Eugene: Multiple Charts Nearing Bottoming Out, Bitcoin Approaching Key Resistance Level, Altcoins Poised for a New Rally

BlockBeats News, May 9th, Trader Eugene Ng Ah Sio posted on his personal channel, stating, "Several charts appear to be approaching a bottom, while Bitcoin is still hovering around $80,000. I believe that in the next week or so, the market will truly start a major rally (hopefully to the upside), and many altcoins are also expected to break out of the current range."

Looking at the overall trading volume and open interest (OI) levels, most currencies now only need relatively less marginal buying pressure to drive prices higher. Therefore, I believe overall market positioning for most assets is still relatively low.

What the market needs now is for Bitcoin to cleanly break through the $80,000 level, followed by key altcoins (such as ETH, SOL, HYPE) taking the lead to start a new clear upward trend. Hopefully, we won't be pushed back here."