drop of 0.46% in holdings from wallets with less than 0.1 BTC underscores this trend.

Also Read: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74K

1) Bitcoin (BTC)

Bitcoin stands out due to its pioneering role in the cryptocurrency space, its robust security, and its widespread recognition as a digital gold. Over the first three weeks of May, BTC has seen a significant bullish trend, with its price rising from $65,000 to $67,168, marking an 18.8% increase.

BITSTAMP:BTCUSD Chart Image by sahilmahadik07 — Bitcoin (BTC)| Tradingview

Despite some uncertainty last weekend, Bitcoin has maintained its position above the $66,000 threshold, currently showing an intraday gain of 1.5%. According to CoinMarketCap, Bitcoin’s market capitalization stands at $1.324 trillion, with its trading volume having surged by 24% since yesterday to reach $22.8 billion.

If the bullish momentum continues, Bitcoin price could potentially surpass the $67,600 barrier, setting the stage for an assault on the previous high of $74,000. However, should the $67600 resistance persist, there is a possibility that Bitcoin could drop back down to around $60,000.

Also Read: 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).

BINANCE:LUNCUSDT Chart — Terra Classic (LUNC)| Tradingview

For the past six weeks, Terra Classic (LUNC) has exhibited a horizontal trading pattern, characterized by several neutral candles indicating no clear dominance from either buyers or sellers. The daily chart reveals a consolidation pattern, fluctuating between the horizontal support level of $0.000087 and resistance at $0.000122.

As of the latest update, the Terra Classic price stands at $0.000104 with a market cap of $608 million. For buyers to take the lead, a breakout above $0.000122 is necessary. Such a breakout could establish the foundation for a more substantial rally, potentially pushing the price to $0.000144 and then $0.000173.

On the downside, the key support levels are at $0.000087 and $0.00007.

Also Read: Terra Luna Classic Proposal Is Inconsistent With Binance, CoinMarketCap: Top 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 like the NFT marketplace and DeFi integrations affects investor confidence.

BINANCE:FLOKIUSDT Chart — Floki| Tradingview

Over the past six weeks, the FLOKI price has demonstrated a robust recovery, marked by a series of higher lows that form an ascending trendline. This upward movement has propelled the asset from $0.00011 to $0.000198, representing a 78% increase.

However, with Bitcoin’s price stabilizing around $66,000, this meme coin experienced a slight decline last week. If selling pressure intensifies, the FLOKI price could drop by 10% to retest the ascending support trendline at $0.00017.

Maintaining the price above this level is crucial for buyers to initiate a recovery leap, potentially pushing the price above $0.00026.

Key Takeaway

The crypto market started the new week on a positive note, with Bitcoin demonstrating its resilience by sustaining a price above the $66,000 mark. Last week’s uncertainty was mitigated by a period of consolidation as market participants gathered strength, setting the stage for a renewed bullish momentum. If Bitcoin can maintain its current support level, it may serve as a catalyst for broader market gains, encouraging investors to re-enter the market with renewed confidence.

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