As a seasoned crypto investor with a keen interest in Bitcoin’s price action, I am encouraged by the recent surge in Bitcoin’s price after hitting two-month lows below $57,000. The 5.2% leap over the last 24 hours is a positive sign, and it looks like we are heading towards key resistance levels at $62,000 and beyond.
Bitcoin is rebounding from two-month lows below $57,000 with a 5.2% leap over the last 24 hours.
According to the data from CryptoMoon Markets Pro and TradingView, Bitcoin’s (BTC) price experienced a significant increase. The low point was recorded at $56,551 on May 1, marking a notable rise of approximately 9.85%. Bitcoin reached its peak for the period on May 3, reaching an intraday high of $62,123.
For traders and analysts monitoring Bitcoin (BTC), which is currently experiencing a marketwide recovery in cryptocurrencies, it would be beneficial to keep an eye on specific resistance levels as potential targets for potential price increases. Some suggested levels include:
Bitcoin price key resistance remains at $64,000
As a crypto investor, I’ve noticed Bitcoin exhibiting similar patterns as we approach significant price milestones. Following its dip below $60,000 earlier this year before the April 20 halving event, Bitcoin is once again swiftly approaching the $62,000 zone.
This is the critical point on traders’ radars and one that has not received a convincing retest.
Independent trader Eliz observed Bitcoin at a price of $61,783, commenting that despite Bitcoin’s bounce back from under $60,000, “the same challenge remains to be tackled.”
The trader explained that $62,000 was the key level on BTC’s daily chart.
In simpler terms, Val Me, my colleague in analysis, presented a chart of Bitcoin that showed a significant green candlestick formation in the four-hour perspective.
“Another important step – take over 65k,” he explained, examining ground above $60,000.
As a researcher focusing on cryptocurrencies, I’ve been closely monitoring price movements using exponential moving averages (EMAs) on the daily chart. Noted crypto influencer Lark Davis brought my attention to Bitcoin encountering resistance at its 100-day EMA, which presently stands at $59,972. For me, the next significant hurdle lies with the 50-day EMA, currently positioned at $63,902. I’m cautious about a robust rejection from this level.
“What we want to see now is a definitive candle close over that with some volume.”
The observation made by Davis is supported by data from market intelligence firm IntoTheBlock. According to their In/Out of the Money Around Price (IOMAP) model, the 50-day moving average falls within the price range of $62,858 to $64,670. Approximately 577,220 Bitcoins were previously purchased by around 1.56 million investors in this price range.
As a crypto investor, I’ve noticed that the IOMAP (Input-Output Market Cap) chart indicated some significant resistance for Bitcoin (BTC) as it tried to bounce back. Compared to the solid support it had during its downturn, the recovery path seemed more challenging.
Bull flag on the weekly chart project’s BTC price to $118,000
According to independent cryptocurrency analyst Crypto Wealth, if the $60,000 mark is maintained, Bitcoin could be poised for a rise towards $82,000 as a potential first milestone.
Analyst Ali Matinez recently unveiled a graph indicating that the TD sequential indicator has triggered a buy signal in the daily chart, coinciding with the current market upturn.
“It anticipates a one to four daily candlesticks rebound for $BTC.”
As a dedicated crypto investor, I’ve been closely monitoring the market and recently came across a noteworthy observation from fellow trader Moustache on platform X. He posted an intriguing chart depicting Bitcoin’s (BTC) retest of an ascending trendline that has provided crucial support since early 2023.
“The thing will be sent higher. It’s only a matter of time.”
Based on technical analysis, the weekly chart of Bitcoin’s price shows a bullish flag formation. This pattern indicates that the upward trend may persist.
As an analyst, I’d rephrase it as follows: The upper boundary of Bitcoin‘s flag formation currently stands at $67,000, serving as a significant resistance level for bulls. Breaking through this barrier with a weekly candlestick close above it would be indicative of a potential breakout from the chart pattern, paving the way towards challenging the all-time high of $73,808 and eventually reaching the milestone of $80,000.
As a crypto investor, I believe we could see Bitcoin’s price surge past current levels and head towards the projected peak of around $118,500 based on the technical chart pattern. This would translate to a significant gain, equivalent to a 77% upward swing from our present position.
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2024-05-03 20:19