Rally

Bitcoin

Momentum

This week was highly volatile for <a href="https://coingape.com/anthony-scaramucci-and-peter-schiff-spar-over-bitcoin-as-inflation-hedge/" rel="noopener noreferrer nofollow">Bitcoin</a> attributing to factors like the dovish Fed meeting result, <a href="https://coingape.com/bitcoin-price-will-btc-drop-to-60k-again/" rel="noopener noreferrer nofollow">BTC</a> and ETH ETFs launched in Hong Kong, and post-having correction. A long price spread from $64700 to $56500 in BTC price triggered uncertainty in the altcoin market as well, projecting a lack of dominance of bull or bears. However, the last four-day rally in Bitcoin has titled the trader’s sentiment in buyers’ favor projecting a potential for higher rally.
Also Read: <a href="https://coingape.com/this-firm-invests-75m-in-blackrock-fidelity-bitwise-gbtc-bitcoin-etf-sec-filing/" rel="noopener noreferrer nofollow">This Firm Invests $75M In BlackRock, Fidelity, Bitwise, GBTC Bitcoin ETF: SEC Filing</a>
<h2 id="b-a-healthy-retracement-rules-the-bullish-momentum-in-btc-price-b">A Healthy Retracement Rules the Bullish Momentum in BTC Price</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/t/T5Qp9wJB.png" alt="BITSTAMP:BTCUSD Chart Image by sahilmahadik07">
Under the influence of a falling channel pattern, the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> witnessed a steady correction for the past four weeks. The downtrend tumbled the coin value from $72756 to $56500 registering a 22.34% loss.&nbsp;
<blockquote>
 However, the correction trend reverted above the 50% retracement level as the BTC ETFs witnessed a positive inflow on Friday. The positive turnaround surged the price by 13.2% to currently trade at the $63987 mark.
</blockquote>
This upswing gives a breakout of the resistance trend of the falling channel pattern signaling the end of the correction trend.
In a recent analysis by the on-chain data tracker Lookonchain, significant Bitcoin (BTC) transactions were observed, highlighting a whale’s aggressive accumulation over the past few months.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 This whale bought another 1,500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($88.25M) from the bottom in the past 2 days.<a href="https://t.co/R66sg5OwmW" rel="noopener noreferrer nofollow">https://t.co/R66sg5OwmW</a> <a href="https://t.co/XvD2qsbVf1" rel="noopener noreferrer nofollow">pic.twitter.com/XvD2qsbVf1</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1786418443862048992?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
According to Lookonchain, this particular investor has added a substantial amount of Bitcoin to their holdings, purchasing an additional 1,500 BTC, valued at approximately $88.25 million, in just the last two days. This acquisition comes on the heels of a previous purchase where the same entity bought 4380 BTC for $282.38 million as the price of Bitcoin dipped.
If the BTC price sustains above the channel pattern, the buyers drive a rally to $67450, followed by $47380.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Exponential Moving Average: The BTC price back above 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> indicates the short-term sentiment aligns with the broader bullish rally.</li>
 <li>Average Directional Index: A downtick daily ADX slope at 26% indicates the prevailing bearish momentum is weakening.&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-analysis-end-of-correction-pattern-btc-rally-73k-may/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: End-of-Correction Pattern Hints $BTC Rally to $73k in May&nbsp;</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Analysis: End-of-Correction Pattern Hints $BTC Rally to $73k in May

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