Bitcoin is experiencing a rebound after reaching a two-month low below $57,000, as it has seen a 5.2% increase in the past 24 hours. According to data from Cointelegraph Markets Pro and TradingView, the price of Bitcoin rose from a low of $56,551 on May 1 to an intraday high of $62,123 on May 3.
Traders and analysts are now closely monitoring Bitcoin’s performance as the overall market recovers in the crypto industry. The key resistance level for Bitcoin’s price remains at $64,000. Similar to what happened after the drop below $60,000 before the halving event on April 20, Bitcoin is rapidly approaching the $62,000 zone. This level is critical for traders, as it has not yet been convincingly retested.
Independent trader Eliz has observed Bitcoin hovering around $61,783, noting that despite its recovery from levels below $60,000, the obstacle to overcome is still the same. According to Eliz, $62,000 is a key level on Bitcoin’s daily chart.
Another analyst, Val Me, shared a chart showing Bitcoin with a long green engulfing candle in the four-hour timeframe. He explained that taking over $65,000 is another important step and examined the ground above $60,000.
Using exponential moving averages (EMAs) on the daily chart, crypto influencer Lark Davis pointed out that Bitcoin is facing resistance from the 100-day EMA, which is currently at $59,972. Davis believes that the next major resistance is the 50-day EMA, currently at $63,902, and hopes to avoid a strong rejection from this level. On-chain data from IntoTheBlock supports this observation, showing that the 50-day EMA lies within the price range of $62,858 and $64,670, where a significant amount of BTC has been bought previously.
On the upside, independent analyst Crypto Wealth suggests that if the $60,000 level holds, the first target for Bitcoin could be $82,000. Popular analyst Ali Matinez shares a chart indicating that the TD sequential indicator has sent a buy signal on the daily chart, aligning with the ongoing recovery. Additionally, crypto trader Moustache provides a chart showing that Bitcoin has retested an ascending trendline that has been supporting the price since early 2023.
From a technical perspective, Bitcoin’s price action has formed a bull flag on the weekly chart, suggesting that the uptrend may continue. However, BTC bulls face resistance from the upper boundary of the flag at $67,000. A weekly candlestick close above this level would indicate a possible breakout from the chart formation, paving the way to reach the all-time high of $73,808 and potentially even reaching the $80,000 mark. Furthermore, a move towards the technical target of the governing chart pattern at $118,500 would represent a 77% increase from the current price.
It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.