Bitcoin price rebounds above $60,000
With the amazing recovery over the weekend, Bitcoin price has returned above the key level of $60,000, starting a new round of bullish trend. BTC price has triggered a new round of rebound this week, showing strong upward momentum.
Meanwhile, the altcoin market is back above $1 trillion in market capitalization, driven by huge tailwinds. The broader market is expecting significant bullish momentum in the week ahead as Bitcoin shows a breakout rebound and is poised for further gains.
However, the potential risk of a supply crash caused by the Mt. Gox payout is imminent, which could foreshadow a collapse in the price of Bitcoin. What will happen to the price of Bitcoin in the future? Let’s explore this question through technical analysis.
Bitcoin Absorbs Supply Pressure, Price Recovers to $62,650
After a corrective wave below the 200D EMA, Bitcoin has managed to absorb supply pressure near $56,000. BTC’s price action is showing signs of a double bottom reversal, which is reinforced by multiple lower price rejection candles.
As the weekend reversal rally gained momentum, buyers broke above the secondary resistance trendline, which marked the end of the negative cycle in the channel pattern.
The bulls are currently challenging the 50D EMA, and four consecutive bullish candles have been formed on the daily chart. Currently, BTC is priced at $62,650, up 3% intraday and 9.27% in four days.
Trump's survival boosts cryptocurrency market
Former U.S. President Donald Trump survived an assassination attempt in Butler, Pennsylvania, on Saturday. Trump’s hardline stance boosted the cryptocurrency market.
Bitcoin price surpassed the $60,000 mark, while the Trump- and MAGA-related PolitiFi token surged nearly 35%.
Five altcoins with up to 100x growth potential!
1. ATH
Aethir has become a leader in the decentralized physical infrastructure network (DPIN) space. The token addresses the global shortage of enterprise-grade GPUs, which are critical for artificial intelligence and gaming. Aethir creates a marketplace for GPU computing power by consolidating underutilized GPU resources among technology companies, enterprises, data centers, and crypto miners. This innovative approach significantly optimizes resource utilization and drives demand for Aethir.
2：LMWR
LimeWire has transformed from an early file-sharing platform into a cutting-edge AI-driven content creation hub. Through blockchain technology, LimeWire enables artists to maintain ownership of their work through NFTs. The platform also offers AI tools to assist in the creation of music and cover art. As an emerging giant in the AI and blockchain space, LimeWire is uniquely positioned to capitalize on the growing intersection of these technologies.
3. Good
Ondo Finance excels in the field of tokenization of real-world assets (RWA). The platform aims to combine traditional finance with blockchain technology to make high-grade financial assets accessible to everyone. Notably, Ondo Finance is a key component of BlackRock's tokenized fund, highlighting its market importance. This position shows that Ondo Finance has huge potential for growth and adoption.
4：STX
Stacks is gaining traction as a Layer 2 (L2) solution for Bitcoin. The platform enables smart contracts and decentralized applications (dApps) to leverage the security of Bitcoin. Recently, the U.S. Securities and Exchange Commission (SEC) concluded its three-year investigation into the project, paving the way for its further development and adoption. This significant development provides a huge boost to Stacks. Regulatory approval positions Stacks as an important player in the evolving Bitcoin ecosystem and is expected to enhance its functionality and security.
5：Nozzle
Finally, Biconomy simplifies the complexity of DeFi through a plug-and-play API, thereby optimizing Web3 infrastructure. As part of the Coinbase venture portfolio, this altcoin aims to make decentralized finance more accessible and user-friendly. Biconomy's approach to improving the DeFi user experience may drive mass adoption and integration across various platforms, making it a valuable asset in a diversified cryptocurrency portfolio.
