Bitcoin

Momentum

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-gains-momentum-as-bulls-hold" data-wpel-link="internal">Bitcoin Gains Momentum as Bulls Hold</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/the-rise-of-bitcoin-millionaires-a-look-into-the-expanding-wealth-in-crypto" data-wpel-link="internal">Bitcoin</a> has surged by more than 8% over the past week, reflecting a strong buying interest at lower levels. Investors typically purchase Bitcoin near support and sell near resistance, suggesting the cryptocurrency may reach $73,777. However, surpassing this level could prove challenging. Analysts remain divided on Bitcoin’s next move, with some predicting further gains while others foresee a potential dip to $60,000.</p> 
<h2 id="what-awaits-the-crypto-market">What Awaits the Crypto Market?</h2> 
<p style="text-align: justify">There is a split among market watchers regarding Bitcoin’s <a href="https://newslinker.co/" rel="nofollow noopener external noreferrer" target="_blank" data-wpel-link="external">future</a> trajectory. Some believe the recent correction phase is complete and anticipate a new all-time high, while others expect Bitcoin to retest the $60,000 support level. Given the difficulty in predicting a breakout direction, it might be wise to wait for a clear trend before making significant trading decisions.</p> 
<p style="text-align: justify">As Bitcoin’s price strengthens, <a href="https://finance.coin-turk.com/" rel="nofollow noopener external noreferrer" target="_blank" data-wpel-link="external">investors</a> are looking to altcoins for short-term trading opportunities. Although a full altcoin season has yet to materialize, certain altcoin projects are beginning to show promise for traders.</p> 
<h2 id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
<p style="text-align: justify">Bitcoin faces a resistance level at $68,000. The fact that bulls are maintaining their positions indicates a positive market sentiment. The 20-day exponential moving average has begun to rise, and the relative strength index (RSI) remains in the positive zone, suggesting an upward trend.</p> 
<p style="text-align: justify">Should Bitcoin break past the $68,000 mark, the BTC/USDT pair could retest the significant resistance at $73,777. Conversely, if bears manage to pull the price below the moving averages, Bitcoin could drop to $59,600 and possibly to the intraday low of $56,552 recorded on May 1.</p> 
<h2 id="actionable-insights">Actionable Insights</h2> 
<ul> 
 <li>Monitor the $68,000 resistance level for potential breaks indicating further bullish momentum.</li> 
 <li>Watch for price rebounds from the 20-day EMA as an indicator of sustained upward movement.</li> 
 <li>Pay attention to altcoin trends for short-term trading opportunities amidst Bitcoin’s fluctuating prices.</li> 
 <li>Consider waiting for a clear trend before making large trading positions to mitigate risk.</li> 
</ul> 
<p style="text-align: justify">In conclusion, while Bitcoin shows promising growth potential, investors should remain cautious and closely monitor key support and resistance levels. The market remains unpredictable, necessitating a strategic approach to trading and investment decisions.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-gains-momentum-as-bulls-hold" data-wpel-link="internal">Bitcoin Gains Momentum as Bulls Hold</a></h5>

Bitcoin Gains Momentum as Bulls Hold

Table of Contents

BH NEWS

Other articles published on May 20, 2024

6 Best Cheap Crypto to Buy Now Under 1 Cent May 20 – PandaSwap, Sei, BeFi Labs

Digital Asset Inflows Surge to $932M After CPI Report

PlanB Highlights Bitcoin’s 2024 Bull Market

Gold and Silver Reach New Record Levels

Bitcoin Investors Get the Final Bargain Opportunity Before Post-Halving Rally

Company that fried Red Lobster put shrimp on the blockchain

Join our free newsletter for daily crypto updates!