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Highlights
- According to Coinmarketcap data, the global market capitalization stands at $1.35 billion, while The total market volume over the past 24 hours stands at $69.11 billion, representing a 48.15% decrease.
- An ascending trendline in Bitcoin price carries the ongoing recovery trend.
- The BONK price breakout from an inverted head and shoulder pattern signals a major trend reversal.
Crypto Market Analysis: The crypto market witnessed a renewed buying interest on the weekend as Bitcoin price rebounded sharply from $67000 support. Within 48 hours, the BTC price jumped 4.3% to currently trade at $69576.
Renowned trader alicharts recently tweeted that Bitcoin whales are seizing the dip. As the Bitcoin price visited the $67,000 mark, large holders have purchased over 20,000 BTC worth $1.34 billion since yesterday. The Santiment chart shared by alicharts shows increased accumulation by these holders (1,000 to 10,000 BTC), suggesting a potential bullish trend as whales demonstrate confidence in Bitcoin’s long-term value.
However, the altcoin market is yet to see a high momentum recovery as Ethereum ETF issuers are yet to have their S-1 registration statements approved before they can start trading. The timeline for this approval is uncertain, and some analysts speculate that it could take several weeks.
Outpacing this uncertainty, Bitcoin (BTC), ONDO, and Bonk showed notable gains today offering fresh long opportunities for potential buyers.
Also Read: Grayscale Launches New Investment Trusts With Exposure 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 primary appeal lies in its limited supply of 21 million coins, making it a hedge against inflation.
The May month has been strongly bullish for BTC price showcasing a 22% jump from $56500 to $69189. Bitcoin’s market boasted $1.364 Trillion, while the 24-hour trading volume was $23.16.
The formation of two higher lows indicates the market participants are focusing on accumulating at market dips. A new ascending trendline drawn connecting the lows can asset the buyers with dynamic support to prolong the recovery trend.
If the recent reversal from $67000 sustains, the buyers could drive a rally to $73800, followed by $77900.
Also Read: Will Bitcoin Price Soar to New Heights or Face Another Slump?
2) ONDO
ONDO is a decentralized finance (DeFi) project focused on providing structured financial products that offer yield and risk management solutions. It stands out by offering both fixed and variable yield products, catering to different risk appetites.
Over the past two months, the ONDO price traded sideways resonating within two horizontal levels of $1.042 and $0.69. The altcoin rebounded several times within the narrow range formation indicating increasing uncertainty among traders.
However, the altcoin witnessed a renewed buying interest from mid-May as the price rebounded from $0.73. The bullish turnaround surged the ONDO coin 70% within two weeks to currently trade at $1.25, while the market cap jumped to $1.718 Billion.
Amid this rally, the buyers breached the $1.042 resistance signaling the continuation of the prevailing uptrend. As the asset enters into price discovery mode, the pivot level indicator shows potential overhead resistance at $1.31, followed by $1.546.
3) BONK
BONK is a meme coin on the Solana blockchain that gained significant attention after its launch in December 2022. Known for its unique distribution strategy, 50% of the total supply was airdropped to the Solana community, including artists, developers, and NFT collectors. What sets BONK apart is its community-driven approach and rapid integration into the Solana ecosystem, boasting over 350 on-chain integrations.
Amid the recent altcoin rally, the BONK price gave a bullish breakout from the $0.00003 neckline resistance of inverted head and shoulder pattern. In theory, the chart signals a major trend reversal as a clear transition from selling on rallies to buying on dips is visible with a new higher low formation.
The BONK price currently trades at $0.000035 and holds a market cap of $2.35 Billion. If the pattern holds true, the buyers could drive a rally to $0.000071 indicating a potential gain of $104.
Also Read: Bonk Price Breaks 2-Month Consolidation Amid Market Rally, What’s Next?
Key Takeaway
The possible prolonged decision from US Sec to pass S-1 registration of the ETF issuer has triggered uncertainty in the crypto market. The Ethereum price wavering around $3700 is currently limited to the recovery for several altcoins. While the broader market is in an uptrend, crypto investors are expecting a renewed recovery in the near future.
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