Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-bitcoin-and-sp-500-trends/" data-wpel-link="internal">Analysts Predict Bitcoin and S&amp;P 500 Trends</a><br></p>
<p style="text-align: justify">Bitcoin experienced a rise last week but continues to trade within a broad range. Did Bitcoin reach its peak, or will the rally continue? This question is on every investor’s mind. TLDR analyst <strong>“ELI5”</strong> shared an X post. On-chain data indicators suggest that five out of seven signals indicate a new <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">bull market</a>, while two point to a peak formation.</p> 
<h2 style="text-align: justify" id="bitcoin-price-outlook">Bitcoin Price Outlook</h2> 
<p style="text-align: justify"><strong>Bitcoin’s</strong> recent bounce from the psychological support level of $60,000 may have triggered buying interest in spot Bitcoin exchange-traded funds. Data from Farside Investors shows an inflow of approximately $950 million last week, marking the best weekly performance since March. If inflows continue, Bitcoin could sustain upward price movements.</p> 
<p style="text-align: justify">10x Research’s research director Markus Thielen suggested a potential rise in Bitcoin. A report by Thielen indicated that if Bitcoin’s ETF model moves above $67,500, it could reach new highs, which seems to be materializing now.</p> 
<h2 style="text-align: justify" id="sp-500-index-outlook">S&amp;P 500 Index Outlook</h2> 
<p style="text-align: justify">Alongside Bitcoin, the <strong>S&amp;P 500</strong> Index (SPX) reached an all-time high on May 15, demonstrating that bulls are in control of the market.</p> 
<p style="text-align: justify">However, bears might still have some strength left. Bears could consider the 5,265 level as a critical point to pull the price below the breakout level. If bears succeed, the upward momentum might weaken, and the index could fall to the 20-day exponential moving average (5,202).</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-353743" src="https://coin-turk.com/wp-content/uploads/2024/05/sp-index.png" alt="" width="928" height="532"></p> 
<p style="text-align: justify">If the price strongly rebounds from the moving averages, it could indicate a continuation of the upward trend. The index might attempt to move towards 5,500.</p> 
<h2 style="text-align: justify" id="current-bitcoin-price">Current Bitcoin Price</h2> 
<p style="text-align: justify">Bitcoin has been trading in a narrow range near $68,000 for the past three days and recently rose following <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> about the spot <a href="https://en.coin-turk.com/ethereum-price-movement-analyst-predicts-acceleration-in-eth-price/" data-wpel-link="internal">Ethereum</a> ETF.</p> 
<p style="text-align: justify">The rising 20-day EMA ($64,371) and the RSI in the positive zone indicate an upward path of least resistance. If the price sustainably surpasses $70,000, BTC/USDT could move towards $73,777. However, strong selling by bears in this region should not be overlooked.</p> 
<p style="text-align: justify">The levels of moving averages are also crucial. These levels serve as key support points for investors in a downward trend. A break and close below the moving averages could signal that bulls have given up. In such a case, BTC’s price could first drop to $59,600 and then to $56,552.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analysts-predict-bitcoin-and-sp-500-trends/" data-wpel-link="internal">Analysts Predict Bitcoin and S&amp;P 500 Trends</a></h5>

Analysts Predict Bitcoin and S&P 500 Trends

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