As a researcher with experience in the cryptocurrency market, I find the recent price action of Bitcoin (BTC) intriguing. After hitting a swing low at $59,000 on May 2, BTC has shown signs of recovery, heading toward the coveted $60,000 mark.
Bitcoin’s price reached a tag of $59,000 during the opening of Wall Street on May 2nd, with the support levels holding firm and acting as a foundation for its price.
BTC price heads toward $60,000
The data obtained from CryptoMoon Markets Pro and TradingView indicated that the BTC/USD pair was approaching the significant price level of $60,000.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin took a hit and dropped down to $56,500 the previous day. However, the tide turned in its favor following the dovish economic cues communicated by the US Federal Reserve.
As the Federal Reserve kept interest rates steady according to plan, I, as a crypto investor, took this as a sign that rate cuts were on the horizon before the year’s end, based on Chair Jerome Powell’s previous statements.
As a researcher studying economic policies, I’ve found that being overly hasty in removing restrictions can lead to a unwanted increase in inflation. This is based on our observations of past trends.
“At the same time, reducing policy restraint too late or too little could unduly weaken economic activity and employment.”
As a researcher studying financial markets, I’ve observed that risk assets responded positively to the recent event. Specifically, the price of Bitcoin (BTC) against the US Dollar (USD) showed signs of relief following significant downward pressure earlier in the week.
“According to seasoned trader Peter Brandt, if Bitcoin manages to stay at current lows and rise instead, its price chart would conform to a typical bull market pattern.”
Previously, CryptoMoon shared that the recent retreat of Bitcoin’s price from its latest record highs was relatively modest when considered against past bull market trends.
“Greetings! We’re currently experiencing a more moderate Bitcoin price correction during this bull market. It’s important to note that historically, other bull markets have seen even more pronounced corrections.” – Checkmate, Lead On-chain Analyst at Glassnode.
Bitcoin RSI hits key buy level
Others meanwhile looked ahead with an eye to the BTC price bounce continuing.
As a researcher, I found myself drawn to the intrigue of the Relative Strength Index (RSI) figures on that specific day. On a daily basis, these data points lent support to an emerging bullish perspective.
In simpler terms, the daily Relative Strength Index (RSI) for Bitcoin (BTC) versus the U.S. Dollar (USD) reached its lowest point since August 2023. At that moment, BTC/USD was also breaking below significant support trendlines but later regained these levels and touched new peaks.
“Purchasing Bitcoin when the Daily Relative Strength Index (RSI) dips around 30 has been a successful approach according to trader Daan Crypto Trades, based on this market cycle experience.”
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2024-05-02 18:15