Bitcoin Drops $70,000, Floki and Kaspa Explode

Crypto Price Prediction: The crypto market has been fluctuating with uncertainty following the Bitcoin price consolidation in the last two weeks. The daily chart displaying neutral candles highlights the lack of momentum from both bulls and bears.

However, the leading digital asset saw a notable rise on Monday, likely driven by positive market sentiment towards the Spot Bitcoin ETF, which should begin trading in Australia tomorrow. Today, the price of Bitcoin rose 2%, triggering a rally among major altcoins.

Among recent jumps, Canine-Memecoin Floki and Kaspa have emerged among the biggest gainers, attracting dynamic market buyers.

Read too: Top 5 Catalysts That Could Drive Bitcoin Price to $150,000

1.Bitcoin (BTC)

Bitcoin (BTC) is the pioneering cryptocurrency that operates on a decentralized network using blockchain technology to enable peer-to-peer transactions without intermediaries.

Bitcoin (BTC) | Trading view

Over the past two weeks, Bitcoin has remained stable around $69,000 thanks to a strong demand zone between $66,900 and $68,900, according to crypto analytics firm IntoTheBlock. More than two million addresses have accumulated a total of 1.1 million BTC in this range, highlighting significant interest and activity among traders.

An analysis of the daily chart shows the Bitcoin the price is developing a bullish pennant pattern. The currency price resonating within two converging trendlines should regain buying momentum and release it upon the breakout of the overall trendline.

At press time, Bitcoin’s price was trading at $68,949, while the market cap boasted $1.358 trillion.

The potential breakout will provide buyers with adequate support to drive the recovery towards $75,000, followed by an extended rally towards $88,000.

Read too: Bitcoin News: Developers Debate Major BTC Network Upgrade for New Use Cases

2) Floki

Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog called Floki. The goal is to create a vibrant ecosystem that combines meme culture with real utility. With today’s market recovery, the price of FLOKI jumped 15%, currently trading at US$0.000267.

Floki| Trading view

According to data from CoinMarketCap, FLOKI coin has a market cap of $2.7 billion, while training volume has jumped 127% to $689.2 million since yesterday. This rally managed to reclaim a notable price level of $0.000267, providing buyers with adequate support to challenge the $0.000313 high again.

A potential breakout will accelerate buying momentum and push the FLOKI price beyond the all-time high of $0.0003437. With this asset ready to enter a price discovery mode, the traditional pivot level indicates the indirect bid at $0.00041, followed by $0.0005.

Read too: FLOKI price rises 5% with accumulation of 7 billion coins, price to maintain momentum?

3) Dandruff (KAS)

Kaspa (KAS) is a cryptocurrency project focused on providing a secure, scalable and high-performance blockchain platform. Kaspa’s standout feature is its use of the GhostDAG protocol, which allows for faster block times and higher transaction throughput compared to traditional blockchains.

Kaspa (KAS)

Since the beginning of May, the KAS coin has experienced a significant recovery, with its price rising from $0.10 to $0.149, marking a 48% increase. Furthermore, its market value rose to US$3.552 billion.

An analysis of the daily chart shows the inverted head and shoulders formation with the altcoin currently challenging its neck at $0.15. A potential break of this barrier will signal a major shift in the trend reversal, encouraging buyers to chase potential targets at $0.19, followed by $0.22.

To remove

The ongoing consolidation in the crypto market is expected to conclude as Bitcoin approaches a decisive breakout. Under the influence of a bullish continuation – pennant pattern, BTC price could regain its exhausted bullish momentum and resume the prevailing uptrend.

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