Bitcoin

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its<a href="https://www.newsbtc.com/news/bitcoin/analyst-discusses-bitcoin-price-path-to-heighten-fear-factor/" target="_blank" rel="noopener "> bullish momentum</a>, with the Bitcoin price reclaiming the crucial $61,000 threshold.&nbsp; 
This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger. 
<h2 id="bitcoin-bulls-eye-68-000">Bitcoin Bulls Eye $68,000</h2> 
<a href="https://x.com/JustinBennettFX/status/1786382802599973352" target="_blank" rel="noopener nofollow">According </a>to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance. 
Analyzing the recent correction in the Bitcoin price, analyst Crypto Con <a href="https://x.com/CryptoCon_/status/1786069034095595853" target="_blank" rel="noopener nofollow">suggests </a>that the market correction was necessary for the long-term price trajectory.&nbsp; 
The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator <a href="https://www.newsbtc.com/bitcoin-news/timing-the-breakout-when-will-bitcoin-escape-the-post-halving-consolidation/" target="_blank" rel="noopener ">support </a>zones, such as the Directional Movement Index, indicate a healthy price consolidation. 
In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-606499" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=860&amp;resize=860%2C484" alt="Bitcoin price" width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=4000 4000w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMpO2wTagAA-rJI.jpeg?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
According to their <a href="https://x.com/ki_young_ju/status/1786329424633516461" target="_blank" rel="noopener nofollow">data</a>, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price. 
<h2 id="bitcoin-price-poised-for-bullish-surge">Bitcoin Price Poised For Bullish Surge</h2> 
Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, <a href="https://x.com/Washigorira/status/1786337683683385418" target="_blank" rel="noopener nofollow">suggesting </a>that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory.&nbsp; 
This occurrence has historically been followed by an upward <a href="https://www.newsbtc.com/news/solana/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts/" target="_blank" rel="noopener ">price movement</a> in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure. 
Another positive signal <a href="https://x.com/Washigorira/status/1786427196053012822" target="_blank" rel="noopener nofollow">highlighted </a>by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-606498" src="https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=860&amp;resize=860%2C552" alt="Bitcoin Price" width="860" height="552" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=3212 3212w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=860&amp;resize=860%2C552 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/05/GMqnnCSXMAAuadK.jpeg?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bull-run-over-what-to-expect-now/" target="_blank" rel="noopener ">cycle top </a>is approximately 19 months, indicating the potential for a sustained upward trend. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/UHkS3kuJ/" alt="Bitcoin price" width="1815" height="858"> 
Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends. 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

Table of Contents

NewsBTC

Other articles published on May 3, 2024

Innovate UK Pledges £1 Million Grant for a Carbon Assessment Tool Enhancement

Arweave (AR) Surges By 20% In 24 Hrs, Trading Above $35, As Bitcoin Struggles At $59k

Solana Price Analysis: $500 Within Reach? Expert Insights

Block Diversifies Portfolio, Dedicates 10% of Bitcoin (BTC) Gross Profit to Monthly Crypto Invest...

Bitcoin (BTC) Surge Fuels Exceptional Growth in Select Altcoins: A Comprehensive Analysis

Bitcoin Price Prediction: Arthur Hayes Says BTC Has Bottomed, “Mr.100” Buys For The First Time Si...

Join our free newsletter for daily crypto updates!