Reserve

Rally

Bitcoin

<ul class="list-ic vertical">
 <li><span>1</span> <a>BTC’s on-chain metrics are suggesting an upward rally from here.</a></li>
 <li><span>2</span> <a>Key indicators hint that the bitcoin price might trigger an upcoming 5% rally shortly.</a></li>
</ul>
<p>Bitcoin (BTC) price saw a tandem surge and rippled back from the $58K mark, which is key support this week. Amidst the formation of lower low swings, BTC still traded on a bullish trajectory and is on the way to triggering a massive bull rally soon.&nbsp;</p>
<p>This week, the Bitcoin (BTC) price triggered a recovery from the announcement of no rate changes and additional tightening in further rate cuts by the Federal Reserve Chairman in a recent event.</p>
<p>Meanwhile, the king of cryptocurrency, BTC price, is still molding eyes to breach the $65k to deliver a significant surge, which might lead to retesting the $70k soon.</p>
<p>At press time, Bitcoin (BTC) price was trading at $63,772.18, and its price had grown by 1.20% in the last 24 hrs. Moreover, the market cap has surged over 0.14% to $1.26 trillion.</p>
<h2 class="wp-block-heading" id="strong-can-bitcoin-btc-price-reach-70k-this-may-strong"><strong>Can Bitcoin (BTC) Price Reach $70K This May?</strong></h2>
<p>Since the start of 2024, BTC price has sailed in the bullish wave and rose over 27%, guiding the uptrend. Moreover, the coin has reached the 52-week high trajectory and still has much more room to go further.</p> 
<p><a href="https://www.tradingview.com/chart/BTCUSDT/xUOS85Ie-BTC-Price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p class="has-text-align-center">Source: TradingView</p>
<p>The traditional indicators, like RSI and MACD indicators, have given a bullish crossover and suggest a further up move.&nbsp;</p>
<p>Per the Fibonacci retracement levels, the Bitcoin (BTC) price traded above the 50% zone and is close to the 61.8% zone. Meanwhile, the price traded amid the upper and mid-Bollinger Band, signifying a drop in the volatility.</p>
<h2 class="wp-block-heading" id="strong-btc-transaction-count-revealing-demand-surge-strong"><strong>BTC Transaction Count Revealing Demand Surge</strong></h2>
<p>Followed by the surge in transaction count this week, Bitcoin (BTC) <a href="https://www.thecoinrepublic.com/2023/03/20/loopring-price-recovered-47-will-lrc-price-retest-0-5000/" target="_blank" rel="noopener noreferrer nofollow">price recovered</a> over 12% and reached the 20-day EMA mark. The value of the transaction count sharply rose over 21.90% and jumped to $1k, signifying the increase in demand for the coin.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="510" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-1024x510.png" alt="" class="wp-image-204705" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-1024x510.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-300x149.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-768x382.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-360x180.png 360w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-750x373.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88-1140x567.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-88.png 1517w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: glassnode</p>
<p>Going forward, a falling wedge pattern was exhibited, and the Bitcoin (BTC) price is on the verge of crossing the trendline hurdle of $65K. Additionally, the trend is intact, and buyers are looking to repeat the bullish cycle soon.</p>
<p>Per the IntotheBlock indicator analysis, 90% of holders at current price in-the-money positions are in profit, whereas the 10% of holders are looking to secure their gains.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="298" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-1024x298.png" alt="" class="wp-image-204699" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-1024x298.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-300x87.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-768x224.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-1536x447.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-750x218.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86-1140x332.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-86.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: IntoTheBlock</p>
<p>However, the derivative segment data looks stable, and short covering data was noted. The overall price behavior signifies neutrality in the intraday session, and lower price volatility was displayed.</p>
<p>The immediate support levels for the Bitcoin (BTC) coin are $62,500 and $61,700, whereas the key upside hurdle is around $64,600, followed $65,800</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>The Bitcoin (BTC) price traded with a bullish bias and is readying to deliver the delights in the next sessions. Meanwhile, the bulls have to break and close the $65k to trigger the rally ahead.</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Bitcoin Price Prediction: Can BTC Repeat Bull Rally Above $65K?

Table of Contents

Thecoinrepublic.com

Other articles published on May 7, 2024

XRP Price: XRP/BTC Pair Quits Downtrend After 280 Days, What’s Next?

BlockDAG (BDAG) Targets $20 Valuation by 2027, Boosting Investor Confidence Amid Crypto Market Vo...

South Korea Set to Approve Bitcoin ETFs (BTC) in June: A Major Boost for Crypto Market

Rising Gold Prices: Impact of Geopolitics, FOMO, and Unexpected Factors on Gold Coin Value (GOLD)

Is It Too Late To Buy SC? Shark Cat Price Soars 12% As This New AI Meme Coin Presale Blasts Past ...

The Focus of Attention of Corporate Giant Whales Has Changed: “They Sold Bitcoin, After a Long Ti...

Join our free newsletter for daily crypto updates!