Bitcoin Blitz Above $66,000 Strengthens Altcoin Gains

Bitcoin recorded one of its best trading days in nearly two months, galvanizing market sentiment and capital deployment.

According to CoinMarketCap, six cryptocurrencies have seen double-digit price gains like Bitcoin (Bitcoin) has surpassed $66,000 in the past 24 hours and was up more than 6% on May 15.

At the time of this writing, data showed that Fantom (FTM), Six (SIX), Immutable (IMX), Core (NUCLEUS), THORChain (RUNE) and Sui (SUI) each boasted increases of more than 10% in token prices.

May 16 the best winners | Source: CoinMarketCap

QCP Capital: Bullish signals for Bitcoin underway

After Bitcoin broke above current levels, QCP Capital highlighted signals that could indicate bullish momentum for risky assets and the cryptocurrency market.

The company cited encouraging economic data from the US Federal Reserve, which suggests the Fed has succeeded in holding back inflation concerns. Following the news, QCP Capital noted sizable buying of $100,000 to $120,000 call options scheduled to expire in December.

Also, multiple supported by the state and private institutions have disclosed holdings in Bitcoin spot ETFs. This development could catalyze cryptocurrency market movements, as the supply of BTC has been halved since last month.

“Institutional demand for BTC continues to grow with large asset managers Millennium and Schonfeld investing around 3% and 2% of their AUM in the BTC spot ETF,” researchers at QCP Capital he wrote via Telegram.

BTC Chart | Source: TradingView

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