Bitcoin

Will Bitcoin Recover $70,000 This Weekend?

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Crypto Market Analysis: Top cryptocurrency Bitcoin is currently trading at $67,261 with a gain of 1.48% in 24 hours. The rise BTC Price not projecting signs of oversupply indicates that buyers could drive a higher recovery. Likewise, the altcoin market is riding this momentum, indicating that the post-halving recovery is gradually gaining momentum.

The latest data from Sanction, a leading crypto analysis firm, reveals a significant shift in market sentiment towards Bitcoin (BTC) and Chainlink (LINK). According to Santiment’s recent analysis, crowd sentiment has turned bullish for Bitcoin following its unexpected rise above $66,000 on Wednesday, with the price now surpassing $67,200.

Furthermore, Chainlink also saw a notable increase in positive sentiment. Santiment reports that LINK bullish sentiment has reached its highest level in over a year, driven by a 17% jump in price in 24 hours. This increase has sparked renewed interest and optimism among traders and investors.

Read too: Spot Bitcoin ETFs net $1.3 billion in May, reversing $344 million outflows from April

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. Over the past three weeks, BTC has shown a renewed recovery trend, with the price jumping from $56,000 to $67,322, recording 19% growth.

Bitcoin (BTC)| Trading view

The recovery supported by an increase in trading volume and the development of a lower formation indicates that market sentiment is shifting towards buying dips. Bitcoin it currently holds a market value of US$1.32 trillion, while trading volume has plummeted 21% to reach US$24.6 billion.

Amid the recent price surge, BTC price decisively broke out of the wedge pattern that 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 $73,800.

Read too: Bitcoin supply on exchanges falls as bullish pressure builds

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)| Trading view

O ADA Price rising for four consecutive days shows a price increase from $0.426 to $0.48, representing a growth of 13.5%. This rebound past the last high resistance at $0.476 indicates a change in market dynamics and provides buyers with adequate support to lead a higher rally.

To date, the Cardano coin was worth US$17.6 billion, maintaining its position as the tenth largest cryptocurrency.

If the breakout holds, buyers could drive a rally to $0.52, followed by $0.56.

Read too: Cardano Addresses $2.7B ADA Breakeven as ADA/BTC Bottoms

3) Chain link (LINK)

Chain link 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 way.

Chain link (LINK)| Trading view

Chainlink coin has outperformed several major altcoins this week with its notable rally from $12.8 to $16.14 and active whale accumulation. With weekly growth of 20%, the LINK Price made a decisive break of the $16 record, offering buyers the next springboard to prolong the recovery.

The 0.27% drop today will also validate sustainability above the broken resistance, which could pave an asset recovery to $20.7, followed by $22.8.

Read too: Chainlink Price Analysis: LINK Whale Accumulation Positions for $20 Breakout

Main advantage

The cryptocurrency market is gradually returning to a recovery sentiment, led by Bitcoin’s recent rally past the $67,200 mark. Renewed buying interest in Bitcoin ETFs contributed significantly to this rally, with $222 million recorded on May 17. Although the post-halving recovery has not yet begun, potential investors can take advantage of this opportunity to acquire their favorite digital assets.

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