Altcoins see higher rally as BTC holds strong above $66,000

Cryptocurrency Price Analysis: According to recent Bitcoin (BTC) data, Bitcoin (BTC) traded just above $66.1K, showing resilience even as small traders liquidate their holdings. Most Holy. 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, as many as 182,200 holders with wallets containing less than 0.1 BTC have liquidated their positions. This behavior is in line with past patterns where small portfolio 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 the potential for price appreciation.

The Santiment chart highlights the sharp decline in non-empty BTC wallets, the sharpest since the period before the all-time high on March 14. The 0.46% decline in holdings in wallets with less than 0.1 BTC highlights this trend.

Read also: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74,000

1) Bitcoin (BTC)

Bitcoin stands out for its pioneering role in the cryptocurrency space, its strong security, and its wide recognition as digital gold. In the first three weeks of May, Bitcoin saw a significant uptrend, with its price rising from $65,000 to $67,168, marking an increase of 18.8%.

Bitcoin (BTC)| Tradingview

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

If the bullish momentum continues, Bitcoin price could potentially break above the $67,600 barrier, setting the stage for an assault on the previous high of $74,000. However, if the resistance at $67,600 persists, there is a possibility that Bitcoin could fall to around $60,000 again.

Read also: Top 3 Bitcoin spinoffs according to experts with 100X potential before June

2) Terra Classic (LUNC)

Classic Earth (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, such as TerraUSD (UST).

Terra Classic (LUNC)| Tradingview

Over the past six weeks, Terra Classic (LUNC) has exhibited a horizontal trading pattern, characterized by several neutral candles indicating the absence of clear dominance from both buyers and sellers. The daily chart reveals a consolidation pattern, oscillating between the horizontal support level at $0.000087 and the resistance at $0.000122.

As of the latest update, the Price Terra Classic stands at $0.000104 with a market cap of $608 million. A breakout above $0.000122 is needed for buyers to take command. Such a breakout could set the stage for a bigger rally, potentially pushing the price to $0.000144 and then to $0.000173.

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

Read also: Terra Luna Classic proposal is inconsistent with Binance, CoinMarketCap: lead 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. Her progress on promised projects like the NFT marketplace and DeFi integrations impacts investor confidence.

Floki| Tradingview

Over the past six weeks, FLOKI price has demonstrated a robust recovery, characterized by a series of rising lows forming an ascending trend line. This upward movement pushed the asset from $0.00011 to $0.000198, an increase of 78%.

However, with the price of Bitcoin stabilizing around $66,000, this meme coin saw a slight decline last week. If the selling pressure intensifies, FLOKI price may drop 10% to retest the ascending support trend line at $0.00017.

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

Key takeaway

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

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