Crypto Market Analysis 18/5: Will Bitcoin Regain $70000 this Weekend?
Crypto Market Analysis: The leading cryptocurrency Bitcoin currently trades at $67261 with a 24-hour gain of 1.48%. The rising BTC price projecting no signs of oversupply indicates the buyers could drive a higher rally. Similarly, the altcoin market is riding this momentum, indicating that the post-halving rally is gradually gaining strength.
The latest data from Santiment, a leading crypto analytics firm, reveals a significant shift in market sentiment towards Bitcoin (BTC) and Chainlink (LINK). According to Santiment’s recent analysis, the crowd’s sentiment has turned bullish for Bitcoin following its unexpected rise above $66,000 on Wednesday, with the price now exceeding $67,200.
Furthermore, Chainlink has also seen a remarkable increase in positive sentiment. Santiment reports that LINK’s bullish sentiment has reached its highest level in over a year, driven by a 17% price jump within 24 hours. This surge has sparked renewed interest and optimism among traders and investors alike.
Also Read: Spot Bitcoin ETFs Net $1.3B in May, Reversing April’s $344M Outflows
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. In the past three weeks, the BTC showcased a renewed recovery trend with price jumping from $56000 to $67322 registering a 19% growth.
Bitcoin (BTC)| Tradingview
The rally backed by a surge in trading volume and the development of a higher low formation indicates the market sentiment is shifting toward buying dips. Bitcoin currently holds a market cap of $1.32 Trillion, while the trading volume plunged 21% to hit $24.6 Billion.
Amid the recent price surge, the BTC price gave a decisive breakout from the wedge pattern which carried the last correction. The asset rising for two convective days indicates a suitable follow-up to the recent breakout signaling the potential rally to $73800.
Also Read: Bitcoin Supply on Exchanges Falls as Bullish Pressure Mounts
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)| Tradingview
The ADA price rising for four consecutive days showcases a price rally from $0.426 to $0.48 which accounts for 13.5% growth. This recovery past the last swing high resistance of $0.476 indicates a change in market dynamic and provides buyers with suitable support to lead a higher rally.
By the press time, the Cardano coin was worth $17.6 Billion, while maintaining the position of tenth largest cryptocurrency.
If the breakout sustains, the buyers could drive a rally to $0.52, followed by $0.56.
Also Read: Cardano Addresses With $2.7B ADA Hit Break Even As ADA/BTC Bottoms Out
3) Chainlink (LINK)
Chainlink is a decentralized oracle network that connects smart contracts with real-world data, APIs, and payment systems, enabling smart contracts to interact with external data sources in a secure and reliable manner.
Chainlink (LINK)| Tradingview
The Chainlink coin outperforms several major altcoins this week with its notable recovery from $12.8 to $16.14 and active whale accumulation. With a weekly growth of 20%, the LINK price gave a decisive breakout from the $16 registering offering buyers the next stepping stone to prolong recovery.
The 0.27% drop today, will also validate sustainability above the breached resistance which could pave an asset recovery to $20.7, followed by $22.8.
Also Read: Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout
Key Takeaway
The cryptocurrency market is gradually returning to a recovery sentiment, led by Bitcoin’s recent surge past the $67,200 mark. Renewed buying interest in Bitcoin ETFs significantly contributed to this recovery rally, with $222 million recorded on May 17th. While the post-halving rally has yet to begin, potential investors can seize this opportunity to acquire their favorite digital assets.
The post Crypto Market Analysis 18/5: Will Bitcoin Regain $70000 this Weekend? appeared first on CoinGape.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings