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 <p class="paragraph">Bitcoin (BTC) continues its recovery journey following a sharp decline that saw the flagship cryptocurrency plummet to as low as $56,000.&nbsp;</p> 
 <p class="paragraph">Currently, Bitcoin is encountering resistance at the $65,000 mark, with market participants suggesting that breaching this level could propel the digital asset to above $70,000.</p> 
 <p class="paragraph">In this context, crypto analyst<em> RLinda</em> shared insights in a <em>TradingView</em> post on May 4, emphasizing the significance of monitoring a <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="dofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> of $64,500.</p> 
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 <p class="paragraph">According to the <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, should Bitcoin break through and consolidate its <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above this threshold, it could pave the way for further upward momentum, potentially pushing the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> towards $73,000.</p> 
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  <img decoding="async" width="1024" height="575" src="https://cdn.thebittimes.com/images/2024/05/05/5f82ab258114586c031a0963997b5cdc.webp" alt class="wp-image-173987" srcset="https://cdn.thebittimes.com/images/2024/05/05/5f82ab258114586c031a0963997b5cdc.webp 1024w, https://cdn.thebittimes.com/images/2024/05/05/5f82ab258114586c031a0963997b5cdc.webp 300w, https://cdn.thebittimes.com/images/2024/05/05/5f82ab258114586c031a0963997b5cdc.webp 768w, https://cdn.thebittimes.com/images/2024/05/05/5f82ab258114586c031a0963997b5cdc.webp 1536w, https://cdn.thebittimes.com/images/2024/05/05/5f82ab258114586c031a0963997b5cdc.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>Bitcoin price analysis chart. Source: TradingView/RLinda</em>
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 <p class="paragraph">She highlighted that a breakout and consolidation above the $64,500 mark could signal a shift in market sentiment, transitioning from a neutral or bearish stance to a bullish one. This change in market dynamics could attract more investors, further fueling Bitcoin’s ascent.</p> 
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  <p class="paragraph">“All eyes on 64500. Breakthrough and consolidation of the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above this level will be the reason for further growth to $73,000. A breakout and consolidation of the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above this zone ($64,500) may cause further growth,” the expert said.&nbsp;</p> 
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 <p class="paragraph">The expert also observed a local consolidation phase on the shorter timeframes, indicating that Bitcoin appears to be strengthening by 14% and testing a crucial area. This suggests a level of confidence in Bitcoin’s current trajectory.</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-s-risk-areas-to-watch-nbsp">Bitcoin’s risk areas to watch&nbsp;</h2> 
 <p class="paragraph">However, it’s important to note that the market expert pointed out that Bitcoin is not totally out of the woods yet, identifying a potential risk zone of around $58,900.&nbsp;</p> 
 <p class="paragraph">Amidst the swirling projections surrounding Bitcoin’s price trajectory, the cryptocurrency faced a sluggish start to May, with bears seemingly gaining the upper hand over bulls. This resulted in Bitcoin’s price dipping to $56,000, marking its lowest point in approximately two months.&nbsp;</p> 
 <p class="paragraph">The heightened volatility emerged following the Federal Reserve’s decision to maintain interest rates.</p> 
 <p class="paragraph">Bitcoin found some resilience in the wake of lower-than-expected United States employment data. This development will likely pressure the Fed to consider initiating an interest rate cut.</p> 
 <p class="paragraph">Furthermore, activity within the exchange-traded fund (ETF) sphere appears to influence Bitcoin. Particularly noteworthy were the first inflows for the Grayscale Bitcoin Trust (GBTC) in nearly three months, signaling renewed investor confidence.</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">By press time, Bitcoin was trading at $63,779, boasting one-day gains of nearly 1%. On the weekly timeframe, BTC has seen an increase of about 0.26%.</p> 
 <figure class="wp-block-image aligncenter size-full">
  <img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/05/7c5defe1b41b8bdc575bb1aa6a1540d0.webp" alt class="wp-image-173989" srcset="https://cdn.thebittimes.com/images/2024/05/05/7c5defe1b41b8bdc575bb1aa6a1540d0.webp 675w, https://cdn.thebittimes.com/images/2024/05/05/7c5defe1b41b8bdc575bb1aa6a1540d0.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
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   <em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">Additionally, Bitcoin’s technical indicators, which are predominantly bullish, mirror the current market momentum. A summary of the one-day metrics retrieved from<em> TradingView</em> suggests a ‘buy’ rating at 11 while moving averages also indicate a ‘buy’ sentiment at 10. Oscillators are currently at a ‘neutral’ stance, tallying at 8.</p> 
 <figure class="wp-block-image aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="197" src="https://cdn.thebittimes.com/images/2024/05/05/c3173b785d3574821e3d64425d84a44d.webp" alt class="wp-image-173990" srcset="https://cdn.thebittimes.com/images/2024/05/05/c3173b785d3574821e3d64425d84a44d.webp 1024w, https://cdn.thebittimes.com/images/2024/05/05/c3173b785d3574821e3d64425d84a44d.webp 300w, https://cdn.thebittimes.com/images/2024/05/05/c3173b785d3574821e3d64425d84a44d.webp 768w, https://cdn.thebittimes.com/images/2024/05/05/c3173b785d3574821e3d64425d84a44d.webp 1536w, https://cdn.thebittimes.com/images/2024/05/05/c3173b785d3574821e3d64425d84a44d.webp 1593w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure> 
 <p class="paragraph">In summary, all eyes are on Bitcoin bulls to sustain the cryptocurrency above the $63,000 mark and propel it towards the $65,000 threshold. Achieving this milestone would position the asset favorably for a potential resurgence towards the $70,000 mark.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;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-price-can-target-73-000-soon-if-this-happens-tbt87480.html">https://thebittimes.com/bitcoin-price-can-target-73-000-soon-if-this-happens-tbt87480.html</a></p>

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

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