In the early trading hours of the Asia market on Monday, May 15, the world’s largest cryptocurrency Bitcoin gained more than 2% with the BTC price moving past $27,400. With today’s price action, Bitcoin has broken past the crucial resistance of $27,200 and is all set for an upward journey ahead.
Popular crypto analyst Michael Van de Poppe stated that the recent price breakout sets Bitcoin up for the next rally to $36,000 and beyond. He noted:
Strong movements on #Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K. Patience, as flipping $27.2K is the first serious trigger for continuation upwards. In that case, close to a temporary bottom & potentially new highs to $36-42K still possible.
Another crypto analyst Ali Martinex explained: “The TD Sequential presented a buy signal on $BTC daily chart, anticipating a potential rebound. Notice how accurate the TD has been at forecasting local bottoms in the past two months. Still, it will depend on #BTC ability to hold above $26,360″.
On the other hand, the Bitcoin accumulation has continued during each of the recent dips. As per the latest data, the total number of Bitcoin addresses with a balance greater than 100 BTC have increased by 200 addresses just over the past four days.
Interestingly, as per the recent development, Bitcoin (BTC) has also managed to flip the US Dollar as the preferred asset in the market.
Bitcoin and Altcoins Rally
Along with Bitcoin other altcoins in the market have also gained momentum. The world’s second-largest cryptocurrency Ethereum (ETH) has gained by more than 1.5% surging past $1,800 levels and is currently trading at $1,830.
Other altcoins such as Cardano (ADA), Solana (SOL), and Polygon (MATIC) have all gained between 1.5-2%. Another altcoin that’s made the most gains is Litecoin (LTC) jumping by 7.5% in the last 24 hours amid strong address activity driven by the recently introduced LTC20 protocol.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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