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 <p class="paragraph">Bitcoin (BTC) remains under pressure as the maiden cryptocurrency seeks to establish a sustained price movement above the $60,000 support level.</p>
 <p class="paragraph">Amidst these circumstances, technical indicators suggest that Bitcoin might be on the verge of a price breakout. Particularly, in a <em>TradingView</em> post on May 8, crypto trading expert <em>TradingShot</em> drew attention to a potentially significant buy <a rel="noopener noreferrer nofollow" title="signal" href="https://thebittimes.com/tag/signal.html">signal</a> for Bitcoin that has largely gone unnoticed among investors.</p>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> highlighted the intersection of Bitcoin’s dominant circulating liquidity with high-yield corporate bonds. According to <em>TradingShot</em>, this metric has recently hit bottom and shows signs of rebounding, coinciding with consolidation or minor pullback in BTC’s price.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="568" src="https://cdn.thebittimes.com/images/2024/05/09/b0a68f6d478d4cd2ca915dfeaee6a8d9.webp" alt class="wp-image-174882" srcset="https://cdn.thebittimes.com/images/2024/05/09/b0a68f6d478d4cd2ca915dfeaee6a8d9.webp 1024w, https://cdn.thebittimes.com/images/2024/05/09/b0a68f6d478d4cd2ca915dfeaee6a8d9.webp 300w, https://cdn.thebittimes.com/images/2024/05/09/b0a68f6d478d4cd2ca915dfeaee6a8d9.webp 768w, https://cdn.thebittimes.com/images/2024/05/09/b0a68f6d478d4cd2ca915dfeaee6a8d9.webp 1100w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 <p class="paragraph">It’s worth noting that following Bitcoin’s sudden correction in early May, the crypto has gained to consolidate above $60,000, looking for a breakout towards $70,000.&nbsp;</p>
 <p class="paragraph">What’s particularly intriguing about the buy signal identified by the analyst is its historical correlation with Bitcoin’s price action. The analysis identified previous instances in September 2016, April 2020, and April 2024 where this combination of factors occurred, signaling the start of an upward rally.</p>
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  <p class="paragraph">“Every time this combination took place in the past (green circles), Bitcoin was accumulating and shortly after started the parabolic <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> phase (green ellipse). This is basically one of the most consistent long-term buy <a rel="noopener noreferrer nofollow" title="signal" href="https://thebittimes.com/tag/signal.html">signal</a>s you can get in the market,” the expert said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="h-bitcoin-s-struggle-to-stay-above-60-000">Bitcoin’s struggle to stay above $60,000</h2>
 <p class="paragraph">Amidst projections, Bitcoin is undergoing a critical test in maintaining its price above the $60,000 mark, while the $65,000 threshold looms as a crucial resistance level to monitor.&nbsp;</p>
 <p class="paragraph">Notably, Bitcoin’s current trajectory follows a bullish rebound at the previous week’s close, marking a significant recovery from its earlier dip to as low as $56,000 in early May.</p>
 <p class="paragraph">Amid these fluctuations, a segment of market participants believe that the flagship cryptocurrency remains vulnerable to further declines before potentially embarking on a bullish trajectory reminiscent of the post-halving rallies.</p>
 <p class="paragraph">For instance, as reported by Finbold, crypto analyst <em>Plan B</em> has forecasted that Bitcoin could reach $100,000 in the latter half of 2024. He emphasized that May 2024, the final month before the next halving cycle, could catalyze the forthcoming <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin price today was trading at $60,250, having undergone a correction of over 2% in the last 24 hours. On a weekly basis, BTC has surged by almost 6%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/09/7e82b4da4b91c6a702c30fea85c01d4a.webp" alt class="wp-image-174884" srcset="https://cdn.thebittimes.com/images/2024/05/09/7e82b4da4b91c6a702c30fea85c01d4a.webp 675w, https://cdn.thebittimes.com/images/2024/05/09/7e82b4da4b91c6a702c30fea85c01d4a.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">Meanwhile, should bulls falter in maintaining Bitcoin’s price above $60,000, it could spell trouble for the cryptocurrency. Such a scenario would pave the way for a correction towards the $50,000 level.</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="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-triggers-hidden-buy-signal-is-btc-set-for-explosive-rally-tbt87881.html">https://thebittimes.com/bitcoin-triggers-hidden-buy-signal-is-btc-set-for-explosive-rally-tbt87881.html</a></p>

Bitcoin triggers hidden buy signal; Is BTC set for explosive rally?

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