Bitcoin ETF

Bitcoin

when

Bitcoin is rebounding from two-month lows below $57,000 with a 5.2% leap over the last 24 hours.&nbsp;
Data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> reveals that Bitcoin’s (BTC) price rose from lows of $56,551 on May 1, climbing 9.85% to an intraday high of $62,123 on May 3.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/c1f74051-33c2-4ee4-81b3-804b9cbfc5af.png">
 <figcaption style="text-align: center;">BTC/USD daily. Source: TradingView
 </figcaption>
</figure>
What levels should traders and analysts watch for BTC on the upside as marketwide recovery continues across crypto markets?
<h2 id="bitcoin-price-key-resistance-remains-at-64-000">Bitcoin price key resistance remains at $64,000</h2>
In a <a href="https://cointelegraph.com/news/bitcoin-price-rallies-on-halving-day-but-what-do-futures-markets-show" rel="noopener noreferrer nofollow">repeat of the move</a> that followed its drop below $60,000 before the April 20 halving event, Bitcoin is rapidly heading toward the $62,000 zone.
This is the critical point on traders’ radars and one that has not received a convincing retest.
Independent trader Eliz spotted Bitcoin hovering at $61,783, <a href="https://x.com/eliz883/status/1786379371898380703" target="_blank" rel="noopener noreferrer nofollow">saying</a> even with BTC’s recovery from sub-$60,000 levels, “the obstacle to overcome is still the same.”
The trader explained that $62,000 was the key level on BTC’s daily chart.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/aba6eacf-5056-44c9-9c6c-a2f9e3869975.jpeg">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/eliz883/status/1786379371898380703" target="_blank" rel="noopener noreferrer nofollow">Eliz</a>
 </figcaption>
</figure>
Fellow analyst Val Me <a href="https://x.com/ValCoins/status/1786381923142492461" target="_blank" rel="noopener noreferrer nofollow">shared</a> a chart with BTC displaying a long green engulfing candle in the four-hour timeframe.
“Another important step - take over 65k,” he explained, examining ground above $60,000.
Using <a href="https://cointelegraph.com/news/3-ways-traders-use-moving-averages-to-read-market-momentum" rel="noopener noreferrer nofollow">exponential moving averages</a> (EMAs) on the daily chart, crypto influencer Lark Davis <a href="https://www.youtube.com/watch?v=61frX2M5LnA&amp;t=904s" target="_blank" rel="noopener noreferrer nofollow">pointed out that</a> Bitcoin was facing resistance from the 100-day EMA, currently at $59,972. For Davis, the next major resistance was the 50-day EMA, currently sitting at $63,902, which “we don’t want to see a strong” rejection from.
<blockquote>
 “What we want to see now is a definitive candle close over that with some volume.”
</blockquote>
Davis’ observation is reinforced by on-chain data from market intelligence firm IntoTheBlock. Its 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, where approximately 577,220 BTC were previously bought by roughly 1.56 million addresses.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/e08055a8-11ca-4db9-a32d-9b5b348aebd6.png">
 <figcaption style="text-align: center;">Bitcoin IOMAP chart. Source: IntoTheBlock
 </figcaption>
</figure>
The same IOMAP chart showed that BTC faced stiff resistance in its recovery path compared to the support it enjoyed on the downside.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-chart-pattern-us-etf-hong-kong-traders" rel="noopener noreferrer nofollow">BTC price chart seen mirroring US spot Bitcoin ETF launch pattern</a>
<h2 id="bull-flag-on-the-weekly-chart-project-s-btc-price-to-118-000">Bull flag on the weekly chart project’s BTC price to $118,000</h2>
On levels to watch for <a href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency#:~:text=Bitcoin%20is%20digital%20money%2C%20also,independently%20of%20any%20central%20authority." rel="noopener noreferrer nofollow">Bitcoin</a> on the upside, independent analyst Crypto Wealth <a href="https://x.com/AskCryptoWealth/status/1786406849673036273" target="_blank" rel="noopener noreferrer nofollow">suggested</a> $82,000 as the first target, provided that the $60,000 level holds.
Popular analyst Ali Matinez <a href="https://x.com/ali_charts/status/1785975230285926669" target="_blank" rel="noopener noreferrer nofollow">shared</a> a chart showing that the TD sequential indicator had sent a buy signal on the daily chart, aligning with the ongoing recovery.
<blockquote>
 “It anticipates a one to four daily candlesticks rebound for $BTC.”
</blockquote>
Meanwhile, crypto trader Moustache <a href="https://x.com/el_crypto_prof/status/1786299748426694768" target="_blank" rel="noopener noreferrer nofollow">posted</a> the following chart on X, showing that BTC had retested an ascending trendline that has supported the price since early 2023.
<blockquote>
 “The thing will be sent higher. It’s only a matter of time.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/a00135fa-bd2c-468d-913f-d17f8647291c.jpeg">
 <figcaption style="text-align: center;">Bitcoin weekly chart. Source: <a href="https://x.com/el_crypto_prof/status/1786299748426694768" target="_blank" rel="noopener noreferrer nofollow">Moustache</a>
 </figcaption>
</figure>
From a technical perspective, Bitcoin’s price action has painted a<a href="https://cointelegraph.com/news/what-is-a-bull-flag-chart-pattern-and-how-to-spot-it" rel="noopener noreferrer nofollow"> bull flag</a> on the weekly chart, which hints at the continuation of the uptrend.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/dac7c392-e485-48a4-8d94-60f0a7e74fe5.png">
 <figcaption style="text-align: center;">BTC/USD weekly chart. Source: <a href="https://www.tradingview.com/x/qcGCzaXg/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
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<a href="https://cointelegraph.com/news/bitcoin-price-new-73-6-k-all-time-high-etfs-eat#:~:text=Data%20from%20Cointelegraph%20Markets%20Pro,dip%20before%20abruptly%20heading%20higher." rel="noopener noreferrer nofollow"> $73,808 all-time high</a> 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. Such a move would represent a 77% ascent from the current price.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin traders set six-figure price targets after BTC reclaims $61K

Table of Contents

Cointelegraph

Other articles published on May 3, 2024

Stablecoin Surge as Ethereum and Bitcoin Hold Steady: Modest Growth or Potential Breakout?

$SNUKE Presale Reaches 300 SOL Milestone in Just 4 Days

9 Altcoin Picks for Potential 30x Gains

DOJ’s Privacy Invasion: Crypto Wallets Under Threat, Sparking Digital Rights Debate – Implication...

Top 10 Cryptocurrencies Poised for Massive Growth in Post-Bitcoin (BTC) Halving Season

Binance Aids Dutch Probe into ZKasino Crypto Fraud Scheme

Join our free newsletter for daily crypto updates!