Key Points
- Bitcoin is recovering from a two-month low, with a significant increase over the last 24 hours.
- The key resistance level for Bitcoin remains at $64,000.
Bitcoin Bounces Back
After hitting a two-month low of $57,000, Bitcoin has seen a 5.2% increase in the last 24 hours. The price of Bitcoin (BTC) rose from lows of $56,551 on May 1 to an intraday high of $62,123 on May 3.
Resistance and Recovery
Following a similar pattern to the drop below $60,000 before the April 20 halving event, Bitcoin is quickly approaching the $62,000 zone. This is a significant point on traders’ radars and one that hasn’t seen a convincing retest.
Independent trader Eliz noted Bitcoin’s position at $61,783, stating that despite the recovery from sub-$60,000 levels, the key hurdle remains the same. Eliz identified $62,000 as the crucial level on BTC’s daily chart.
Analyst Val Me noted the long green engulfing candle in the four-hour timeframe, indicating a significant step towards $65k. Crypto influencer Lark Davis pointed out the resistance from the 100-day exponential moving averages (EMAs) currently at $59,972, with the next major resistance being the 50-day EMA at $63,902.
Chart Predictions
Market intelligence firm IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model showed that the 50-day EMA lies within the $62,858 and $64,670 price range, bought by roughly 1.56 million addresses. The model also showed that BTC faced stiff resistance in its recovery path.
Crypto Wealth, an independent analyst, suggested $82,000 as the first target if the $60,000 level holds. Analyst Ali Matinez noted a buy signal on the daily chart, aligning with the ongoing recovery.
Crypto trader Moustache showed BTC had retested an ascending trendline supporting the price since early 2023. From a technical perspective, Bitcoin’s price action has painted a bull flag on the weekly chart, hinting at the continuation of the uptrend.
BTC bulls face resistance from the flag’s upper boundary at $67,000. A weekly candlestick close above this level would signal a possible breakout from the chart formation, clearing the path to the $73,808 all-time high and later to the $80,000 mark. Higher than that, Bitcoin may rally toward the technical target of the governing chart pattern at $118,500.
