Bitcoin experienced a significant rebound in the early morning Asian trading, boosting investors’ confidence for the upcoming price surge.
On Monday, May 15, during the early trading hours in Asia, the price of Bitcoin increased by over 2% and surpassed $27,400. This rise in price allowed Bitcoin to break through the important resistance level of $27,200, indicating a positive direction for its future movement.
According to crypto analyst Michael Van de Poppe, the recent increase in Bitcoin’s price has positioned it for the next upward movement, aiming for a target price of $36,000 and potentially even higher.
Bitcoin has shown strong movements as it recovered from recent lows and is now approaching $27.2K. It is important to be patient, as surpassing the $27.2K mark could signal further upward momentum. If this happens, it could indicate a temporary bottom and the potential for Bitcoin to reach new highs between $36K and $42K.
According to crypto analyst Ali Martinex, a technical indicator called TD Sequential has provided a buy signal on Bitcoin’s daily chart, suggesting a possible recovery. Martinex points out that the TD Sequential has been reliable in predicting local price bottoms over the past two months. However, the success of this prediction will rely on Bitcoin’s ability to maintain its value above $26,360.
Meanwhile, there has been a consistent increase in the number of Bitcoin holders during recent price drops. According to the latest information, the total count of Bitcoin addresses holding more than 100 BTC has risen by 200 addresses in just the last four days.
In a noteworthy development, Bitcoin (BTC) has now become more favored and valued than the US Dollar in the market.
Bitcoin and Altcoins Rally
In addition to Bitcoin, other cryptocurrencies in the market have also experienced a surge in momentum. Ethereum (ETH), the second-largest cryptocurrency globally, has increased by over 1.5%, surpassing the $1,800 mark. Its current trading price stands at $1,830.
Other alternative cryptocurrencies like Cardano (ADA), Solana (SOL), and Polygon (MATIC) have experienced price increases ranging from 1.5% to 2%. Among them, Litecoin (LTC) has shown the most significant gain, rising by 7.5% in the past 24 hours. This increase is attributed to active addresses engaging with the network due to the introduction of the LTC20 protocol.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
