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In the early trading hours of the Asian market on Monday, May 15, Bitcoin, the world’s largest cryptocurrency, gained more than 2% as its price hit the $27,400 level. With today’s price action, Bitcoin broke through the important resistance of $27,200 and may be preparing for an upward move.
The Latest on Bitcoin According to Crypto Analysts
Popular crypto analyst Michael Van de Poppe stated that the recent price breakout could set Bitcoin up for the next rally to $36,000 and beyond.
The strong moves in Bitcoin eliminated all the lows from the recent moves and returned to $27.2. Be patient, as breaking through $27,200 is the first serious trigger for an upward continuation. In this case, new highs near a temporary bottom and potentially as high as $36,000 – $42,000 are still possible.
Another crypto analyst Ali Martinez explained:
TD Sequential offered a buy signal on the BTC/Dollar daily chart, anticipating a potential rebound. Note how accurate TD has been in predicting local bottoms in the last two months. Still, it will depend on BTC’s ability to hold above $26,360.
On the other hand, Bitcoin accumulation has continued during each of the recent dips. According to the latest data, the total number of Bitcoin addresses with a balance of more than 100 BTC has increased by 200 addresses over the last four days. Interestingly, according to recent developments, Bitcoin (BTC) has also managed to reverse the US Dollar as the preferred asset in the market.
Bitcoin and Altcoin Rally
Along with Bitcoin, other altcoins in the market also gained momentum. Ethereum (ETH), the world’s second largest cryptocurrency, gained more than 1.5%, crossing the $1,800 level and is currently trading at $1,830.
Other altcoins such as Cardano (ADA), Solana (SOL) and Polygon (MATIC) all gained between 1.5-2%. Another top-gaining altcoin, Litecoin (LTC), is up 7.5% in the last 24 hours thanks to strong address activity driven by the recently introduced LTC20 protocol.
