Save the Date! Busy Week for Crypto with Potential Bitcoin Rally

Bittime - Cryptocurrency enthusiasts should brace for a potentially volatile week, according to a new report from 10x Research. The report outlines several key events that could impact the market, along with a bullish outlook for Bitcoin (BTC).

High Risk Events This Week

10x Research highlights several events this week that have high stakes and could cause significant market fluctuations. These include:

• Token Release: Two major token releases are scheduled this week, potentially causing increased selling pressure.
  • PYTH: Scheduled for May 20 , this release involves a large amount of PYTH tokens (down 38% in the past month) worth approximately US$800 million.
  • AVAX: Next is the disposal of AVAX on May 21 , with an estimated value of US$340 million.
• Nvidia Profit Report: Tech industry giant Nvidia will release its financial report for Q1 2024 on May 22 . The performance of these chipmakers can influence the broader technology market, which often impacts cryptocurrency prices.
• VanEck ETF Deadline: May 23 marks the deadline for VanEck spot Bitcoin ETF applications . However, based on data from Betting Markets, the chance of approval seems slim at only 7%.

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Bitcoin Price Rises

While upcoming events may introduce volatility, the report also highlights some positive signs for Bitcoin. Its price has shown encouraging momentum recently, managing to surpass the resistance level set in late April (around $67,500) and even surpassing its early May high ($64,000).

Bullish Outlook for Bitcoin

10x Research takes a bullish stance on Bitcoin's future, suggesting that a break above the current resistance of $67,500 could be a significant turning point. They identified $68,300 as a critical level - if exceeded, it could trigger a strong price rally for Bitcoin.

The overall sentiment from 10x Research is leaning towards a bullish trajectory for Bitcoin. They view the recent price movement as a positive indicator for bulls, with the next potential breakout point being $67,500.

Also Read How to Buy Crypto:

Conclusion

This week promises to be action-packed for the cryptocurrency market. Investors should closely monitor the events mentioned above, especially the release of tokens and Bitcoin price movements in relation to resistance levels. With a potential breakout and rally on the horizon, this is an important week for crypto fans to stay informed and engaged.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Big Token Unlocks Scheduled This Week: There's PYTH, EUL, AVAX, DOT

Skyrocketing Row of AI Coins as Nvidia Shares Climb to Highest Peak in a Month

Invesco Galaxy Spot ETH ETF Decision Deadline Moved Again Until July 2024!

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.