Bitcoin

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-rebounds-from-two-month-low-whats-next/" data-wpel-link="internal">Bitcoin Rebounds from Two-Month Low: What’s Next?</a> 
<a href="https://en.coin-turk.com/bitcoin-bulls-secure-a-new-record-high/" data-wpel-link="internal">Bitcoin</a> is recovering from its two-month low under $57,000, with a 5.2% increase in the last 24 hours. Data from TradingView shows that Bitcoin’s price rose from a low of $56,551 on May 1st to a high of $62,123 on May 3rd, marking a 9.85% increase. As the <a href="https://en.coin-turk.com/the-imfs-concerns-over-crypto-risks-to-the-financial-system/" data-wpel-link="internal">crypto</a> markets continue to recover, investors are pondering which levels to watch. 
<h2 class="p2" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
Following a dip below $60,000 before the April 20 halving event, Bitcoin is quickly advancing towards the $62,000 region. This remains a critical point on investors’ radar, yet it has not been convincingly retested. Analyst Eliz mentioned that despite Bitcoin’s recovery from below $60,000, the hurdle to overcome remains the same, highlighting $62,000 as a key level. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347604 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/eliz.jpg" alt="" width="1200" height="464"> 
Another analyst, Val Me, shared a chart showing a long green engulfing candle on the four-hour timeframe for Bitcoin, discussing the significance of the $65,000 level after examining the ground above $60,000. <a href="https://en.coin-turk.com/investor-insights-a-glimpse-into-institutional-crypto-fund-flows/" data-wpel-link="internal">Crypto</a> phenomenon Lark Davis, using exponential moving averages on the daily chart, pointed out that Bitcoin is currently facing resistance at the 100-day EMA level of $59,972. For Davis, the next major resistance is at the 50-day EMA, currently at $63,902, where a strong rejection is not desired: 
<blockquote> 
 “What we want to see now is a definite candle close with some volume above this.” 
</blockquote> 
Davis’s observation is supported by on-chain data from IntoTheBlock. The Price Surrounding Money In/Out (IOMAP) model shows that the 50-day EMA average lies between $62,858 and $64,670, where approximately 577,220 Bitcoins were previously purchased by 1.56 million addresses. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347602 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/iomap.png" alt="" width="2285" height="883"> 
<h2 class="p2" style="text-align: justify" id="noteworthy-comments-on-bitcoin">Noteworthy Comments on Bitcoin</h2> 
Independent analyst Crypto Wealth suggested that if the $60,000 level is maintained, the first target for Bitcoin could be $82,000. Popular analyst Ali Matinez shared a chart showing a buy signal on the daily chart’s TD sequential indicator, aligning with the ongoing recovery: 
<blockquote> 
 “Bitcoin is expected to recover in one to four daily candlesticks.” 
</blockquote> 
Meanwhile, crypto investor Moustache posted the following chart on X, indicating that Bitcoin is retesting a rising trend line that has supported its price since the beginning of 2023: 
<blockquote> 
 “That thing is going higher. It’s just a matter of time.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-347601 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-3.jpg" alt="" width="1200" height="614"> 
Technically, Bitcoin’s price action has drawn a bullish flag on the weekly chart, indicating a continuation of the uptrend. Bitcoin bulls are encountering resistance at the flag’s upper boundary of $67,000. A weekly candlestick close above this level could signal a breakout from the pattern, potentially leading to an all-time high of $73,808 and possibly reaching $80,000. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-347600 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/haftalik.png" alt="" width="2120" height="1396"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-rebounds-from-two-month-low-whats-next/" data-wpel-link="internal">Bitcoin Rebounds from Two-Month Low: What’s Next?</a></h5>

Bitcoin Rebounds from Two-Month Low: What’s Next?

Table of Contents

COINTURK NEWS

Other articles published on May 3, 2024

Bear Market Bottom Insight? Loss Realization Spikes!

Victim Loses Over $71 Million Worth of WBTC in Purported 'Address Poisoning' Attack

NFTBank Launches NFTBank V2 to Enhance NFT Portfolio and Web3 Game Treasury Management (3 May)

Dogecoin Outperforms XRP, ADA in Crucial Metric in Past 6 Months: Report

Fantom Aims To Attract Memecoin Traders, Reserves $6.5M FTM: Report

Ukraine Introduced an AI Spokesperson for its Foreign Ministry

Join our free newsletter for daily crypto updates!