Cryptocurrency

Bitcoin

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 <p class="paragraph">Bitcoin (BTC) has recently demonstrated a significant recovery, climbing above the $60,000 threshold, a development that follows a tumultuous week where its price dropped below $57,000 prior to the Federal Open Market Committee (FOMC) meeting.&nbsp;</p> 
 <p class="paragraph">This marked a surprising 8% drawdown, sending Bitcoin to its lowest in two months. However, amid a broader stock market rise and a weaker-than-expected US jobs report, Bitcoin’s price trajectory is looking optimistic.</p> 
 <p class="paragraph">In this context, <em>RLinda</em>, a prominent crypto analyst and professional trader, emphasized the importance of the key $64,500 level for Bitcoin in her May 5 <em>TradingView</em> post.</p> 
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  <img decoding="async" width="1024" height="575" src="https://cdn.thebittimes.com/images/2024/05/05/05420db3819da285f32c7924067886c1.webp" alt class="wp-image-173985" srcset="https://cdn.thebittimes.com/images/2024/05/05/05420db3819da285f32c7924067886c1.webp 1024w, https://cdn.thebittimes.com/images/2024/05/05/05420db3819da285f32c7924067886c1.webp 300w, https://cdn.thebittimes.com/images/2024/05/05/05420db3819da285f32c7924067886c1.webp 768w, https://cdn.thebittimes.com/images/2024/05/05/05420db3819da285f32c7924067886c1.webp 1536w, https://cdn.thebittimes.com/images/2024/05/05/05420db3819da285f32c7924067886c1.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>Bitcoin price analysis chart. Source: TradingView</em>
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 <p class="paragraph">A breakout and consolidation above this key resistance could set the stage for further growth, potentially propelling prices towards $73,000. Such a movement would signify a shift in market dynamics from neutral to decidedly bullish.</p> 
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  <p class="paragraph"><em>“</em>The trend is still strong and bullish. The price is in a sideways range and continues to collect liquidity. The range boundaries are 73500 – 60000K. The key level below which there is a huge pool of liquidity is 59300-59500, there is a high probability that Bitcoin can test this area before further growth. I am expecting a rise because Bitcoin’s technical and fundamental components look very promising: Bullish trend, liquidity gathering at the expense of sellers (potential for growth), buyers are very confident to keep the price in the range, introduction of BTC-ETF in Hong Kong, which will only attract new investors and their money.”- she said</p> 
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 <p class="paragraph"><em>RLinda</em>‘s <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> points out that while the $64,500 level is a crucial hurdle for Bitcoin, it’s equally important to consider the <a rel="dofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> levels that underpin the current price structure.</p> 
 <p class="paragraph">Key liquidity pools are observed between $59,300 and $59,500. Breaching these levels could lead to a significant price surge. However, <a rel="dofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> levels at $61,500, $60,200, and particularly $59,300 must hold to prevent further declines. If these <a rel="dofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> zones are <a rel="dofollow" title="crushed" href="https://thebittimes.com/tag/crushed.html">crushed</a>, Bitcoin could face a sharp downturn, challenging the bearish thresholds.</p> 
 <h2 class="wp-block-heading" id="h-market-trends-and-strategic-outlook">Market trends and strategic outlook</h2> 
 <p class="paragraph">With increasing institutional interest, as demonstrated by substantial investments in Bitcoin exchange-traded funds (ETF) the bullish sentiment around Bitcoin continues to solidify.&nbsp;</p> 
 <p class="paragraph"><em>RLinda</em> advises traders to closely monitor the market’s reaction to significant price levels and adjust their strategies accordingly, whether they are targeting bounce plays or preparing for potential false breakouts.</p> 
 <p class="paragraph">A crucial risk zone to watch is around $58,900. A breach here could indicate mounting downward pressure, confirming a bearish trend for Bitcoin.&nbsp;</p> 
 <p class="paragraph">Conversely, maintaining momentum above the $64,500 resistance level could confirm the market’s bullish outlook, setting Bitcoin on a path toward higher valuations.</p> 
 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">By press time, Bitcoin was trading at $63,720 with daily corrections of almost 0.86%. On the weekly chart, Bitcoin is down over 0.07%</p> 
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   <em>Bitcoin seven-day price chart. Source: Finbold</em>
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  <img loading="lazy" decoding="async" width="1024" height="265" src="https://cdn.thebittimes.com/images/2024/05/05/33d56ee4fb30fc2bcde1b432fff23483.webp" alt class="wp-image-173991" srcset="https://cdn.thebittimes.com/images/2024/05/05/33d56ee4fb30fc2bcde1b432fff23483.webp 1024w, https://cdn.thebittimes.com/images/2024/05/05/33d56ee4fb30fc2bcde1b432fff23483.webp 300w, https://cdn.thebittimes.com/images/2024/05/05/33d56ee4fb30fc2bcde1b432fff23483.webp 768w, https://cdn.thebittimes.com/images/2024/05/05/33d56ee4fb30fc2bcde1b432fff23483.webp 1536w, https://cdn.thebittimes.com/images/2024/05/05/33d56ee4fb30fc2bcde1b432fff23483.webp 1686w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>Bitcoin one-day technical analysis. Source: TradingView</em>
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 <p class="paragraph">Elsewhere, a review of Bitcoin’s technical <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> shows a bullish momentum. A summary of the one-day gauges recommends ‘buy’ at 11; whole moving averages are for a ‘buy’ at 10. Despite Oscillators remaining&nbsp; ‘neutral’ at 8,&nbsp; there is a strong sentiment among traders anticipating an upward movement in price.</p> 
 <p class="paragraph">Overall, the market remains poised on the edge of a potential movement, likely setting the stage for an upcoming rally.</p> 
 <p class="paragraph"><em><strong>Disclaimer</strong>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-could-drop-further-if-this-support-zone-is-crushed-tbt87481.html">https://thebittimes.com/bitcoin-could-drop-further-if-this-support-zone-is-crushed-tbt87481.html</a></p>

Bitcoin could drop further if this support zone is crushed

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Bitcoin price can target $73,000 soon if this happens

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