Crypto Price Prediction: The crypto market has been wavering in uncertainty following Bitcoin price consolidation for nearly two weeks. The daily chary projecting neutral candles accentuates a lack of initiation from bulls or bears. However, the leading digital asset witnessed a notable uptick on Monday probability driven by the market sentiment positive towards the spot
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Crypto Price Prediction: The crypto market has been wavering in uncertainty following Bitcoin price consolidation for nearly two weeks. The daily chary projecting neutral candles accentuates a lack of initiation from bulls or bears.
However, the leading digital asset witnessed a notable uptick on Monday probability driven by the market sentiment positive towards the spot Bitcoin ETF starting trading tomorrow in Australia. Today, the BTC price is up 2% and driving a majority of major altcoins into a relief rally.
Among the recent jumps, the Canine Memecioin Floki and Kaspa emerged among the higher gainers attracting momentum buyers of the market.
Also Read: 5 Top Catalysts That Could Propel Bitcoin Price Rally 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.
For the past two weeks, Bitcoin remained steady around $69,000, thanks to a strong demand zone between $66,900 and $68,900, according to crypto analytics firm IntoTheBlock. Over two million addresses have accumulated a total of 1.1 million BTC in this range, highlighting significant interest and activity among traders.
Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k.
In this range, over two million addresses have accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders. pic.twitter.com/FVUGfFY5IF
— IntoTheBlock (@intotheblock) June 3, 2024
An analysis of the daily chart shows the BTC price is developing a bullish pennant pattern. The coin price resonating within two converging trendlines should recuperate buying momentum and release it with the breakout for the overhead trendline.
By the press time, the Bitcoin price traded at $68949, while the market cap boasted $1.358 Trillion.
The potential breakout will provide buyers with suitable support to drive recovery to $75000, followed by an extended rally of $88000.
Also Read: 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 named Floki. It aims to create a vibrant ecosystem combining meme culture with real utility. With today’s market recovery, the FLOKI price jumped 15% to currently trade at $0.000267.
As per the data from CoinMarketCap, the FLOKI coin holds a market cap of $2.7, while the training volume jumped 127% since yesterday. This upswing managed to reclaim a notable price level of $0.000267, providing buyers with suitable support to rechallenge the $0.000313 high.
A potential breakout will accelerate the buying momentum and push the FLOKI price beyond the all-time high of $0.0003437. With assets poised to enter a price discovery mode, the traditional pivot level indicates the overhead supply at $0.000041, followed by $0.00005.
Also read: FLOKI Price Soars 5% As 7 Bln Coins Accumulated, Price To Uphold Momentum?
3) Kaspa (KAS)
Kaspa (KAS) is a cryptocurrency project focused on delivering a high-performance, scalable, and secure 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.
Since the onset of May, the KAS coin witnessed a notable recovery driving its price from $0.1 to $0.149, registering a 48% growth. Moreover, the market cap surged to $3.552 Billion.
An analysis of the daily chart shows the formation of inverted head and shoulder with the altcoin currently challenging its neckline at $0.15. A potential breakout from this barrier will signal a major change in trend reversal bolstering buyers to chase potential targets at $0.19, followed by $0.22.
Takeaway
The ongoing consolidation in the crypto market is expected to conclude as Bitcoin nears a decisive breakout. Under the influence of a bullish continuation pattern— pennant, the BTC price could recuperate its exhausted bullish momentum and resume the prevailing uptrend.
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