2024

Bitcoin

Notable

strong bull

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-sees-notable-increase/" data-wpel-link="internal">Bitcoin Price Sees Notable Increase</a><br></p>
<p class="p1" style="text-align: justify"><a href="https://en.coin-turk.com/bitcoins-ascent-continues-as-it-gains-wider-acceptance/" data-wpel-link="internal">Bitcoin</a> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> reached approximately $56,550, its lowest in two months, and just three days later, it surged more than 12.5%, climbing above $64,000 on May 4th. This resurgence primarily occurred after the US Federal Reserve’s commitment to maintain <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">interest rates</a> unchanged through 2024.</p> 
<h2 class="p1" style="text-align: justify" id="why-is-bitcoin-rising">Why Is Bitcoin Rising?</h2> 
<p class="p1" style="text-align: justify">As of May 4th, Bitcoin was observing a definitive close around $63,966, above its 50-day exponential moving average (50-day EMA; the red line in the chart below). This positioning could direct the price towards the upper trend line resistance near $69,650, located at the 0.786 Fibonacci retracement line.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347914 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc.png" alt="" width="2676" height="1314"></p> 
<p class="p1" style="text-align: justify">Although Bitcoin managed to surpass the 50-day EMA on May 4th, it struggled to maintain momentum for further breakouts and encountered resistance near the 0.5 Fibonacci retracement level at approximately $64,895. If Bitcoin cannot decisively overcome this resistance, it could initiate a consolidation or even a reversal period, with the next downward target being around $60,500, near the multi-month rising trend line support (purple line).</p> 
<p class="p1" style="text-align: justify">Meanwhile, a further breakdown of the rising trend line support could potentially send Bitcoin’s price down to the 0.0 Fibonacci retracement level near $56,580 in May. Interestingly, analyst CrediBULL Crypto predicts a similar level drop if the price retreats from the resistance area between $62,000 and $64,450.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347913 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/saatlik-scaled.jpg" alt="" width="2560" height="1285"></p> 
<h2 class="p1" style="text-align: justify" id="what-s-next-for-bitcoin">What’s Next for Bitcoin?</h2> 
<p class="p1" style="text-align: justify">A segment of the Bitcoin <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> continues to be optimistic about the possibility of a prolonged Bitcoin bull run in the coming months. This includes independent market analyst SHIB Knight, who predicts Bitcoin’s price could reach $85,000 due to a prevailing bull flag setup.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347912" src="https://coin-turk.com/wp-content/uploads/2024/05/shib.webp" alt="" width="500" height="520"></p> 
<p class="p1" style="text-align: justify">Another analyst, Steph is Crypto, addressed a six-figure Bitcoin price target by referring to a breakout in what is known as the relative strength index (RSI). Specifically, as of May 4th, Bitcoin’s daily RSI reading was above a declining trend line resistance, similar to breakouts in January 2024 and October 2023. These RSI breakouts preceded a strong bull run, including a rise to $75,000 in March 2024.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-347911 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-grafik-1.jpg" alt="" width="1280" height="720"></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/bitcoin-price-sees-notable-increase/" data-wpel-link="internal">Bitcoin Price Sees Notable Increase</a></h5>

Bitcoin Price Sees Notable Increase

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