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Fresh Relief Rally Bolsters $BTC to Reclaim $60k – Crypto News

Published

2 years ago

May 3, 2024

Dripp

Crypto Price Prediction: On May 3rd, the cryptocurrency market capitalized on the momentum from a relief rally that followed a reversal in Bitcoin’s price from the $56,500 support level. With this resurgence in buying interest, altcoins are experiencing significant gains as major assets recover previously lost value.

A recent update from Wu Blockchain highlights significant numbers of Bitcoin (BTC) and Ethereum (ETH) options set to expire on May 3rd. The details include 23,000 BTC options with a Maxpain point of $61,000 and a notional value of $1.4 billion, alongside 330,000 ETH options with a Maxpain point of $3,000 and a notional value of $1 billion.

May 3 Options Data
23,000 BTC options are about to expire with a Put Call Ratio of 0.49, a Maxpain point of $61,000 and a notional value of $1.4 billion.
330,000 ETH options are due to expire with a Put Call Ratio of 0.36, Maxpain point of $3,000 and notional value of $1…

— Wu Blockchain (@WuBlockchain) May 3, 2024

The Put Call Ratios are 0.49 for BTC and 0.36 for ETH, indicating a bullish sentiment among investors, as more traders are betting on price increases rather than decreases. The expiry could lead to increased market volatility, and thus traders must remain cautious about their intraday positions.

Can the minor upswing develop into a sustainable recovery or are sellers taking a slight break before the next push?

Also Read: European Bank With $600B AUM Invests In BlackRock Bitcoin ETF

1)Bitcoin (BTC)

BITSTAMP:BTCUSD Chart — Bitcoin (BTC)| Tradingview

Bitcoin is the first decentralized digital currency that operates on a peer-to-peer network, underpinned by blockchain technology which ensures transparency and security by recording all transactions across a distributed ledger.

Within a month, the Bitcoin price witnessed a notable correction where its value plunged from $72756 to $56500, registering a 22.34% loss. However, the exhausted selling pressure has reverted the price to $59239, allowing it to challenge the $60000 psychological level.

The market cap of Bitcoin currently wavers at $1.166 Trillion, while the trading has plunged to $29.8 Billion in the last 24 hours. The BTC price behavior of $60 would be crucial to determine the near trend.

A possible breakout from the $60k resistance will signal the counterattack from buyers to build sustainable recovery, but the price sustainability below the above-mentioned barrier will signal downtrend continuation to $50000.

2) Toncoin (TON)

OKX:TONUSDT Chart — Toncoin (TON)| Tradingview

Toncoin is the native cryptocurrency of the Open Network (TON) designed to be a fast, scalable blockchain that can handle millions of transactions per second, thanks to its unique multi-blockchain architecture.

Amid the market relief rally, the TON price reverted from the 50% Fibonacci retracement level at $4.85. This reversal pushed the altcoin 12.5% within 48 hours to reach $5.26 and reclaimed the 50% day slope.

As per coinmarketcap, the Toncoin stands as the ninth largest cryptocurrency with a current market cap of $18.23 Billion. For buyers to regain better control over this asset they must breach the immediate resistance of $5.5 accompanied by 38.2% FIB and 20-day EMA slope.

Anyhow, a retracement of 50% is considered healthy for an asset to recuperate the exhausted bullish momentum.

Also Read: Michael Saylor Attacks Ethereum Calling It A Security, Disapproves spot ETF

3) Pepe Coin (PEPE)

BINANCE:PEPEUSDT Chart — Pepe Coin (PEPE)| Tradingview

Pepe Coin (PEPE) is a cryptocurrency that was created as part of the meme coin trend, inspired by the popular internet meme “Pepe the Frog.” It aims to provide a light-hearted and community-focused approach to cryptocurrency, engaging users through humor and social interaction.

The Pepe coin price has shown notable resilience to the recent market sell-off with a quick bounce back in the daily chart. In the last three days, the memecoin recorded a 36% recovery as its value reverted from $0.00000592 to a high of $0.00000808.

Moreover, the aforementioned level also acts as neckline resistance for a bullish reversal pattern called inverted head and shoulder. The Pepe coin currency trades at $0.00000758 and showcases a market cap of $3.182 Billion.

A successful breakout from $0.000008 will accelerate the bullish momentum and allow buyers to chase a potential target of $0.0000108.

Also Read: Meme Coins Crash In Sync With Crypto Market: Here’s Why

Key Takeaway

The cryptocurrency market is currently in an active correction accelerated after the Bitcoin price breached the $60000 support. However, some analysts perceive this pullback as a common phenomena of post-halving correction which usually throw out weak hands from the market and welcome strong buyers. With the BTC price rechallenging the $60k mark as resistance, the bulls take an opportunity to invalidate the prior breakdown and return to a recovery trend.