Bitcoin is a new currency that has been gaining popularity.BTC( ) “primed for upward momentum” after rallying past $80,000 Monday morning, during early Asian trading hours.
Takeaways from the conference:
- Bitcoin’s price rose to $80,610, a record high for 13 weeks on Monday. This was accompanied by $462,000,000 in cryptocurrency liquidations.
- CME’s $84,000 gap could be used as an indicator. “magnet” BTC Price.
Bitcoins lead market rally in May
The Data of TradingView BTC/USD reached a high of $80,610, the highest since January 31.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
EtherETHAt the time this article was written, the market value of (the largest altcoin based on its capitalization) stood at $2 367, an increase by 2% from the previous 24 hours. Fourth place XRP was (XRP() is trading just over $1.41, up nearly 2% in the past day.
Dogecoin climbed 3.5%, the highest amongst top 10 crypto currencies.
Related: BTC price can ‘easily’ hit $95K: Five things to know in Bitcoin this week
In the end, global crypto markets capitalization increased by 1,6% on the previous day to $2.65 billion.
CoinMarketCap: Performance of the top-cap currencies
“Bitcoin looks primed for upwards momentum,” MN Capital founder Michael van de Poppe said In an X-post on Monday.
He added, “The analyst also said that” “breakout above $79K opens the opportunities” Initially, the resistance zone is $86,000-88,000 and then $90,000.
BTC/USD Daily Chart Source: X/Michael van de Poppe
“It’s a disbelief rally” Matthew Hyland, a crypto analyst, has a message for Bitcoin said Add this to your response:
“The many calling for $60K and below will be the ones flipping bullish late above $90K.”
Bitcoin is not alone in its rally. significant short liquidations In the past 24 hour, the cryptocurrency market received $452 millions in total. This indicates that traders are buying heavily.
Bitcoin buyer volume seen “two consecutive large hourly buy-volume spikes on Binance of approximately $1.19 billion and $792 million,” Amr Taha is a CryptoQuant analyst said In a Quicktake on Monday, the note added:
“When this type of volume appears near a major breakout level, it often shows that traders are not waiting for a pullback; instead, they are chasing confirmation as the price moves higher.”
Binance’s Bitcoin Taker Buy Volume Source: CryptoQuant
BTC Bulls Target $84,000 Next
Cointelegraph reportedBitcoin bulls needed to maintain the upward trend by pushing above $80.000.
Bitcoin’s 5,5% rise over the past five days has seen the BTC/USD currency pair regain key support levels. These include the true market average at $78,500, and the cost of short-term holders around $78,000.
The CME’s gap of $84,000 that was formed at the beginning of February has now become the focus for traders.
BTC/USD four-hour chart. Source: X/AlphaBTC
Bitcoin is a thing. “its way to close the previous large gap from $84K,” trader Daan Crypto Trades said Additions to a Monday blog on X
“Good to mark these levels on your chart as they could act as ‘magnets’ and local reversal zones if price trades close/into them.”
Bitcoins liquidation graph for 30 days reveals The break-out above $84,000 triggers over 2,85 billion dollars of leveraged liquidations on all exchanges.
Bitcoin exchange liquidation map. Source: CoinGlass
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Source: cointelegraph.com
