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. 

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.

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.

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.

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