United

Bitcoin

Rekt

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s (BTC) price may break out from its current range, based on a popular chart pattern.</li> 
 <li>Macroeconomic news this week could significantly impact the Bitcoin price.</li> 
</ul>  
<p>Recent chart analysis suggests that <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a>‘s price may break out from its current range.</p> 
<p>In a four-hour chart, Bitcoin’s price has formed an inverse head and shoulders pattern. This pattern is often used by technical analysts to predict a reversal from a previous downtrend.</p> 
<h2 id="technical-indicators-and-predictions">Technical Indicators and Predictions</h2> 
<p>According to this pattern, Bitcoin could rally upwards if a break above the trendline occurs. Crypto investor Quinten Francois noted this pattern on Bitcoin’s chart, although he acknowledged it’s not the most beautiful inverse head and shoulders he’s seen.</p> 
<p>Bitcoin has nearly reset some key technical indicators, including the moving average convergence/divergence (MACD). This could suggest more upward momentum, according to a crypto analyst known as Jelle.</p> 
<p>On the daily chart, Bitcoin’s relative strength index (RSI) stood at 49, up from 33 on May 1. This suggests that Bitcoin’s price is currently at fair value. The RSI is a popular indicator used to measure whether an asset is oversold or overbought based on recent price changes.</p> 
<h2 id="market-sentiment-and-macroeconomic-factors">Market Sentiment and Macroeconomic Factors</h2> 
<p>Despite the positive chart pattern, the sentiment around Bitcoin is still uncertain. This week’s macroeconomic developments, particularly the Consumer Price Index (CPI) on May 14, could significantly impact Bitcoin’s short-term price trajectory.</p> 
<p>Matt Bell, the CEO of Turbofish, noted that while the 4-hour chart hints at a potential trend reversal, Bitcoin’s price action is tightly bound within a narrow trading range. Factors like United States macro data and insights from Jerome Powell, chair of the Federal Reserve, could introduce a new wave of volatility to the crypto market.</p> 
<p>Bitcoin’s retrace to $56,000 has likely marked the local price bottom, according to crypto analyst Rekt Capital. Furthermore, Bitcoin’s distribution danger zone ended on May 6, as Bitcoin rose above the $65,000 mark.</p> 
<p>However, Bitcoin faces significant resistance around the $63,500 and $63,700. A move above $63,700 would liquidate over $516 million worth of cumulative leveraged short positions.</p>

Bitcoin rebounds to $56K: anticipations of imminent BTC price surge

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